Yesterday I told you about how you next generation of leaders expect to leverage technology to help you grow your business. You can read the blog here at Can Technology Help You Grow Your SME Business? Your younger and young at heart digital natives expect technology to help them grow your business. Today I want to share where I see technology impacting you SME. For people on the other side of the pond your SMB!
I believe technology can free you from the grind of micromanaging your business. I know you don’t believe you’re a micromanager, but your CFO does. Let’s see if I can spark your imagination to the possibilities of extraordinary success with you SME. Technology can enable and empower your teams to achieve extraordinary results. Technology can help you increase your SME sales and profits.
Before I forget, Sage and I would like to invite you to participate in a twitter chat on the topic of ‘Enterprise and Entrepreneurship’ on June 28th, 12 noon (EST) #SageInspire @sagegroupplc – that’s 5pm UK time. This twitter event is designed to open the conversation related to Enterprise and how technology is furthering growth in SME business.
Today we talk about building a more profitable business. As one of my early mentors always says, profits are the insurance to building a sustainable business. Profits tell you if your creating a valuable service to your customers’ challenges.
I remind my SME entrepreneurs of Peter Drucker’s famous quote “the purpose of a business is to create and keep a customer. Today, he might even add not all your SME customers are created equal.
What can technologies do for you in the creation and retention of your best customers? Take time today to consider the following questions about your best customers.
- Who are your best customers?
- Why are they your best customers?
- How much business do your best customers produce?
- How often do your customers buy from you?
- When do they buy from you?
- How many times a year do they buy from you?
- Are there more companies like your best customers?
- Are your best customers profitable?
- How could you sell your best customers more products and services?
- Does your sales team know who your best customers are?
- How about your customer service people? Do they know about your best customers?
- What would happen if you lost several of your best customers?
A bonus question let’s you consider the profitability of your best customers. How much do you invest to keep your key customers? How much would your competitors invest to buy their business? Do you think these key customers are at risk?
How often have you asked these questions? I bet it’s not as often as you should. As importantly, how would you answer them and how long would it take to get your answers?
For most SME leaders I know the time runs between several hours to several weeks and beyond. Where would your organization fall in that range? How does the lack of this information impact how you manage your business today?
Today it’s critical that you have access to the information you need to make better decisions, faster. Are your accounting systems providing you the information you need when dealing with your customers? What happens when you do not have the information you need when working with your best customers?
Want to learn more about how different technologies can help you build a stronger SME?
Come to our chat on today and see what else you might be missing. Don’t tell your competitors, you’ll want this information to help you take your SME to the next level.
See you Thursday at a twitter chat on the topic of ‘Enterprise and Entrepreneurship’ on June 28th, 12 noon (EST) #SageInspire @sagegroupplc – that’s 5pm UK time. This twitter event is designed to open the conversation related to Enterprise and how technology is furthering growth in SME business.
See you next week!