We all want our business to do well, in fact, better than our competitors! Every business unit within your organisation has a key role to play in the success of your organisation. That is why we need to know the top 5 ways to keep your business units performance on track to help you gain a competitive advantage and be successful!
1. Stop the noise - stay focused and understand your core activities
Businesses evolve, and this evolution is a continuous journey. Often, executive management is too busy moving forward. They tend to forget to evaluate what the company is actually about - your core activities, the products you make, or the services you provide. To take a giant leap, you have to take a few steps backwards and assess your strategy. Ask yourself what makes your business successful? How it could be improved and whether you could launch new or complementary products or services or discontinue any existing products or services that are no longer profitable or aligned with your company’s long-term vision. Freeing up your resources for leveraged activities can help boost the performance at the individual level and at business unit levels.
2. Trust the data - create a single source of truth
As we all know, companies have vast amounts of data sitting in different silos. Different business units often rely on their source to fetch information, resulting in conflicting information or mismatch between departments. Business units must rely on a single source of truth, which helps set the right baseline for measurement.
3. Measure for success - Set measurable KPIs for your business units
We all know that “if you cannot measure the performance, then you cannot manage it”. Given that most organisations have a complex supply chain in the current economy, it is imperative that you can track and manage your supply chain efficiently. For example, suppose your organisation is a financial services business. In that case, your mortgage business unit needs to know precisely the cost of onboarding a new customer and the ongoing cost of maintaining that customer through the mortgage lifecycle. In case the cost of onboarding a new client is significantly higher. The business strategy should be to retain existing customers and reduce the churn to improve their profit margin.
4. Share goals - Promote a culture of transparency to and foster collaboration
Different business units in your organisation are similar to other parts of your car. The engine mainly powers the vehicle, but a small puncture in one of the tyres can cause a significant detrimental impact on your journey. This car analogy makes it clear that if all the business units are not in sync and performing at their optimum levels, it can hurt your business. Ensure you share knowledge and information with complete transparency across your peers. This will help them understand your limitations/challenges and promote a culture of collaboration to find solutions to overcome them.
5. Keeping learning - Seek regular customers feedback
Enhancing customer experience and ensuring you engage with them regularly for their feedback on areas of improvement will go a long way in your company’s growth. Once you have collated your customer feedback, one best practice would be to analyse the input and map this across different business units/processes to pin down specific improvement initiatives that need to be undertaken to enhance the customer experience.
If you would like to discover how Spendkey can support your journey to help deliver record-breaking business performance, book a demo by clicking on the link here.