There is no denying that we are in the clutches of another recession and the fear is looming large across industries. Tough economic phases affect small and mid-sized businesses to a great extent. If you are a mid-sized business, chances are that you will be dealing with more impediments during an economic slowdown. Naturally, cutting back on the budget is one of the first strategies you need to implement. One of the best options businesses can utilize to cope with competition is using mobile apps. With the right apps, you can manage to stay ahead of the competition.
The thought of investing money during a recession may seem weird initially as you may already be coping with financial hurdles. Hold on! You just have to trim the budget elsewhere and spend money cautiously. A financial meltdown definitely does not mean that you will stop spending money altogether. That is why investing in a mobile app makes more sense. Moreover, the cost of such an investment is not too high if you consider long-term savings. You are sure to discover its benefits soon after the launch.
Using a mobile app for your business is a surefire way to crack down on the hurdles of recession. Here is how.
The expenses associated with salaries and benefits of employees are rising. With an average increase of 5% every year, hiring employees is more expensive. Indeed, the cost of hiring employees is one of the biggest expenses that companies need to bear. You cannot achieve good results simply by cutting the cost of payroll. A more effective strategy is an integration of a mobile app. Even if you invest in the app and pay a one-time setup fee, leveraging its effectiveness to replace a single employee saves you much more. For some apps, the monthly investment may be lower, so that way you can get a more positive financial impact.
During a recession period, a little more than half of your staff may already be looking for new job opportunities. As a medium-sized business, you may have just 30 employees at present. Now, the cost of replacing about 5-6 employees from your workforce may create major financial doldrums. What if you trust a mobile app instead of replacing those employees with a new workforce? Compare the cost of maintaining a mobile app per month with the cost of replacing the staff. You will come up with a major opportunity of saving money that way.
During an economic crisis, employee productivity comes down greatly and things change for the better soon after it ends. But if you want to add zeal to your business during the tough phase, try to rev up the productivity and output with a mobile app. Automating tasks with a workflow app may work wonders for your workforce. Similarly, you can get mobile apps for HR to ensure that information becomes so handy.
As a medium-sized business looking forward to long-term decisions, you may need to make important decisions during a recession. Investing in a mobile app will not only make your business recession-proof. It is future-proofing your business against all odds.
Mr. Robert Willson is one of the few geeks who never gets tired when it comes to technology. From the latest gadgets to AI and machine learning, Mr. Willson translates them into easy-to-digest insights. Where there is tech, there is him!
