We all like to start the New Year with good intentions and aspirations about what we will achieve during the coming year.
If you intend to make 2016 a year in which you grow your business here are a few ideas that might help.
Cut costs by driving efficiency
Some companies believe that the only way they can grow as a business is if they buy new equipment and employ more staff. However there is a way to expand your business and cut costs without a significant upfront investment.
A cloud based spend management solution helps companies to cut costs and improve efficiency in many ways. One way a spend management platform could help you to improve operational efficiency is through automating your ordering process. This will free your staff from manual administrative tasks and enable them to focus on adding value to your clients.
Focus on managing more high value work from your clients
Once you have improved operational efficiency you will have more time and resources to allocate to higher value work. Instead of focusing on selling high quantities at low prices for your clients, add value to them by focusing on a more of a consultancy type role. Deliver what the client needs but also become more efficient and improve your margins in the process.
Dedicate resources to gaining new business
Make sure you dedicate resources to lead generation & closing deals. If you don’t think your sales team have enough time to focus on sales because they are too busy with administrative tasks then read our article Free your Sales Team to Focus on Closing the Deal.
Measure and evaluate success for continuing improvement
It is important to determine how successful your plans for growth are by regularly measuring and evaluating. It is important at the outset to determine how you will define and measure your success and how you will capture the data to do this. Can you easily capture data on the following:
- How much are you spending? See How to Carry out a Spend Analysis in 5 Steps.
- Who are your best customers? How much do they spend, what do they buy?
- Who are your best suppliers? Who is the most reliable and providing the best value?
- Where is your company making money and where is it wasting it?
For more information on reporting and analysis see our article Reporting and Analysis – What you need to know about your own business.
Learn from others
Seek out others who have been on the same journey and seek to learn from their experience. Start by looking at case studies of companies who have overcome some of the same problems you are facing.
See the following Case Studies:
- An office supplies company that achieved fast growth through improved customer acquisition and retention.
- A design and print agency who needed controls in place to meet budget, schedule and quality demands of their clients.
- A large manufacturer who needed to find a partner to diversify their offering into managed print services.
Reach out to companies and individuals that maybe able to help you on your journey. We have helped many companies fulfil their plans to grow so if you would like to speak to someone at Claritum to find out how we can help you then please contact us to request a call back.
Good luck with your plans.