Businesses that innovate survive. Technology enables efficient processes and provides what every CEO craves – a single, reliable version of the truth.
The world is changing and our customer’s demands and needs are changing too. Sustainability is now a core value that has taken hold in sectors across the economy.
Traditional ways of working do not support these changes and, as with all change, it is companies who stay ahead of curve that will prosper.
Accessing reliable information and having one version of the truth is critical to understand and manage the demands on your business.
Customers and competitors demand more
Impatient customers, eager for a personalised service, won’t wait around whilst your team figures out which spreadsheet their information is saved in.
They won’t wait around while you get your sales system to talk to your production system. And they won’t wait around while you dig out the folder that holds their spare parts list.
But customers will stick around for quality. They will stick around if they get a prompt service and if they’re kept informed and educated.
And they’ll stick around if they don’t have to think about the minutiae, because you’ve got it covered.
Meanwhile competition is fierce. They’re making better products, that last for longer and give more value. Planned obsolescence is now prolonged resilience. Customers demand it.
It feels like somebody out there is ready to eat your lunch, if you give them the chance. One little chink of light, and they’re in.
How fit is your company for 2015? As the New Year approaches now is a good time to look at your vision, strategy and team operations to see what you might improve.
5 questions to help you shape your vision
A few moment of honest reflection on these questions can help you understand where your business is, and where it could be.
- Who are you, where are you going, why do you exist?
- What does utopia look like for your business?
- What do your customers want? How are their needs changing?
- How should you design your business to serve these needs?
- How far can you go?
Deciding on where you’re going is a simple enough idea, and its something your team can develop together, and then get behind.
Can your team deliver your strategy?
Strategy comes from vision. What skills do you need to achieve this vision? Which do you lack? Different people will own parts of your strategy. An honest review of the abilities and gaps in your team will reveal a primary objective.
Get the right skills on board to achieve the vision. Train up, or recruit in. Mentorship, Non-executive directors, there are various ways to develop. But focus on the key skills you need now to get your strategy started.
How does your team operate?
A team focused on a common goal, needs a common language. Here are some essential facts everyone in your company should know:
- What your business is, how you make money, what your biggest costs are
- What you sell
- Who your customers are segments, roles, functions.
Share this language across the business.
In addition, consider the following questions about how you operate:
- How do you actually do things?
- Where are the problems?
- What frustrates customers?
- What slows the business down?
- Where do you waste time and resources?
- How do you measure performance?
Has thinking about your business made you want to improve how you manage it? Read our articles below to see how you can apply your new insights in 2015.
- Are spreadsheets holding your business back?
- 3 tips for improving customer retention and profitability
- Customer Retention a Key Strategy for Manufacturers
Want to know how Flowlens can help you improve your business efficiency? Download our ebook on How to improve your processes and reduce waste.