Pinpointing the exact steps your business needs to take to stay competitive can seem overwhelming. The last thing you want to do is put finite time and resources into activities that don’t lead to results. How can you ensure the policies set in place to keep up in a challenging market really work?
As well as carrying out market research in terms of demand, it is worth looking at how leading competitors have achieved their success. Not all lessons may apply, for instance, a large competitor will benefit from economies of scale that a smaller company can’t replicate. The main goal is to identify (either existing or potential) strengths that will attract customers, as well as reduce overheads for greater profitability.
Putting in long hours isn’t always the best way to optimise your business potential. Evaluate what work can either be outsourced to contractors or handled with a technological solution. Administrative tasks have never been more cost-effective to automate, with a range of solutions available at prices within reach of small and medium-sized businesses.
If you’re still juggling multiple spreadsheets and relying on manual data entry, adopting new technology to process and store your business data could give you a significant return on your investment, saving you many work headaches and delays.
Inspiring loyalty and trust from customers is worth its weight in gold in an age where they are able to compare and switch providers in minutes. You might have written off having a dedicated customer service department as not viable under your current budget, but there may be a better way.
By providing an online client portal, you can more effectively handle complaints and enquiries at an affordable price point, without the need for extra staff or office space. Customers can create tickets for issues that can be raised and assigned to the relevant staff members automatically, prioritised by urgency.
Markets don’t stand still, failing to adapt to new challenges can lead to disaster. Gathering accurate data in real time gives you a much clearer view of business performance, by cutting out guesswork and surveys. Using this information, you can make business decisions based on which products and services are the most valuable, and which processes are the most productive.
Using the methodology of business process management, you can break your working practices down into their component stages and carry out continuous improvements in order to maintain competitive advantages going forward.
SwiftCase is a cloud-based business process management platform that helps you achieve and maintain a competitive edge.
Get in touch with us today, for a free, no-obligation demonstration.