Strategies for Success Following Business Growth - Hollingsworth
Growth is exciting and generally means increased revenue, but it also presents some new and sometimes unique challenges to overcome, regardless of your industry. It can be difficult to expand operations in order to sustain the additional business.
You might also need to make changes to some processes in order to accommodate new or additional demands. And you might need to consider different technologies to facilitate improved operational optimization.
Q: How can we serve customers better during a growth phase?
A: Your customers are one of your most valuable resources, and one of the worst things you can do while your business is going through a growth spurt is deliver a bad experience. Focus on timely delivery, as well as prompt responses to questions or customer service issues and reasonable and fast resolution to any problems. Analyze any customer feedback or reviews, and if you don't normally get that kind of engagement from your customers, consider implementing some polls or surveys.
Q: What are the trending strategies for reducing operational costs after growth?
A: Technology has made it more possible than ever before to access in-depth information about our customers and their purchasing activity, as well as obtaining far greater insight into actual business operations. Big data can be used to cut operational costs through the integration of digital tools and physical resources. This enables you to better serve your customers, automate applicable parts of the supply chain for improved speed and quality, improve performance beyond the capabilities of human workers, and manage costs—particularly in areas like marketing and logistics management.
Q: How can the supply chain be optimized in order to boost success in the growth period?
A: Flexibility is the first step, whether it's considering new ways to fulfill contracts and meet customer demands, or seeking new applications for your product (or service). Think carefully about new applications or opportunities, but don't be afraid of change. You can further optimize your supply chain by introducing automation and technology to speed up order fulfillment and ensure greater accuracy. By developing strategic sales planning and other methods, you can make your supply chain perform even better, while also reducing costs.
Your company may also benefit from outsourcing your supply chain management to a partner such as Hollingsworth, so that you can focus on your operations while we tackle the logistics using our expertise.
Hollingsworth is a lead logistics provider to the manufacturing and distribution communities. The third-party logistics provider finely tailors its logistics systems, technology, and processes to meet the specific needs of a range of complex industries.