Leading executives, managers, and experts from SMBs and large enterprises share their insights and perspectives with bMighty on a host of IT issues, challenges, and opportunities that small and midsize businesses face.
Web 2.0 may include social networking like Facebook and homemade blogs, but it's also a business opportunity that small and midsize companies would be wise to invest in. WorkLight CEO Shahar Kaminitz explains how it can help businesses cut costs and even generate revenue.
Named one of "Five Enterprise 2.0 Startups To Watch" by InformationWeek, WorkLight develops software that enables companies to generate business using consumer Web 2.0 tools, with the goal of transforming consumer interfaces into enterprise-grade business tools that directly increase revenue. WorkLight's co-founder and CEO, Shahar Kaminitz, discusses how smaller companies can use Web 2.0 to their advantage, through cutting costs, attracting customers, and bringing in revenue.
bMighty: How can growing businesses cut costs?
Shahar Kaminitz: One of the key prerogatives for growing businesses trying to cut costs is not to affect revenue and growth opportunities. For startups like us, a large component of expenses is marketing and sales, yet cutting these budgets would seriously hamper companies' ability to generate revenue. Similarly, a technology vendor must maintain its competitive edge through continued investment in R&D. Therefore, any cost-effective step must be targeted at finding creative ways of achieving one's goals at lower expenses. One example is to use Web 2.0 marketing channels to promote the company and its products instead of costly expenses related to trade shows and traditional media. We've found that using such social media tools as Twitter, Facebook, FriendFeed, and other Internet-based word-of-mouth channels to be quite effective in getting the word out.
The bottom line is that when faced with a risky financial environment, companies tend to bury their heads in the sand and wait for the storm to pass by. However, more often than not, these companies realize that once the crisis is over, they're no longer relevant.
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