Having a diverse workforce, focusing your business on customers, and utilizing emerging technology such as cloud-based services will help small and medium-sized businesses meet their growth goals.
Currently, small and medium-sized companies face the challenge of reconverting their business processes and reconsidering their strategies in the search for business success local business and technology transfe. But the quest to identify new areas of growth, opportunities, and establish long-term plans for success can be difficult for both established companies and startups . Taking this context into account, Sage shares five tips that a company should follow to improve its planning and structure its growth process:
Have the right staff
It is critical for companies to establish the requirements and experience that team personnel must have , as well as the role they will play in the company. It is important to assess whether the type of professional required is one with multiple skills, or a specialized professional who helps accelerate new business areas. Of course, have diversity in the professional staff, in terms of gender, nationality, experience, etc. It will help companies improve their perception when offering products and services to increasingly diverse societies.
Focus the business on the customer
The success of any company is based on obtaining new customers and their subsequent loyalty. Companies that focus their business on customers are 60% more profitable. To address this situation, it is necessary to analyze the current customer base to detect strengths and weaknesses in the company’s performance, as well as pay close attention to market trends. Conduct surveys, interview new and current clients and those who unsubscribed for various reasons, and actively listen to them to act accordingly. Greater investment in customer service and customer experience, to develop new relationship models, will help strengthen customer trust.
Adaptation to changing technologies
The use of technologies represents a wide range of possibilities for companies when it comes to improving their operations and contributing to growth. Adopting cloud-based services, for example, helps reduce IT infrastructure and frees up the IT team to explore new ways to use emerging technology that will improve the business rather than simply reacting to problems. The same technology can also provide flexibility for workers to work remotely, and free up teams to carry out more innovative tasks, which directly reinforce business growth and the bottom line. Used correctly, technology allows companies to be more innovative, productive and lay the foundation for the next stage of growth.
Get ahead of events
Companies must take a broad view and have strategies to stay ahead of market and customer trends and stay ahead of the competition. This requires a more holistic, longer-term view of your company’s operations and business, including sales strategies, market positioning, your workforce, your technology infrastructure and processes, etc. This analysis can help make the business more efficient and effective, as well as create new revenue opportunities and identify ways to reduce risks.
Focus on your own business
Instead of focusing on the competition, companies should invest time and resources in better understanding their own business, including developing their teams and engaging with employees. A recent report on employee engagement indicates that a 50% increase in active employee participation in strategic aspects for the company is equivalent to 3% in revenue growth in the following year.