Seven Essential Strategies for Business Success
Tags: ERP   CRM  
8/07/2011 12:00 AM

Having passed through the ‘start-up’ stage, you’re ready to take your business to the next level. There may be different strategies that you need to undertake and different tools to incorporate into your current business processes. These are seven strategies to consider.

1. Effective IT System
Does your IT system do what you need it to do? Business Software evolves on a regular basis. For an expanding business, there are a number of ways an effective IT system can help save time, reduce costs and improve productivity overall.

Software that integrates information technology across functions is known as ERP software. Properly designed and implemented, ERP software results in very real savings associated with time and productivity gain.

It can also help your organisation grow faster by facilitating transparency and allowing work processes across different functions access the same information.

Any IT system will need regular maintenance and periodic updates to provide the most benefit.

2. Medium and Long Term Business Plan
With a clearly defined medium and longer term business plan, businesses can ‘keep the focus’ going. Management can make decisions about resource allocation in accordance with these longer term goals. Expansion can be guided effectively rather than in a haphazard way. Business plans help with human resources and staff planning, including training and development.

3. Marketing Strategy
A marketing strategy does the following:

  • Generates new leads and new customers
  • Presents your brand accurately
  • Allows you to initiate contact and to stay in touch with existing customers
  • Provides potential leads with the right information to help them make a decision about your product
  • Records potential customer information from first contact to engagement, allowing your organisation to identify the best marketing channels

4. Customer Relationship Management Strategy
Whether your product or service is typically a one-off purchase or you tend to have a returning customer base, a great customer relationship management strategy supports a good business reputation.

  • Actively seek customer feedback
  • Manage customer expectations from the start – be transparent about the product or service
  • Have a formal procedure for managing complaints
  • Use ERP software that incorporates CRM functions helping streamline the process

Adequate Support for Core Business Functions
For small and medium enterprises, expansion can be an exciting but stressful time.Keeping focused on core business functions helps ensure quality and long term growth.

  • Ensure proportionate resources and time are directed to core business areas
  • If non-essential activities are taking up too much of your time, consider outsourcing
  • Where you can automate the non-core function, use business software to minimise repetition and overhead costs

6. Adequate Staff Training

As the business grows, so it may be that your staff will need to learn new skills. Encourage staff to upskill by provide training opportunities. Turnover can be expensive. Address any staff dissatisfaction and provide career opportunities where possible.

7. Periodic Review
Conducting periodic review of your business goals and long term plan is essential. This will help you align shorter term goals and decisions to your business’ ultimate goals. Regularly review all areas:
  • Business plan
  • Marketing
  • Staff numbers, recruitment, and training
  • Customer relationships
  • Core business processes (including IT systems) and business structure.

Leave a Comment:
Name (required)
Your URL (optional)
Comments (required)
Add Comment