Growth is the goal of most businesses. Growth means more customers, more marketing and brand awareness, more staff, expansion into bigger markets and locations and offices… and of course… more profit.
Without a software platform to handle high order/activity volumes, risk increases from rapid growth, staff could spend significantly more time manually meeting those orders. Without good processes in place, you may struggle with quality service standards resulting in reputational damage from a drop in customer satisfaction.
Rapid growth can also impede your ability to step back from the day to day rush of operational requirements. The valuable time spent tracking trends and developments in your industry, seeing what your competitors are up to and searching for new business, new relationships and opportunities.
Optimising between the good and challenging aspects of growth is a tightrope. However, having effective processes in place provides the confidence of your team to meet the upscale and downscale pressures that come with change.
Growth and Goal Setting
Informed forecasting is an essential tool for effective growth management. Knowing an educated timeline, cost and labour, and capital commitment that various projects or strategies will require will minimise the potential cost blowout or risk from that strategy. You will also not overestimate or oversell the outcomes to customers.
Costing and real-time data reporting and analysis can now be achieved through software. Future cost or time fluctuations can be taken into account, helping to re-cost and re-price the product or service and re-form the process to get there.
Manual processes and systems not integrated simply cost your business more to operate and are not efficient. It might be okay in a small business with only a few employees. However, it is unsustainable if you aim for growth, integration, and automation.
Managing your data in a modern business management system in the Cloud and automating key processes will save time and cost for your business and minimise unnecessary errors.
For example, picture how an invoice is generated within your business, how many hands it hits, how long it takes, and how many approvals does it require?
Automation provides the flexibility to amend and adapt processes to changing environments. As you continue to grow, that flexibility can be a huge advantage.
Metrics and KPI’s
The forecasting process referred to above critically should have metrics and/or KPI’s attached to the tracking and reporting of results. For instance, a metric might be the industry benchmark, and the KPI might be your lowest and highest expectation.
The results achieved against the metrics and KPI’s can demonstrate the success factors and strengths driving the project forward and can identify emerging or identified problems. The results will inform the next step with your decision making in the short and long term and how to incorporate them into the practical day to day operations.
In alignment with the automation referred to above, the results could be monitored and reported daily, weekly, or over more extended periods. They could be between different departments and in various combinations against the metrics and KPI’s.
Either way, the information reported will help you make better growth-orientated business decisions.
Improve Collaboration to Improve Results
Collaboration relies on having the right tools as well as the right individuals. Using different systems and processes and struggling to share and compare information will only inhibit efficiency and dampen growth prospects.
A shared system accessible to all staff and departments helps avoid disruption, delays and communication. Even better, an efficient shared system will streamline workflows, eliminate bottlenecks and free up time.
The logical outcome is greater staff empowerment in their roles, knowing the information, communication, and systems that support them.
Most businesses have digital systems in place to a point—for example, accounting software, an ordering system and a payroll system.
An end-to-end cloud-based business management system will provide significant value and efficiency to your business. Such a system is designed for you to manage the different elements of your business on one platform without integration issues arising between other systems.
You will have complete visibility across the different departments and functions of the business and allow you to operate through mobile devices remotely in different locations.
Grow your business with data-driven decisions and improve capability with better technology.
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Start with a no-obligation chat with a financial councillor about where your business sits right now and how we can plan to stabilise your business.