After surviving the fragile and uncertain startup phase, executives of midsize companies can shift their focus to how to gain a larger market share, taking their company to the next level. This blog will focus on four key strategies to grow your company beyond the midsize market and into a fine-tuned, income-generating machine.
Standardize procedures
Smaller companies may be able to invest more time in the acquisition of prospects and have the flexibility to tailor individual contracts. However, as a business grows, it becomes challenging to maintain different terms and conditions for each customer. A warehouse manager may find it nearly impossible task to juggle numerous contracts with varying delivery times, for instance. Creating standard policies and procedures will maintain order and reduce the possibility of mistakes. Once procedures have been standardized they are easier to automate. Saving time, minimizing mistakes, and increasing operational efficiency ensure a company remains competitive.
Implement solutions that improve efficiency
As your business grows, implementing solutions to increase efficiency will increase revenue and reduce expenses. A business intelligence (BI) solution like Phocas will enable your sales reps to identify missed sales opportunities with in just a few clicks, among other things. Armed with fact-based, instant reporting, reps can target their sales efforts rather than relying on the traditional spray and stick method. Reps can also make the most of their time during sales meetings by accessing reports on their tablet or other mobile device.
Ensure new procedures and solutions are scalable
As your business grows, you will need to implement solutions that can grow along with you. In-house solutions are designed to meet specific needs at a specific stage of growth. It can be expensive and time consuming to build patches and updates that meet the changing needs of your business. Solutions like Phocas are designed to be scalable and will easily adapt as your company achieves its growth markers.
Keep a 360-degree overview of your business as it changes
As an executive, you play a critical role in help guiding your company meet its growth targets. To accomplish this, executives must have a clear picture of what's happening in all areas of their business. Now with solutions like Phocas, you can have a 360-degree view of your company. You can see what's driving certain trends. Drill down into your statistics for insights into sales figures, variances, and inventory levels and stock turns with a few clicks on your dashboard. See what's selling, what's not, where, and why in a matter of seconds. Perhaps you need to adjust your product mix? Are you maximizing your rebate programs? Are you losing money to warehouse dead stock? With Phocas you have a clear overview of customer buying patterns, sales rep performance, financial information and more so you can effectively navigate the growth of your business.
To learn more about which KPIs will help you achieve your growth targets, click here or on the button below.
