Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
At what point are you relying too much on technology to run your business? Why?
1. When Automation Replaces Personal Interaction
If all or most of your communication with customers and prospects consists of automated messages, you are missing out on the chance to connect with people in a more direct manner. Smaller companies in particular should take the time to answer social media comments and emails personally whenever possible, especially regarding specific comments, questions and inquiries.
2. When No One Has Work if the Internet Goes Down
When the Internet goes down and you have 100 people in your office doing nothing but twiddling their thumbs, this is a problem. People should know that they can still get some of their job done, have leads to call, etc.
3. When You Begin to Lose Business
Occasionally, a client will contact us with a confusing issue. They switched to online services and lost a lot of business. Simply, online marketing means you’ve moved to a digital format, not that you can take the human element out of your operations. You’ll need to invest in educating customers on the new way to work with you, especially if it’s an older customer base.
4. When You Don’t Understand Your Business
“Too much” technology is not inherently a bad thing. It’s possible that your business can be fully automated and you can disappear. The risk comes in when you no longer understand your business because the technology is beyond your understanding. Without understanding, you don’t have control. Without control, you can’t mitigate risk.
5. When it Replaces Higher Level Decision Making
Many times technology and data allow us to make smarter decisions and can be very useful. However, there are still many higher level decisions that we have to make based on intuition and experience that will allow us to innovate and be creative.
6. When You Don’t Talk to People to Sell Your Service
Too many entrepreneurs are trying to automate lead generation through CPC advertising. However, the best and most proven way of closing the deal will always be talking to people directly. This will not only create a better connection with your customer, but it will allow you to walk them through the solution and answer any objections.
7. When You Can’t Remember Meeting Your Last Client
For those of us that live online, it’s not often you get to meet clients or business associates in person. And while a lot can be said and done via email or even video chat, it’s not always the same. So try to get out to the odd industry event, conference or even try to get together with some clients from time to time. It will can be refreshing, inspiring and beneficial.
8. When Buying New Tech Becomes the Answer to Every Problem
Adopting new tech is costly; it drains productivity as teams retrain. So, if you’re the early adopter with all the latest tech solutions (to problems you discovered during a sales pitch) like a kid watching too much TV, you may lack imagination for problem solving. Low ROI, team management, inefficiencies, CRM: there’s an app for all of that and more, but they aren’t always the answer.
9. When You’re Messaging a Colleague Right Next to You
When you’re sitting three feet or a cubicle over from one of your colleagues who is not in a meeting and you decide to use a messaging platform to ask a quick question or have a 15-second dialogue, you know technology has taken over your business by eroding face-to-face interaction.
10. When You Start to Misuse It
Technology is about one thing: speed! Modern business moves at the speed of light. So the question is: what are you trying to make faster? If you use technology to connect with and service customers faster, then you can’t have enough of it. If you use technology to replace connecting with and servicing customers, then you’re going to have problems.