As another year draws to a close, it is only natural that we use the turn of the new year to review what’s been and resolve to improve and progress, both personally and professionally.

Growth is essential for survival, and the speed of business evolution is now pivotal for success. We have seen big corporations experiencing the pain points of slow movement first hand, with so many rock-solid companies coming unstuck due to agile start-ups scaling fast and disrupting huge markets. There is no excuse really. With so much access to data, consumer behaviour, global trends and global markets, businesses have the potential for growth that is unparalleled to any other time, perhaps, in history. Working smarter has never been a more important mantra.

 

Break out of the box

Traditional companies that ‘do what’s always been done’ will come unstuck as technology continues to dominate all areas of business. There is no place for arrogance in today’s marketplace. We have seen the mighty crumble.

Creativity and innovation should not be limited to the marketing department. Commitment to trying new processes and technologies in all departments is key. Assessing current systems with an objective appraisal – essential; and breaking out of the box of traditional methods should be at the heart of business culture, both large and small.

I recently had the pleasure of dealing with an accounting firm who had taken a relatively stagnant business module and turned it on its head, with a clear focus on delivering an amazing customer experience. Rather than just ‘doing the work’ that is required, they have developed systems that walk the client through what is similar to a sales funnel, nurturing at each point of the journey – as used commonly in other industries. So much value is offered along the way and they have not been afraid to try and utilise technology to streamline the process. A pleasure! I have never before said that about an appointment with an accountant! (You can check them out here)

 

Eyes wide open

Businesses need to approach the new year with eyes wide open. Technology will continue to advance at lightning speed, markets will change, consumer demands will change with a new generation coming through. Large companies need to be breaking down the silos that slow down the sharing of information, impact operations, and hinder processes of development and innovation. Hierarchical approval structures are like a thorn in the foot for progress, with changes approved for the implementation of new tools or operating systems being outdated before they are even launched. Breaking down governmental business ladders and operating like smaller agile companies is perhaps key to unlocking potential for faster growth.

Smaller companies need to be taking advantage of their agility and ability to easily connect and engage with consumer markets. Personalisation is the word of the day, and small companies have had this expertise, to some extent, for eons. Utilising technology to further enhance the personalisation of services will be of great benefit to all areas of business. Experimentation coupled with solid and regular review processes will ensure longevity and will unlock greater profit potential.

 

What do you think? What is going to be key to unlocking business potential in the coming year?

Photo Credit: Markus Spiske