Do you ever feel like your business is stagnating? You may be finding it difficult to grow. Your clients may not be satisfied with the service or product they are getting, and you're feeling unsure of what to do next.
Constant recalibration can help! This article will talk about why constant recalibration is important for a business to thrive, as well as some strategies for building a fresh view of your business keeping your scope of work in mind.
What is Scope of Work and Does It Change?
Scope of work is a phrase used in the professional services industry to refer to what your company offers its clients. The scope of work changes depending on whether you are working with new or existing customers, and if there is an opportunity for growth.
For example, if your scope is to develop a website and you stumble upon a client who needs to develop an app, there's an opportunity for you to expand your scope to include app development. You'll hire the right expertise for the job and take it from there.
How Can You Recalibrate Your Business?
The business world is highly dynamic. If you don't adopt new technologies or come up with something that makes your operations cheaper, you'll definitely fall behind the competition. But how exactly can you recalibrate your business?
Identify inefficiencies: To build a fresh perspective of your business, you need to identify where inefficiencies lie.
For example, if your project management system is slow and cumbersome, or you are using an outdated CRM tool that's not being used by all departments within the company, it can be worth investing money into new technologies so that everyone will use them.
Better yet, automate tasks that are eating away your employees' work hours. Let the bots do that mundane work so that humans in something much more valuable.
Reviewing your operations and making them more efficient is the first step. Once you've streamlined operations, you can expand your scope of work and increase revenue
Market Research: If you've had a bad month in terms of cash flow, it's time to reevaluate your marketing strategy. Which marketing method are you using? Is it time to shift gears and switch to digital marketing?
Consider your marketing strategy from the perspective of what your business has to offer. If you're an e-commerce store, it's a no-brainer that nothing's going to be as effective as digital marketing. If you're a construction company, SEO and digital marketing sprinkle tossed in with good word-of-mouth might do the trick.
To come up with an appropriate marketing plan, you need data. There are tons of free tools out there for collecting data on customer preferences (such as Google Analytics).
So, if you find that customers prefer their candy packed in red, it's time to change your product packaging. If they're more into jelly than candy, it's time to go into the jelly business by expanding your scope of work. That's why data is king - it'll help you expand to newer horizons.
Manage Internal Crises: Sometimes, businesses face a hard time because of internal issues. Whether it's an employee who doesn't perform or a member on the team that has been slacking off for some time, you need to fix these problems if your business is going to grow.
You can start by cutting down overhead expenses and incentivizing good employees so they'll work harder than ever before. More importantly, bringing everyone to the same page is a must-have if you want to expand your scope or recalibrate.
If there are ongoing conflicts within the company about how things should be done, get everyone together in one room and hash out every detail until all parties agree with each other and come up with a solid plan moving forward from here.
It all boils down to your cash flow. If the cash flow isn't steady, you'll face difficulty expanding and even have the time to revise business operations. You'll just be stuck in a rut of solving a new problem every day.
That's where we come in. With Dryrun, you can focus on your expansion while we handle your cash flow situation. Not only that, our risk analysis, advisory services, and financial modelling will help you make the best decisions for your business. After all, good decisions are aptly timed and thoroughly planned.
Forecast Your Cash Flow, Revenue and Profit in the Ultimate Scenario-Modelling Tool to gain confidence, clarity and insight into your business.
Dryrun ties automation with unmatched flexibility delivering clear, powerful and accurate forecasts in a fraction of the time spent in spreadsheets.
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