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 . •
15
EDITOR’S COMMENT
T
oday 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
that are increasingly diverse themselves. For example, recent
McKinsey study, Why Diversity Matters, suggests that gender-
diverse 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 customer-
driven, 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
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.
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 op W&F���2�B'W6��W72( 2��W"6���f�6����6�W0�7G&FVv�W2��&�WB�6�F����r���W"v�&�f�&6R���W"FV6�����w����g&7G'V7GW&R�B&�6W76W2WF2ॖ�W"'W6��W70���7FVB�bf�7W6��r��&�f�2���fW7BF��R�B&W6�W&6W2F�vWB�&WGFW"V�FW'7F�F��r�b��W"�v�'W6��W72�FWfV���B����gFW ���W"FV�F�G&�fRV����VRV�vvV�V�B��BF��2F�W2��B�W7@��V����2�B��r���rF&�W2�SR��7&V6R��V����VP�V�vvV�V�BWVFW2F�2R��&WfV�VRw&�wF���F�R7V'6WVV�@��V"�&��7F��r'W6��W72w&�wF��2��B&�WBv��֖6�2�BV�6��v��2��N( �2�GF�GVFRF�B�W7BW&�VFRWfW'�FW'F�V�B�@�V����VR�G&�f��rWfW'�FV6�6����B��f�&֖�rWfW'�6���6R�g&��V��R�BFV6�����w�F��W&F���2�B&�6W76W2���ǐ�'�F���rF��2&�6�6�'W6��W76W2wV&�FVRF�R���r�FW&Цw&�wF�F�W���FW6�&R��* �