How to improve your business performance
Across the country, businesses are closing daily, and it doesn’t matter whether it has been around for 20 years or opened up two years ago. No one is safe, including major companies that are filing for bankruptcy. The question that comes to any business leaders mind quite readily is: how do I keep business afloat and grow especially during this time of uncertainty?
What you need is strategic direction to provide purpose for your business – here are some things to implement into your strategy for improved business performance in the New Year.
1. Look after your customers
You might love your customers, but have you ever asked if that love is reciprocal? B2B is no longer about big budgets and mass marketing campaigns aimed to attract hordes of new customers. Today it’s about focusing on the people you already have – your current customers – and making sure you delight them with a positive customer experience every time they interact with you. Not sure where to begin? You can start by resolving customer queries quickly, be flexible, provide real-time customer service, deliver personalised and relevant marketing campaigns and always surprise customers with a little more.
2. Digital transformation
We live in a time of a full-scale digital revolution. New internet powered technologies emerge daily to seamlessly fit into our lives. Your business can too ride this wave and use tech to grow. In the business world digital transformation is about improving business processes and efficiency for example more cloud based tools to track leads and sales.
3. VAT management
Money is important right? That’s how you keep the business running. As a business to be sustainable and mainatain profitability you need to manage cashflow. Managing your VAT will provide a helpful contribution to your cashflow. Businesses need to ensure that they are not charging or incurring VAT where this is not necessary. An important factor is also to ensure that everything is accounted for, recorded and filed timeously to ensure benefits and no penalties which will in turn affect business revenue. Solutions like VATSolve offer a centralised VAT tracking, administration and reporting service can assist with VAT management to improve your business performance.
4. Data-driven decision making
Most business decisions are made based on a round table of opinions and gut instinct. But the thing is that’s not the most effective way to make decisions, instead you should also be relying on data. Data can inform what to improve on and also identify new opportunities for growth.
5. Develop a multi-plan approach
With uncertainty anticipated to continue in the next few months and year, it’s good to have one or more back-up plans for business. Lay out potential contingencies that you may face in the next year and craft strategic responses.
It’s a competitive business world out there and if you want to survive, you need to grow. What all the above tips have in common is people, processes and technology. Get those components aligned and business growth will follow.
VATSolve is a complete VAT management solution for SAP that offers the benefit of submitting a single VAT return for multiple entities. It provides finance departments with increased productivity, it drives efficiencies, optimises cash positions and reduces risk. VATSolve, a South African-developed solution designed to address specific challenges associated with VAT regulation, complexity and compliance offers a VAT solution for SAP users that automates and consolidates VAT returns timeously and accurately with increased cash flow and improved business efficiencies. VATSolve is so confident that their solution delivers exceptional service and achieves what it sets out to do, that they offer a try-before-you-buy for qualifying clients.
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