Does an app belong in your business’s strategic plan?

It’s a pleasant Sunday evening. You’re one G&T in and catching up on the latest episode of MAFS, a rare moment of peace for a small business owner. But, then, PING. It’s not your friends, and it’s not your family, but your screen time. The world comes tumbling down. You’re up 15%, and the average time is too mortifying to say out loud.

But you’re not alone; for better or worse, mobiles have shaken up our lives, and we now have a codependent relationship with our favourite and trusted applications. According to TechRepublic, employees are switching apps more than 1,100 times a day. Which raises the question, why not make one of those applications yours?

Orbit’s Team Of Sydney Business Accountants Looking At A Phone Application In Randwick Office

The benefits of mobile apps for small businesses

Whether it’s online shopping, mapping our run, scheduling appointments, or catching up with the latest episode of From The Block, applications are convenient and make life easier. But what does this mean for businesses?

Imagine your audience being just one push notification away, accessible at any time while offering them an easy way to engage and purchase from your business and with endless opportunities to track their buying habits. According to The Drum, “63% of traffic to retailers and 53% of sales happen via mobile,” evidence like this can be enough to put a sparkle in any business owner’s eyes. It almost sounds too good to be true, and that may be the case, which begs the question – does your business truly need an app?

Birdseye View Of Orbit’s Smsf Accountant, Eric Kurnadi And Smsf Administrator, Brian Luo Conversing In Sydney Office

Does your business need an app?

Will this app serve a clear purpose for your business?

Beyond looking impressive and being an exciting notion, your application needs a clear intention behind it. Before your customers or clients hit the download button, they’ll need a nudge from a clearly defined value proposition. Whether it’s directly purchasing your products or services via the app or providing exclusive perks, additional services, helpful tools or resources, there needs to be an incentive before they pull the app store trigger.

Do you have the cash to develop this app?

When it comes to cutting overheads and boosting profit margins, an application will most likely not be aiding either anytime soon. Depending on how extravagant and complex this application will be, a custom one can start at 60K and land north of 200K. Now, most small businesses don’t have that kind of cash saved away for a rainy day, so not only does the app need to be a fundamental part of the growth strategy equation, but you’ll need to find the funds to support it.

Do you have the time, resources and skills to market the app?

The real work begins when your app lands in the Apple and Google store. It then has to find its way onto your target audience’s phones, and with millions of applications on our app stores, you’re dealing with one competitive market. Unless its sole purpose is to support your current customers and clients, marketing this application will be the make or break for acquiring new leads and entering new markets through this strategy. You’ll need to combine the relevant channels with solid visuals and compelling copy for a consistent, harmonious marketing symphony.

Will this application open you up to new markets?

If done right, your application could propel your business into new markets, catapult you into new revenue targets and launch your business into a greater sense of financial stability. All of this requires a functional, user-friendly, well-mapped application that either enhances your services and products or drives you into untapped markets. The perks of an application can look peachy, allowing you to stretch to new audiences, ramp up your revenue, and set you up for long-term success. However, don’t forget to take off your rose-tinted glasses and remember a successful launch is dependent on you doing your research, marketing, and development diligence.

Orbit’s Founders, Greg And Kate Dennis, Reviewing Phone Application In The Office Of Sydney Business Accounting Firm

How does an app fit into your strategic planning?

While a brand new shiny application is enticing, it might not be a suitable time for your business if it didn’t score highly on the above business-critical questions. So if the jury is still out on the app, it’s no wonder why with such a mammoth decision. To make well-informed decisions, you need to know your magic numbers and have a clear strategic plan, and this is where our business advisors shine. 

Application or no application, let’s empower you with good numbers and smart advice. Whether you want a helping hand to weigh up the pros and cons of a custom app or design a strategic plan tailored to your business and personal goals, our team is here to help, so book a chat or get in touch today.