Northern Nevada is in a position to experience growth like we have not seen in quite some time. With the Tesla announcement, and new business developments in industries like datacenters, drones and aerospace, we can expect to see growth in all business sectors.
Are you prepared to take advantage of these opportunities to grow your business and participate in what should be an exciting time for our area? The size, quality and maturity of the businesses coming to our region will require existing business to step up their game if they hope to win new business, meet new demands and compete with out of state businesses looking to expand here.
I often write about business and IT challenges and cover strategies and best practices that we see organizations use to meet changing business conditions. Over the last several years much of the conversation has been on surviving the financial downturn, but more recently the economic recovery has been a focus, and now many people I talk to feel that the next few years will be a critical time to prepare your business to compete in what could look like a very new economy.
Here are a few things to consider as you work on your business and growth strategies:
- Finding and retaining employees could be a challenge as more job opportunities become available and competition for talent heats up. Employees will be attracted to organizations that offer more than good pay and benefits, today’s workers expect to be rewarded for their contributions and appreciated for their commitment. They also expect their employers to provide the latest tools, technologies and IT solutions that make their jobs easier and provide them with continual opportunities to learn and innovate.
- The challenging business environment has forced many organizations to cut investments in technology and advanced IT solutions. To succeed in a fast growth economy it will be necessary to upgrade systems, software and capabilities that will provide your organization with a competitive advantage.
Examine your communication solutions, management and financial software as well as your computer systems to make sure they are ready to take you to the next level. If you are behind the times, cloud solutions for critical services may be a good way to eliminate capital expenditures and get your team access to the latest technologies. Technology leases are another option that will permit you to upgrade now and pay later, allowing you to begin the process of implementing new solutions today to insure you are ready when things heat up.
- To compete in an expanding economy while advancing and growing your business will require not only the right people, tools and IT systems, it will also call for innovation in your systems and processes. In early 2000 we grew our business so fast that we made the Inc. 500 list of fastest growing companies 2 years in a row. Doubling and tripling our business in a few years exposed our weaknesses and frustrated our employees. Working now on what it would take to quickly grow your business is critical to success.
If you are serious about competing in the new opportunities entering our market, start now on your plan to get your share of the exciting developments coming to northern Nevada.