Is it time to reboot your tech company?

Is it time to reboot your tech company?

‘How do I grow my business’ is a fundamental question for any dynamic enterprise. Scott Saklad, CEO of the Jonas Group, takes a tech-specific look at the answers.

The short answer is to first ensure that your organisation is operating at peak efficiency, to its full potential and is capable of making the most of market opportunities.

Often what’s required is nothing less than a business re-boot, which will entail a detailed examination of your entire business operation to see what works and what needs attention. However, a good way to start is to initially focus on five key areas.

Be Decisive about Decision Making

Running a business means decisions, lots of them – strategic, tactical, reactive, proactive, go/no go etc – for a small dynamic enterprise it should be easier to make rapid decisions but often this is not the case!  Lack of clear decision-making can severely hinder your business leading to lost opportunities, lower customer perceptions, bad service, confusion and loss of direction.

So, why not:

  • Clearly establish who your key decision makers are. (who, when & for what?)
  • Structure your decision-making requirements – map your business operations – look for decision choke points, duplications and dead ends.
  • Clarify & streamline your decision-making channels.
  • Differentiate between domestic, tactical and strategic issues.
  • Introduce a ‘triage’ system to separate urgent response issues from the less important and routine.
  • Record & communicate important decisions – keep the team on board.
  • Revisit & review key decisions – learn from the process.

Clear Your Vision

Remember your vision – the reason you started your enterprise and why you get up in the morning?  Sadly, visions like good intentions often get mislaid when you are up to your neck actually running the business.

But no enterprise can move forward if there’s not an underpinning vision to guide the way – so dig it out, dust it off and always keep it in sight.

Revisit your vision:

  • Is it still relevant to your current operations?
  • Is it practical/achievable?
  • Do the team still share a common view?
  • Can it be modified/adapted to current circumstances?
  • Does it really underpin your business, your brand values?
  • Does it drive your strategy and marketing?
  • Do you communicate it successfully to your workforce, customers & the marketplace?

Streamline your operation

Continual product/service diversification and energetic marketing/sales activity are fine but sustainable and profitable growth relies on a strategic outlook underpinned by a finely tuned and streamlined business operation.

As a tech business develops it needs to reflect on what exactly what it does best, where its most profitable market opportunities are to be found and what, through a combination of skills, expertise and resources it can best offer its customers?

Audit your activities & offerings:

  • How do you position yourself in the market?
  • Do your products /services reflect this?
  • Are you making the best out of your human capital – people, roles & expertise?
  • What are your brand values – creativity, reliability, innovation, value etc?
  • Who are your existing customers - sectors, industries etc?
  • Are you making the most of these markets and customers?
  • Are there comparable markets – transferable expertise, adaptable products?
  • Qualify your products & services – profitable, loss making, treading water, potential stars?
  • Cull your products/services if necessary – apply commercial sense not sentiment.
  • Make marketing decisions based on knowledge not wishful thinking.

Add real value to your product & services

Complacency is a business’s greatest enemy – sales are good, your products and services meet customer expectations and new ideas keep coming – what’s not to like?

However, you can always do much more to enhance your customers’ experience. Adding value will increase sales, boost customer loyalty, encourage repeat business and increase profits.

Consider adding value by:

  • Making the customer purchasing process easier.
  • Exploring more flexible payment options.
  • Offering superb customer service.
  • Making quality your byword – people, products and processes.
  • Generating informative and supportive product literature.
  • Being creative with packaging & promotional materials.
  • Building & promoting your brand, engaging more with your customer base and market sector.
  • Becoming knowledgeable -the ‘go to’ experts in your field.
  • Offering seminars, workshops, advice & support to your market sectors.
  • Getting published – articles, blogs, social media etc

Find, Identify & Exploit Market Opportunities

New market opportunities are quite literally the lifeblood of any successful enterprise and increasingly vital in the dynamically competitive technology marketplace.

Try taking your organisation beyond its comfort zone – be calm, observant, flexible but ready to move quickly and decisively.

Hopefully you already have an effective marketing stance and mechanisms in place? Now is the time to build on this by opening minds to possibilities, exploiting/creating openings and constantly exploring new ground.

Think on your feet by:

  • Constantly trying to think outside the box.
  • Building up an up to date, comprehensive knowledge of your marketplace.
  • Noting trends, innovations & competitor moves/successes.
  • Looking for product/solution gaps in your own sector.
  • Exploring extensions/adaptations to your products/services.
  • Comparing other sector’s needs to your own market requirements – transferable solutions, related technological solutions?
  • Constantly review your pricing structure – exploit competitor rigidity.
  • Update your customer feedback – perceived value, expectations & satisfactions.
  • Be flexible – adapt your offerings to where the demand exists now.
  • Become more proactive – prod, poke and test the market without overextending your capabilities.

The tips outlined above are by no means exhaustive and certainly don’t cover every aspect of a comprehensive company re-boot but hopefully they will help you to stop and think whether your tech business is developing along the right lines for future, sustainable growth.

To learn more about successfully scaling a business, come along to one of The Jonas Group’s free seminars –12th December in Reading or 14th December in London – for more information visit jonasseminars.com