Business is cutthroat, there are no two ways about it. Growth is essential for long-term survival in anything under the sun, business included. Let us delve into some reasons for the stunted business growth of small businesses.
Technology is the cornerstone of business in this day and age, and small businesses are often no exception. Although technology can be cost money and be time-consuming to implement, to neglect to adopt it can be even more detrimental. Thankfully, there are SaaS solutions which allow businesses to use best of breed software at a fraction of the price and with the added bonus of expert support. SaaS is a great platform for inventory management software as it accurately tracks inventory stock until the point of sale seamlessly and easily. This can often be a source of wasted time and money, especially for small businesses. It is essential that they stay on top of all the small areas of wastage as it can add up quickly. Adopt technological solutions that complement your business as they can save the company a lot downstream.
Leadership and attitude from the top-down is essential to the growth of a business. When a leader lacks vision, motivation or the correct attitudes to facilitate success, then it is impossible to expect this of the staff. The staff of a company is its most important asset and therefore a lot of emphasis should be placed on training them, nurturing them and inspiring them to adopt the company ideals. Once staff are achieving and exceeding company expectations, then it is important to reward staff as it will go a long way to maintaining great attitudes, motivation and therefore business growth.
The perception of a company is of paramount importance, from potential customers to supply chain partners, your company is on display for everyone to see. In addition to branding, a crucial role of the marketing team is market analysis, which involves analysing historical customer trends and using them to semi-accurately create prediction models for future sales. This data helps businesses know how much supply to order so they can balance supply and demand.
The Flexibility to Change
Market analysis also facilitates the ability to stay one step ahead of the game and ensure creative thoughts and innovative developments keep the company well in front of the competition. However, it is not simply a case of having the best innovators on board if you do nothing with it. All too often, business owners lack the flexibility and willingness to change or accept new ideas. This kind of stubbornness will cement a small business’s position right where it is and see to it that no growth is possible.
The world of business is dynamic and exciting however it can also sometimes be scary and foreboding. It is important to keep striving for excellence and development otherwise it will almost stunt your business growth.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.