We often imagine that small business owners move fast, make revenues right from scratch, and retreat to living the yacht and private jet life whenever they please. As popular and juicy as this dream might sound, it’s a reality for only a few. Such people are either the luckiest on this planet or the most hardworking, or both. Regardless of where you stand between luck and hard work, these following tips might do you some good in taking your business to the next level.
Join the digital revolution.
Given the proliferation of mobile technology in the world today, going digital is a sure recipe for growth and overall success. More often than not, small business owners tend to limit the ‘going digital’ conversation to opening a few influential social media accounts. Social media has become indispensable for visibility today, however, there is more ground to cover. Taking full advantage of what the online world has to offer can enhance your company’s customer experiences as much as other areas like logistics and supply chain.
As a result of digital transformation, companies can now print business checks online. In context, imagine a large retail giant in about six countries, with over 1,000 employees having to outsource the printing of payroll checks. Therefore, these new ways of thinking and using digital technologies enhance productivity and reduce operational costs.
Ultimately, taking your business to the next level by going digital helps to identify and reach new growth markets faster than traditional means. Additionally, it provides a new window to leverage these opportunities efficiently. However, to enjoy the full scale of going digital as a business owner, you’ll have to incorporate such technologies into your entire business process, not just a few functions.
Use analytics, not just ideas.
We are in a constantly evolving world where changing business needs is vital to creating a compelling customer journey. For example, many businesses are now using big data and analytics to better understand their business processes. These actions can ensure a more profitable future for the business. For instance, with retail analytics solutions, your company is likely to be in the right place in managing retail operations using real-time consumer behavior insights to improve retail efforts.
Watch the numbers very often.
In addition to going digital and using data analytics, taking your business to the next level also involves monitoring your numbers. In other words, any changes made must reflect in your actions. In plain terms, you’re what your bank account says you are. Monitoring the numbers is vital to constantly familiarize yourself with the direction of your company’s finances. Essentially, using accounting software will help you and your team check the numbers frequently and conveniently.
While it might be crucial to evaluate your annual revenue statements and restrategize periodically, it’s also important not to neglect your cashflows. Lack of cash is one of the biggest reasons startups fail. Gradually, they run out of money and can’t make payroll. The end result is closure.
Growth is the biggest KPI.
Cash flow, market share, and visibility, among others, are all helpful key performance indicators to value your startup. However, where do they all point to? Your guess is as good as ours. Having an eye out for quantitative and qualitative metrics is a great way to scale as a startup.
Growth goes beyond sales strategies and conversions; it encompasses helpful changes in brand position, philosophies, and management culture. For example, if you started out exclusively hiring from your industry’s ivy league club, casting the net to underprivileged spaces might be an essential win for diversity and inclusion that your overly quantitative dashboard might not capture.