5 Things That Will Help You Manage A Hi-Tech Engineering Business
A technologically-advanced firm is the product of a clear vision of the end product or service that caters to a niche market. Whether you have a biomedical engineering firm, or a company working with artificial intelligence, to keep your business going strong, pay keen attention to these five aspects:
Phase your growth by counting on technological advancements:
A firm whose products hinge on the latest technology has to account for rapid advancements in technology and thrive amongst competition. Thus, having a clear short-term and long-term goal in mind are essential. Consider this: A high-tech firm may start by developing powerful photography drones, but 5 or 7 years down the line, they may want to expand your offerings to produce drones powered by solar energy, gas or nitro-fuel. Keeping this in mind, they can develop a matrix involving the teams required, plan the finance needed and make the marketing strategy in phases. Understand your strengths and build a business that offers products and services sought by the market by doing regular market forecasts and keeping changing consumer needs in mind.
Concentrate on R&D
If you are building a product, you don’t have anything to sell until the product is ready. So, nothing else should take priority until such time. As an entrepreneur, you may be pulled into several other directions. Remember to always bring your firm’s core product or service back into focus. If you’re developing GPS drones, you will have to work on everything, right from how the technology comes into play, the battery life of the device and the controls, as well as the packaging and delivery channels that you will use to distribute it. However, the research and development aspects are significantly more important. Once the product is ready, you can shift your focus to other aspects such as sales and marketing. If you don’t have GPS drones that perform flawlessly, all your efforts to ensure that the drones aren’t damaged in transit is in vain.
Recruit the best-in-industry personnel and offer competitive salaries:
When it comes to employing staff, it is even more important for you to hire the best person for the job and ensure that you have the necessary departments or team structures to support your key personnel. Since your resources will comprise highly-specialised individuals, ensure that you pay salaries that meet or exceed industry standards to attract them to your company. For example, say your drone manufacturing company needs a skilled team of aeronautical and Unmanned Aerial Systems/Vehicles engineers. But, you also need an R&D department headed by a UAV system test and qualification engineer. Rather than choosing one, ensure that you have both. The staff you hire today are the assets that will help grow your technologically enhanced business, so, provide for an environment, the resources and the salaries that will help them strive for perfection.
Prepare for failure by budgeting in enough working capital:
In a high-tech business venture, you need to be prepared for failure. For example, nanomedicine is a high-tech stream that is still in its nascent stages. If you’re developing a needleless injector, it is unlikely that it will achieve perfect results in the first go. Your product will need to undergo a rigorous process of developing, testing and sampling until it is a 100% accurate and safe. Every stage of testing and development needs funding. You will have to go back to the drawing board time and again, until your market offering is the best that it can be. And this is not a needless expense. Learning from your mistakes will help you build better products and services. However, this involves substantial cash flow requirements. So, identify good sources of external funding, be it via a business loan or venture capital or both. This not just when you start your company, but also to fuel its working capital needs month on month.
Get your marketing strategy on point:
Unlike an FMCG product that has a straightforward marketing strategy, your products are niche and will usually cater to a very specific B2B segment. To ensure that your key audience is aware of your products and services, ensure that your marketing plan is comprehensive. Factor in marketing activities such as participating in trade fairs like the International Engineering & Technology Fair, Internet of Things India Expo or TECHINDIA Expo. You may also want to consider getting a feature published in an industry magazine such as Silicon India. Keep in mind that since your marketing strategy is sure to be focused and niche, you will need ample finances to back it up.
Armed with these tips you’re sure to turn your high-tech business into a success. Whether it is to equip your business with the latest machinery and equipment or to pump up its working capital, apply for a Engineers Loan from Bajaj Finserv. With an easy online application process that requires minimal documentation, this loan also features a quick disbursal.