THREE THINGS TO SYNCHRONISE IN BUSINESS ECOSYSTEM
Three areas are critical to having a good business ecosystem – no surprises here!
Firstly, Operational Excellence – Have smooth and effective operations that look for continual improvement. Have a system to do this as it provides a standard, structure, certainty, and allows replication and scaling. Documenting and measure your process, systems, Quality Control, Scope of Works, Organization chart, training systems.
Secondly, Customer Relations – Have good communication and feedback with customers. Nurture them. Follow up and report to customers where appropriate. What upsell, cross-sell, and down-sell can you offer. Repeat business = profit. Retention is cheaper than new client acquisition.
Thirdly, Financial Management – Money is made in business through Sales, Marketing, and cost control. The rest is cost-based. Know your costs, break-even points, and margins and what revenue is need to meet and exceed these. Consider your billable and non-billable staff. Know your overhead, tax, insurance, and HR costs. Reconcile weekly to avoid nasty shocks at months end. Watch your outstanding invoices and, encourage early payment.