How Businesses Can Scale Up

Lately, we have been discussing a great deal of small businesses and trying to understand ways through which they can scale their business. In order to to get a better vantage point on the SME market, we have also met various business owners, of late. While the businesses have displayed great enthusiasm and an ambition to grow, we have observed that a lack of focus on three crucial fronts waylays their efforts and encumbers their growth, namely:
  1. Core product and services of business
  2. Customer Experience
  3. Customer Insight

Core Product And Services Of Business: Businesses should focus most of their resources on delivering quality products and services to their customer. For example, quality of food should be the core focus of a restaurant and for retail, selling quality products should be the priority, and so on.
The first step is to identify the tangential tasks which are not core to the business. Automating or distributing such tasks will allow the business owners to concentrate on primary tasks, which will help grow their business. Automation works best in businesses where minimum human resource has been employed to manage end-to-end order processes. Building components such as Virtual Business and Smart Store help customers order or purchase products and services on their own.
Customer Experience: Beyond any doubt, the success of any business hinges greatly on customer experience . Customers would like to associate with a business repeatedly – whether it is restaurant or retail shop – if they are getting a warm customer service. Customer experience varies from good human interaction to using advance technology like self service components, etc.
Customer Insight: This is one of the most important yet most neglected components that affects a business. Either they don’t have accurate customer data or the data would be scattered among multiple sources, rendering it unintelligible.
In today’s world, data is the backbone of a business. If data collected from multiple sources, such as print media , POS , online website , and marketing campaign is funneled into one system so that the analytics engine can run and predict the most liked products and services , the businesses will get a detailed customer insight. This, in turn, will enable them to understand the customer habits and preferences, so that they can focus more on their core strengths.

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