With technology taking the center stage in today's life. Businesses are not immune to digital transformation. In fact, they are the first one to adopt digital transformation technologies to make themselves relevant in a growing competitive environment. Young organizations are challenging the old guards with their disruptive ideas. In this fight for business space, every organization wishes to achieve their business objectives with customer satisfaction. Here are the four tips that can help you do that.
#1: Define purpose and fuel organic growth
Businesses must start with defining their purpose, and how their current brand proposition supports their expansion plans. Once everyone is on board, there are some short-term, organic growth boosters to pursue. For instance, businesses can start by trimming overheads and boost sales to existing customers through cross sell and upsell opportunities.
#2: Forge strong partnerships
Another very good option to gain market share is to forge partnerships with larger organisations. This offers immediate access to existing retail networks, supply chains and a well-established customer base. The most successful partnerships negotiate cross-selling, exclusivity arrangements, logistics, staffing and other customer service essentials. Where possible, every partnership should seek to maintain control over brand identity.
#3: Standardise processes and centralize on a platform
The expansion comes with a host of unknowns. Where will you find staff? What are the new regulations and laws? How can I create a desire for our product so customers want it? Previously, enterprise resource planning (ERP) and supply chain management (SCM) systems were only in reach of big companies, however, the cloud has democratised access, and given smaller businesses a leg up on much larger competitors held back by legacy on-premise systems.
When it comes time to expand, having standardised processes on a cloud-based platform allows you to run your processes the same way, regardless of where business is located. It provides best practices for repeatable infrastructure when entering new markets, as well as end-to-end visibility across operations.
Cloud-based software, with its scalability, agility and low total cost of ownership, empowers businesses to manage growth on their own terms. By enabling the automation of tedious manual tasks like tax compliance, multi-currency transactions, and more, it can ease some major barriers to entering international markets.
#4: Leverage data
With end-to-end visibility across operations, executives have easy access to data to make insight-driven business decisions on how and where to grow. For instance, robust reporting allows you to regularly compare financial data from different stores or channels to identify trends that might impact long-term growth, such as cash flow or liquidity. Data from the ERP and supply chain platforms can help drive actionable sales opportunities, personalise marketing outreach to drive greater loyalty from customers, and increase customer satisfaction by helping ensure accurate inventory levels and streamlining logistics.
With a cloud-based platform as their foundation, new product introduction and international growth are within the reach of small businesses, which can leverage technology to out-innovate much larger competitors.