Congratulations! Business is going well for you. You want to keep the pace and maybe speed it up a little. At this point, it is all about the capacity to react to market opportunities quickly. To do that, you need to start identifying what areas of your business can improve, either with the help of technology, through partnerships, or with the support of experts. It is important that you pay attention to the market, the data, and your team.
Here are some recommendations based on your answers:
If you are still battling with setting priorities, it may be necessary to evaluate if your chosen path has yielded sustained growth over the past 3 to 5 years as you expected, mainly because you want to think about competitive advantage. What is it that you do better, faster, or cheaper than your rivals and that you want to prioritize and strengthen?
Sales and marketing may be working more cohesively at this point for your organization. If you have not implemented CRM tools yet, it is probably the perfect moment to do it. If you have already, are those tools giving you the data you need to make strategic decisions to meet your Key Performance Indicators? Remember that systematically collecting and analyzing the data you obtain will help you refine and improve your messaging, your sales capacity, thus, your profit.
Your financial capacity is well established at this stage, and either you outsource most of it or have expanded your finance department. Automatization should be pursued and financial information readily available periodically to make strategic decisions that align with priorities and enable growth.
Continuous improvement may be a commitment at your company at this point. Your processes might be more integrated, and opportunities for efficiencies are easily identified. To guarantee constant growth, the priority should be to act on the opportunities to reduce costs and improve quality. Technology is a great enabler; thus, consider evaluating what solutions can help you achieve this objective.
At this stage, your team is responsible and accountable for what is expected from them. Subsequently, you are evaluating performance accordingly and providing timely feedback and coaching. If your policies are not designed to increase satisfaction and tap on employees’ full potential, it is probably a good moment to explore ways to guarantee that. Collaboration, communication, and leadership continue to be key. Diversity and inclusion should be a priority.
WECONNECT INTERNATIONAL RESOURCES
Strengthening Market Access for Women-Owned Businesses is a project by the Asian Development Bank and WEConnect International, supported by JP Morgan, that seeks to generate long-term opportunities for WOBs to connect and conduct business with large buyers, including local and multinational corporations, government agencies, and non-profit and non-governmental organizations.