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Is your business ready for the Internet of Things (IoT)?

In your everyday life you may already be a part of the IoT, e.g. thermostats, home alarms and entertainment centers joined together digitally and managed from a computer or mobile device. Businesses also can, and increasingly are, bringing together sensors and cloud-computing with office equipment, factory machinery and order fulfillment/inventory systems, streamlining sales and production processes wirelessly. This improves customer relations, productivity and on-time delivery.

There’s no time like the present to get involved. Knowledge@Wharton is an online business analysis journal of The Wharton School at the University of Pennsylvania. In March its experts in collaboration with Dell posted an article to guide businesses through the ever-expanding digital landscape. Leveraging the Internet of Things for Competitive Advantage describes IoT as an «ecosystem» that «consists of data sensors, networks, cloud storage, applications and devices all working together to help companies and consumers manage their digital lives…»

How hot is the topic? What are the trends? International Data Corporation (IDC) is a premier global provider of market intelligence for IT professionals and business executives. Its infographic Connecting the IoT describes what is and forecasts what lies ahead through connectivity. A few insights from IDC:

• There are currently 13 billion connected things worldwide, expected to grow to 30 billion by 2020.
• By 2018 60% of IT solutions will become open-sourced allowing vertically-driven IoT markets to form.
• Millennials, representing 16% of population, will accelerate IoT adoption.

Now is the time to embrace IoT. Consider what devices you frequently use and what data you would like to leverage. Is there client information you want to capture and share with your sales team? What operational systems could be integrated and managed remotely?

Of course there is cost. eMarketer.com cites an Accenture study showing that Internet users worldwide (62%) have concerns that purchasing IoT devices and services would be too expensive. Many (47%) are concerned about privacy and security issues. Businesses might require a cloud-based platform to serve as a data center or eCommerce solution. They might need technical support to set up the network and train employees. Plus, what devices should each employee have: a tablet, a smartphone, a laptop?

When you’re ready to look at IoT capabilities for your business, seek the guidance of an IT expert. Though the upfront investment may seem steep, the savings gained from a connected workforce and improved customer relations quickly prove the value of IoT.

What if someone told you that doing one thing – at no cost – would increase your company’s revenue by 83%? It might sound too good to be true but that’s what micromentor.org found in its 2014 Business Outcomes Survey. Whether you’re a mentee in need of a mentor or a company grooming mentees to build your business, there is great value in mentorship.

Luis Velasquez is a leadership coach, employee engagement expert, and management trainer. He says in his mentorcloud.com blog post «7 Trends In Employee Engagement and What Role Mentoring Plays» that employers must mentor their workforce to be competitive in today’s marketplace. And the benefits are astounding…

1. Higher job satisfaction

The benefits include higher job satisfaction, but also increased retention and improved productivity. Velasquez explains that, «Acquiring knowledge through mentoring and applying that knowledge to their current job will not only increase employee output, but will also increase their level of discretionary effort.»

2. Lower turnover

Creating maximum efficiency among your workers means that you’ll need fewer employees to get the job done as your company grows. You’ll avoid the reoccurring expense of searching for and replacing employees. Experts at ZaneBenefits estimate losing a salaried employee can cost as much as two times their annual salary, especially to replace a higher level executive.

3. Free up time and money

Not only will mentoring increase productivity, it will allow you to expand your business without adding more employees. This, of course, leaves you more money for growing your business via strategic planning, marketing analytics, technology, acquisition, or structural/office space, etc.

4. Increase sales

As an owner of an expanding business you too can tap into the value of mentors. Perhaps you want to grow sales in a new market. A mentor with experience in that arena can shed light on what strategies would be effective and who the «players» are in the industry.

Where to find a mentor

There are many useful resources ready to pair mentors with mentees and visa versa. One helpful organization that matches those in need of mentorship with mentors is SCORE. Its volunteer mentors bring real-world business experience. They are working and retired business owners, executives and managers who have been through the same challenges and decisions that many entrepreneurs face. In addition, SCORE business mentors offer valuable expertise in specific industries.

Engaging pays off. SCORE reports more than 100,000 businesses increased their revenue in 2014 thanks to its mentoring efforts. Those businesspeople with three-plus hours of mentoring not only achieved higher revenue, they experienced an increase in business growth.

Image by The Blue Diamond Gallery

Whether your business is growing in a commercial space or expanding its production facility, office set up affects your success.

One of the easiest, most economical ways to transform an office is paint. Select the color carefully. The color you choose will impact behavior. Kim Lachance Shandrow, a senior editor for Entrepreneur, writes about the power of color in her article How The Color of Your Office Impacts Productivity. Whites, taupes and grays can appear as blandor too institutional. Shandrow suggests blues and greens to improve efficiency and focus. Go with yellow to boost innovation and creativity.

Ergonomics make a significant difference in productivity as well. British manufacturer CMD creates furniture and lighting/technology solutions for commercial environments. Its blog post Five Facts You Need To Know About Ergonomics explains how correct ergonomics increase worker productivity by 11 percent. A poor set up can cause musculoskeletal injuries, which account for one-third of workday injuries and illnesses.

Choosing office furniture that is adjustable to the individual is a good start. Ideally when sitting at a desk, employees should be eye-level in front of a computer monitor with feet comfortably flat on the floor and arms at a right angle with wrists straight. Another choice: a standing desk, which experts say reduces the risk of diseases such as diabetes and cancer. The simple act of standing can burn an extra 750 calories over five three-hour workdays.

Lighting is another consideration. Andrew Jensen, a business growth and efficiency consultant, writes in his blog post How Office Lighting Affects Productivity that artificial lighting can cause eye strain and headaches. In fact, it is one of the most likely office features to negatively affect motivation.

Jensen explains: «With light being a key component of vision, and vision being responsible for 80 to 85 percent of our perception of the world around us, it’s not difficult to see why ignoring proper lighting strategies in your office could have a significant negative impact on productivity. Harsh lighting and dim lighting are equally detrimental to the productivity of your workers, and, by opting instead for more natural lighting or other lighting systems that have been proven effective, you stand to not only save energy but also increase productivity among your business’s employees.»

Ready to deck out your office? Begin by benchmarking and peek at other companies’ interiors. Inc.com highlighted the World’s Coolest Offices 2015 last fall, picking winners for offices from large to small. The common denominator: open concept, functionality, communal spaces and touches that inspire creativity.

You’ve experienced it either on your own or through clients, colleagues, family or friends: starting a company takes courage and hard work. Growing a company is far more difficult. Whether the business is right out of the gate or in a more advanced stage with a few key employees, the time will come when hiring additional staff is necessary for growth.

Have you taken on too much work yourself?

Entrepreneurs are known for wearing the proverbial «many hats» as they launch and develop their businesses. The same is true of their first-aboard employees. At a certain point, however, they need to delegate those hats to other skilled workers.

How do you know it’s time? Simple – the company is unable to meet demand. Some signs include late orders, poor service and administrative mistakes. Another clue: you must turn down new business to keep up with the client base you already have. Before hiring, though, consider the following:

• Whether you really want to grow into a bigger company.
• Will new customers/orders continue on a regular basis? Could a temp or freelancer cover your short-term needs?
• Can you afford to hire additional employees?

The most importance considerations

You also must decide what positions you need to fill most. If administrative duties are burdening you or an office manager, expanding your customer service and/or administrative team might be a good choice. If you’re not good with numbers, someone with accounting skills can help.

Want to drive more sales? Adding a national sales manager, salesperson or independent sales rep can expand the company’s reach. When it comes to marketing, you can outsource to an agency or social media expert or a combination of creatives to build your brand.

The main thing a small business needs, however, is versatility. Finding multitalented, adaptable people who understand and reflect the business owner’s vision is paramount.

How (and where) to post job ads

What’s the best approach? Entrepreneur recently shared tips for hirers in its article 4 Strategies for Hiring the Right People at Your Startup, written by contributor Brian de Haaff, who has successfully started and sold companies and is currently CEO of Aha!. He stresses the importance of attracting like-minded employees. To do so you’ll need to define your core values as a company and then seek those who have your same work ethic.

Look in the right places, such as posting an opening on your own website, LinkedIn and niche career sites. How you interview potential candidates matters too. «Ask behavioral questions,» de Haaff counsels. «Seek to discover how the candidate’s past actions relate to your values.»

Human Resources Expert Susan M. Heathfield’s About.com post Use a Behavioral Interview to Select the Best Employees stresses the importance of writing the job description based on the behavioral characteristics it requires. If the position is for a salesperson who must be an effective networker then request networking skills. During the interview confirm the characteristic with a behavioral prompt. Heathfield suggests, «Tell me about a time when you obtained a new customer through networking activities.»

Prepare to invest in this endeavor. It takes time and money to search for, interview, hire and train a new employee. If outsourcing services is the solution, selecting the best service partner could take weeks, and possibly months for the individual to get fully up to speed. You’ll know when you’ve chosen the right one: you, your employees and your company will flourish.