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The office technology landscape is constantly changing and with that, dealers of all sizes must adapt to stay competitive. But how can you work toward achieving sustainable long-term growth? Here are six areas to consider when it comes to boosting business opportunities:
Establish a mission statement
Your mission statement should combine elements of your value proposition and your corporate vision. It provides a framework for your customers, the team and future goals.
When creating this mission statement it is important to remember key questions such as, What gap in the market is your product or service filling? Why would customers come to you to solve their problems? What sets you apart from your competitors?
These questions are good to refer to regularly when reviewing and creating your mission statement.
The biggest misconception about partnerships is that they benefit small businesses more than larger ones. This isn’t always the case. Each company has strengths and weaknesses, leveraging partnerships and addressing these weaknesses with technology is a smart move and can give an advantage to the team.
As the office product industry continues to evolve dealers have to be willing to adapt and implementing technology is an essential part of a sound growth strategy.
Segment the market
Selling to larger markets is always tempting as it has the potential to bring in more revenue. Although, standing out is harder to do. If growth is what you want to achieve, choosing a vertical or subset of the market to focus your sales on is better long term. Juggling too many target markets seems like a good option but over time focusing on a single market enables you to become an expert and have a greater chance of increasing profitability.
To determine how effective your strategy is, you must be able to measure progress. Key performance indicators (KPIs) will help identify where your largest potential for growth is and where to focus your money and efforts.
Using historical data can help identify the areas that need a bigger focus and forward plan. Features such as A/B testing can help test multiple variables to figure out which approach works best for the company.
Focus on strengths
When changes within the industry begin to happen and are applied to the company, pointing out the negatives tends to be the first point of call.
But this doesn’t have to be the case. Creating a list of your strengths across the business and then organising your efforts around there is a more cost-effective way to grow.
Invest in talent
Retaining and recruiting good talent is becoming more difficult due to the changing needs of the industry.
Appreciating your employees for the work they do is crucial and creating an environment that is inspiring and motivating promotes a positive work environment. When recruiting, be on the lookout for people who will add value to your business, in turn, your customers.
To find out more about developing your growth strategy, please visit: https://resource.ecisolutions.com/c/growth_strategies_fo?x=7HcHpI
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