Take Your Business To The Next Level
Taking a business forward and upwards can sometimes be tricky. It can be a juggling act trying to keep the cash flowing and at the same time expand into different areas or invest in new technology.
Businesses require constant cash flow to keep moving in the right direction. Expanding a business too quickly can jeopardize healthy cash flow and bring about debt.
According to Fortune, nearly all of 100,000 businesses that went into lockdown, ended up closing permanently in 2020. These establishments closed for differing reasons, but many would be due to expanding quickly.
Taking a business to the next level is highly desirable, but how can you do it for the benefit of all involved and with strong risk management?
One way to truly take your business to the next level is to overhaul your current systems and bring in an integrated process-based platform.
An enterprise resource planning system will replace all your current software solutions with one platform that integrates all departments.
It should be said though that implementing an ERP system can be a mammoth prospect. Taking the time to hire an ERP consultant means that you will have an expert guiding you towards your new system.
ERP consultants will also provide training as well as helping with the construction and implementation of the system. This means that you will take your staff to the next level along with the business.
A commitment to continuous learning will help with your personal growth as well as the business. Learning and keeping up to date with the current best practices means that you will never standstill.
The customer service that a business provides is almost as important as the products. When it comes to investing in your company’s departments, customer service is JUST as important as any other.
Providing a customer experience is key to repeat sales and word-of-mouth recommendations. With the use of social media today, bad publicity from poor customer service can spread like wildfire.
What you may not realize though, is that customer service can help a business grow too. According to Bain and Company companies can grow their revenues at up to 8% above market rates if they provide excellent customer service.
With Covid decimating many industries, millions found themselves unemployed in 2020. This should mean that there is a vast pool of talent still waiting to be snapped up.
Many talented individuals are either currently unemployed or underemployed, and just waiting for the right opportunity to arise.
Your company could grow by bringing on people that have fresh ideas for products and are hungry to prove themselves.
Continuous learning is only one area that requires ongoing attention. Keeping up with current technology and software is also necessary for your business to keep moving forward.
This can mean installing large systems such as ERP software to completely integrate your business, or it may be utilizing much smaller apps. There are many great Android apps for small business owners on the market, and not all technology needs to be expensive or complex.
This could be seen as quite a radical step and is certainly in the area of wholesale expansion. However, merging a company with yours may be the best way to see you reach the levels you wish.
Merging, or acquiring if you have the capital, can mean lowering overall costs, acquiring new markets, and gaining access to different technology and ideas.
Merging two or more companies would require some logistical know-how, and once again hiring an ERP consultant could help. An ERP system would definitely be effective in integrating two different companies after a merger and realizing true growth.
Any company that has an online presence can no longer ignore social media. Not only is it a useful way to advertise, but it can help with engagement.
Employing the right talent to look after all aspects of your social media can improve your brand awareness, make you more visible, and increase your popularity.
Many businesses have fully embraced social media, and companies such as Wendy’s regularly go viral with their well-thought-out tweets which engage their audience.
Businesses are always looking at ways to increase income through technology and software. Systems such as enterprise resource planning software can help businesses become more profitable but will require some investment. Other technology such as social media can be employed with a much smaller budget.
How you choose to grow your business will come down to your numbers, and your preferred approach. You may find that taking your business to the next level is as simple as allowing worldwide shipping instead of just selling locally. Alternatively, you may have a merger with a rival in your near future.