One of the best pieces of advice I have received is “If nothing changes, nothing changes”. If businesses become complacent and just continue to do what they did yesterday, it is only a matter of time before they lose their competitive edge, technology takes over, or they just simply become complacent.
I recently read an article on the need for professional services firms to embrace change, but I believe it is not just professional services firms, I think it’s all businesses need to embrace change. Businesses should tailor their services to their clients evolving needs, embrace technology and reform their work systems, while those who fail to change could be left behind.
The reality is, competition is increasing across many sectors, if not all, and they are forcing established businesses to find new ways of doing business and keeping their edge. I will share with you the five key pieces of advice given for those businesses that want to not only survive, but thrive, in times of change.
It is essential that you understand what your client needs. The more you communicate and connect with your client by way of frequency and richness of contact will only enhance your relationship and provide greater benefit to your client, which will assist in maintaining loyalty and value.
In a competitive environment, businesses are continually looking at ways in which they can increase the value they receive. If your business can assist another business in their growth, profitability and minimising risk, your perceived value will be much greater.
Many businesses are looking to specialise in certain areas, or become experts to provide a richer service or product, to differentiate from their competitors. It is important that your business stands for something, because if you don’t stand for something, you stand for nothing.
In times of change we need to review overhead expenditure and ensure you are receiving value for every business expense. Outsourcing is becoming more and more popular, whereby services are outsourced to specialists in areas or in some cases outsourced overseas. If you can provide clients with services that you outsource, then you don’t have that continued fixed cost but charge a small margin on those services. This could be much more efficient for your business.
Technology can help you serve clients better, faster and cheaper. If anything is changing quickly, it is technological advancement. The changes in the way we communicate with clients is significant over recent years with many businesses now having their own apps and automated ordering, payments etc. You can engage an expert to consider how you can automate systems and processes, and via technology, enhance opportunities for marketing and communication with your client base.
So, the decision is up to you as a business owner. Do you change? Are you currently looking at ways in which you can change your business for the betterment of not just your clients, but also yourself? We all have choice, what do you choose? If you want to consider the strategic options for your business, please give your advisor at Maxim a call.
Written by Director, Steve Roxby