Overcoming the major barriers to growth
Breaking into a business is tough and growing the business is even tougher. Whether it’s poor customer data, manual and broken processes, minimal operations visibility to make decisions, building a winning team, or keeping up with changing regulations, there is always something getting in the way of growth. These barriers hurt sales, cost money and create risk. We help companies fulfill their dreams and scale up. It has been observed that business owners spend too many late nights trying to figure out the nitty-gritty of the business operations rather than focusing on the vital, aspect of growth, too many were stuck in the unavoidable rigors of the financials, inventory, balances, shipments and so on. Seemingly trivial & small tasks were getting in the way of realization of dreams and aspirations. An effective way out was discovered to maintain the momentum of growth. Having worked with business across the country to spur growth, Niche Business Solutions has the experience & expertise to propel businesses into a growth trajectory. We’ve analyzed high growth companies across industries for a substantial time period. Our findings led us to isolate the most common obstacles for business growth. The challenges & their possible solutions are being shared below:
#1: Finding Your Next Customer
Finding your customer is not as easy as it used to be. Marketing plans are falling short of the task and what makes matters worse is that generally the customer database is not updated and sanitized. Consequently, your business is unable to convert current data effectively to potential new customers. With the data spread across sales spreadsheets, standalone financial systems, and other applications, it is difficult to make out which data is updated, accurate and reliable. Sales figures hit a plateau as potential customers choose vendors who are nimble footed. Acquiring new customers is critical for business growth while customer retention is essential for steady revenue growth. What the sales force needs is refined & sanitized data, at their fingertips, that provides key information of potential customers and current clients. We have radically changed the nature of communication across the organization and customers. We compile all your business data into a single common data repository so that you get a 360-degree view of your customer across sales, service, transaction orders and more, which is unachievable when you have customer data sprawl.
#2: Tackling Regulations
As companies scale up, business processes and attention to regulations become the second priority—high risk and damaging situation. The compliance team has to manage Tax laws and compliance, year-end audits, reporting, and other government regulations leading to frustrations. Additional resources and systems are arranged to cope up with the situation. The additional systems are not integrated with other systems in the network leading to chaos. Without the smooth flow of data, silos are created and there is a complete break down of communication and coordination. This leads to data inconsistency and even incorrect tax filings if there is no proper review and coordination. We provide solutions for data integration giving companies the edge needed to stay ahead of the competition and to seize new opportunities as they emerge and grow. The topmost priority is a system of effective internal controls to properly review monthly procedures, closing figure at year end and tax and audit preparation. This, in turn, reduces errors, misstatements, and fraud. We provide the necessary annual reports and other records for accurate reporting. By capturing all the data in one place, a single source of information is established. This significantly improves the quality of decision-making and increases the company’s value.
#3: Cash Flow Visibility
Most systems were designed for an era when companies waited until the end of the month to get the data they needed for evaluation. The system has undergone a complete change now— consolidated views and up-to-the-minute reporting is to required to keep the business thriving instead of barely surviving. Lack of details and potential variances makes it difficult to determine how the business is performing. Comparison of actual performance to strategic plans to helps to decide the future course of action, whether to slam the brakes or go full throttle. The dashboard reveals nothing, or worse—the wrong information. For example, public company investors want visibility into both in-quarter activity and performance versus expectations, as well as a view of how that short-term performance aligns with longer-term strategy. Access to transparent, real-time performance data to analyze and compare will arm leadership with the information needed to formulate strategies. They must be able to get the pulse of KPIs and other measurements to accurately and confidently describe how much money the company is making.
#4: Building A Winning Team
It’s said that a chain is as strong as its weakest link—even when it comes to internal systems. In the current landscape, human resources functionality is missing in the core business system for many businesses. Not only does this create roadblocks, but also increases manual processes and weakens overall processes. When time-off management, payroll, directories, and reporting sit in a different system, business leaders have very limited visibility into the true status of the organization. The most valuable asset of the business, the workforce, is detached from the process creating lower engagement. In addition, the add on systems to manage the workforce are typically complex, highly customized, difficult to use and expensive to maintain. By adding a unified human resources tool into the core infrastructure of your business, you equip your workforce with full visibility into all aspects of the business. Teams can complete tasks that matter to them and gain access to information that is important to them. This removes departmental obstacles and eliminates repetitive and manual processes. The leadership team can vividly see where the gaps are and equip the business with the right talent, skills, and strategies. We provide a platform to give businesses complete control over their core HR processes. Now, businesses can benefit from a single platform to manage their ERP, CRM, PSA, omnichannel commerce and HR. We provide powerful functionality for organizations to manage their core HR and workforce management processes and an exceptional employee experience to complete most of the everyday tasks.
Running a growing business means you face many unique and distinct challenges. But there are also some serious competitive advantages. Speed, flexibility, and ability to change are hallmarks of the best run growth companies. Leveraging those capabilities are key to overcoming any obstacle to growth. A business system should always be an enabler, not a limiter, of your business strategy and goals. If your growing business is experiencing any of the pain points discussed above, such as poor customer management, manual and broken processes, minimal operations visibility to make decisions, building a winning team, now is the time to consider switching to a modern, business management system. Entrusting Niche Business Solutions with business processes allows for more efficient and effective business operations—essential for growing and scaling an organization.