If you own or operate a company today, you are likely always on your toes about what you need to do to secure your company’s future. Well it is not easy today to determine the precise path for continued success, but there are some things that appear to be the right approach and are working for the companies that lead their industries.
Here are a list of some of the most important things your organizations should be doing to bring you fast growth in 2020.
Business today is constantly changing and these changes can often threaten the fortunes of even a solid business. If someone asked you a few years ago if some of the biggest retailers in the US like Macy’s Pier1 Imports and Sears would have trouble surviving in 2020, your answer would have likely been definitely not. But in the age of exploding online retailing, combined with the need for flexible business practices, and new thinking, these companies are all either in, or headed toward bankruptcy.
At the heart of their failures is management that has not acted smartly. The companies that have been able to survive major transitions in the marketplaces where they do business, have management that all have the same characteristics.
In short, they focus on today and the future simultaneously. They understand that success today is very important for your business. You must do all the things necessary to make sure that costs are kept down and revenue constantly increases. You have to deliver great products and services and backup your offerings with support that shows customers you respect them and appreciate their business.
At the same time, they keep an eye on the future. This means paying attention closely to new technologies, changing consumer habits, implementing technology tools and strategies that help their businesses to become more efficient and productive over time.
Smart leaders are often a difference-maker when companies succeed long-term.
Outsources Key Functions
Every SME has a wide range of business operations that are critical to their success. These functions allow the company to design and acquire the products and services, market and sell their products to customers, manage their employees, ensure that company information is secure, and that customers feel satisfied and connected to the company. Previously companies would seek to manage all of these areas of their business in house. With the current place of business however companies are finding that in-house management is inefficient. The winning companies have learned how to outsource many of these functions to their great benefit.
One great example of Outsourcing a key element of your business is in Information Technology or IT support. It can be very expensive for your company, and extremely detrimental if you don't get it right. Your IT department must handle all of your technology-related activities, and do it in a way that helps your business to become more efficient and effective. Many SMEs realize that it is extraordinarily important, but building an internal IT Department brings with it lots of challenges.
An SME that seeks to be successful in 2020 should strongly consider Outsourcing IT support to a reputable IT support firm that can deliver it needs much better than the company can do on its own. One great example of this is UK-based Mustard IT.. This Boutique yet powerful it provider prides itself on its personal approach to customer service. It offers rapid response times, short contracts and impeccable customer service and provides support on projects and ongoing and includes cloud services. Best of all, you can have a powerful IT Department with one phone call, that will integrate seamlessly with all the other key departments in your company.
Companies should look to Outsource Whenever there is a reputable outside company that can perform in a way that exceeds the company's expectations, and that can save the money company and increase productivity..
Flexible Organizational Structure
Traditional company organizational structure is top down where senior management oversees all key functions of the company and they pass down orders through the ranks to those who physically implement things. The goal under this type of structure is conformity and strong top leadership. It has worked for so long because of social norms where people buy into being a small cog in a big wheel. This structure worked for more than 100 years in business. Today however with the speed of business, changing demands of employees, and a need for fast changes and fast growth, a top down structure has become antiquated.
Business structures today that work best are ones where power is less centralized and consolidated. Instead, companies today are broken up into groups that work on key elements of the business and report to smaller hoop leaders. This structure creates a direct relationship to your superior and allows the company to more easily recognize those employees that have extraordinary capabilities. In addition, since decision making is handled more locally, things can move much more quickly, and problems get recognized faster. This new structure is ideal companies that look to grow fast and become International.
There are some downsides which include training better employees at every level of your organization. You also need to find managers who can multitask and retain the company's larger goals even as they work on pieces that are only a small part of that goal. In the end, companies must be flexible and how they design their organizational structures if they seek to become successful today.
Gig Economy Workers
The gig economy is changing the way the companies interact with, and hire workers. Gig workers look for short-term employment with a can function as independent contractors rather than employees. As such, they are given tasks and a time frame for those tasks to be completed. It is then up to them too deliver. Gig workers can operate within an office setting, or more likely remotely, and make their own schedules, that fit with your lifestyle. This new and fast rising worker strategy is becoming a key part of mainstream businesses.
For companies, they get employees who are already trained in the jobs that they are hired for. Because companies do not have to pay for healthcare worker's compensation, and other typical employee benefits, it allows them to scale up their businesses quickly and more cost-effectively. Another benefit, is that if an employer recognizes a great worker, the company can make an offer to that worker to become an employee. However, using gig economy workers requires that a company Institute a different type of management style. Companies must become Adept at managing workers long-distance, and interacting with workers who look at projects rather than brand building.
2020 can be a great year for your company if you implement the ideas put forward in this article. Make these changes and watch your company experience fast growth.