EDITOR ’ S COMMENT
Today there is a near continuous need for companies to keep repositioning themselves and re-work their strategies in the pursuit of success . According to PwC ’ s 2017 CEO Survey , nearly a quarter of CEOs singled out innovation as their top priority for 2018 . This outstripped priorities such as human capital , competitiveness , customer experience and technology capabilities . However , this desire for innovation and growth is often easier said than done . Striving to identify new areas of growth , fresh opportunities and establish plans for long-term success , can be a tricky proposition for both new and established organisations , and that is before a company considers its competition . There are better ways to plan and structure this business growth acceleration process . Here are five tips :
Right people A company is only as good as its people so hiring the right people for your company needs careful planning . Consider whether you want to bolster your workforce with general skills that can be moulded into different areas of your business , find specialist skills and experience that will plug expertise gaps or help you accelerate into new product areas or markets .
A workforce should be as diverse as the customers it serves . Having people from different backgrounds , such as gender , ethnicity , experience and nationality , will help your business gain better insight into providing products and services to societies
Jennifer Warawa , EVP , Partners , Accountants and Alliances at Sage .
Leveraging an organisation ’ s human capital
Jennifer Warawa at Sage gives five pointers on how to leverage an organisation ’ s human capital . that are increasingly diverse themselves . For example , recent McKinsey study , Why Diversity Matters , suggests that genderdiverse companies typically achieve 15 % higher financial returns and gender and ethnically-diverse companies return an extra 35 %.
Customer focus Both short and long-term success relies on establishing new and loyal customer bases . Customer-centric companies are 60 % more profitable . When organisations start out , they are very customerdriven , and their sole focus is gaining customers and keeping them happy . However , as businesses grow , it can be easy to lose focus on your customers and let processes get in the way . There are ways to tackle this problem . Analyse your current customer base to spot strengths and weaknesses on how your company performs when retaining customers . Pay close attention to market trends . Conduct surveys , interview new , current and lapsed customers , and importantly listen to all customer feedback and concerns .
Changing technologies There is a lot of scope for companies to make better use of modern technologies , services and systems to improve their operations and help support growth . Adopting cloud-based services , for example , is a way to reduce your company ’ s established IT infrastructure . The same technology can also give your workers flexibility to work on the move or remotely . This can give them the scope to be more adaptable in how they carry out their day-to-day tasks or pursue new business opportunities .
Advanced systems with machine learning and artificial intelligence features can automate time- consuming administration or data processing tasks . Such technology can free up teams to carry out more innovative and strategic tasks that directly bolster your business growth and bottom line .
Get ahead Boosting short-term sales through promotions and new products and services will help draw in revenue , but it is not the way to position your company for future long-term growth . Companies need to look at the bigger picture and have strategies to get ahead of market and customer trends and stay ahead of the competition .
This requires a more holistic , longer-term view of your company ’ s operations and business – your company vision , sales strategies , market positioning , your workforce , your technology infrastructure and processes etc .
Your business Instead of focusing on rivals , invest time and resources to get a better understanding of your own business . Develop and look after your team to drive employee engagement , and this does not just mean pizzas and ping-pong tables . A 50 % increase in employee engagement equates to a 3 % in revenue growth in the subsequent year . Boosting business growth is not about gimmicks and quick wins . It ’ s an attitude that must permeate every department and employee , driving every decision and informing every choice . From people and technology to operations and processes , only by taking this approach can businesses guarantee the long-term growth they all desire . •
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