How Technology Can Help Your Business Gain A Growth Advantage

The Seventh Business Growth Pillar

Technological changes have always reshaped business models. However, what is strikingly different now is the pace at which technology is changing and in turn disrupting all areas of doing business. But, are business models keeping pace with technological changes?

Technology Drives Business Growth In Competitive Markets

Companies that utilize technology to power their business model see a 3x higher growth rate than companies that don’t. Companies that use data for decision making compared to companies that do not have 20% higher employee productivity.

An EY report indicates that, since 2000, digital disruption has affected around 52% of Fortune 500 companies and businesses are failing to use ~80% of their customer data. Notably, by 2018, the top 20 firms in most sectors are most likely to face disruptions that may be caused by sector-specific data platforms.

The survey reveals that although most entrepreneurs acknowledge the impact of technological changes on their business, they either are not ready or have not made it a priority to take necessary steps to transform their business model to stay relevant. First generation entrepreneurs who have prior corporate experience are more open to adopting technology than the older generation entrepreneurs.

Technology Is Changing Business Models

Companies like Uber and Airbnb are disrupting industries with their business models. What are some of the things that you can do? Re-look at your business model. What are the key trends in your industry? What are the key disruptions? How can you leverage new technologies? There’s cloud computing, there’s mobile computing, there are the apps. Can you utilize any of these technologies to actually help you scale up your business that much better? Here are 4 specific strategies to help you use technology to grow your business: (more…)

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[VIDEO] How To Handle Risk In Your Business

Business Growth Driver #6: Risk Management

An often neglected but very important area that impacts the growth of emerging businesses is risk management. Risk management remains a non-priority until disaster strikes or a big opportunity is missed. Sustainability of a business depends heavily on how well possible risks are managed.

Entrepreneurs who have realized the importance of enterprise-wide risk management have set up a strong corporate governance (CG) structure and used technology heavily to mitigate risks. As a result, they have been able to increase their readiness to manage risks and improved their credibility in the eyes of investors/lenders. 50% of companies that have set up a strong corporate governance structure have managed to attract external investors vis-à-vis ~10% of the companies that have not.

Technology can help mitigate risks

All the companies that are confident of their readiness to mitigate risks have heavily invested in technology to manage risks and focus more on teamwork according to a recent EY report.

In this video we look at:
1. How to set up a strong corporate governance framework.
2. How to identify risks to your business.
3. How technology can mitigate risk

What business risk are you going to address?

Like, Share & Comment below

#Risk #Manangement #Technology #BusinessGrowth

Here are the links to all the 7 Business Growth Drivers:

Business Growth Driver #1: Be customer centric

Business Growth Driver #2: Leadership

Business Growth Driver #3: Employee Engagement

Business Growth Driver #4: Segregate core and non-core business activities

Business Growth Driver #5: Finance

Business Growth Driver #6: Risk Management

Business Growth Driver #7: Technology

How technology can accelerate your business growth

Business Growth Driver #7: Technology

Technological changes have always reshaped business models. However, what is strikingly different now is the pace at which technology is changing and in turn disrupting all areas of doing business. But, are business models keeping pace with technological changes?

Technology is a growth accelerator

Companies that utilize technology to power their business model see a 3x higher growth rate than companies that don’t. Companies that use data for decision making compared to companies that do not have 20% higher employee productivity.
 
According to an EY report, 52% of Fortune 500 companies have been affected by digital disruption since 2000; businesses are failing to use ~80% of their customer data, and the top 20 firms in most sectors will be disrupted by sector-specific data platforms by 2018.
 
According to the survey, although most entrepreneurs acknowledge the impact of technological changes on their business, they either are not ready or have not made it a priority to take necessary steps to transform their business model to stay relevant. First generation entrepreneurs who have prior corporate experience are more open to adopting technology than the older generation entrepreneurs.
 
How will you leverage technology to power your business model? Watch this video, like share and comment below.
 
#Technology #Disruption #BusinessModel #BusinessMentor #BusinessGrowthDriver #Innovation
 

How to attract funding to grow your business faster

Business Growth Driver #5 - Finance

As businesses grow, funding needs evolve. Funding a business through the various stages of growth is a complex process as it involves choosing the most appropriate source or a combination of sources (equity, debt, friends, and family, angel, PE, VC etc.).

Benefits of Investors

Involving external investors helps businesses in many ways:

  1. It brings in domain knowledge and technical expertise
  2. Opens up networking opportunities
  3. Provides strategic direction to boost growth
  4. Improves financial decision-making
  5. Instills professionalism
  6. Helps build credibility and reputation.

Companies require a well-structured leadership team to handle the corporate finance function. Strong financial controls and governance is the key. Further, companies that have external investors have seen significantly higher growth.  They are better equipped to take more efficient financial decisions.

According to a recent DNA Money article, Private Equity (PE) backed companies have a 40% higher revenue growth over a five year period vis-a-vis listed companies without PE funding.

Like, comment below & share. What do you require funding for?

The 7 Growth Drivers to Scale Up Your Business

Here are links to the various Business Growth Drivers:

  1. Be customer centric.
  2. Develop a 2nd line of leadership that is independent & accountable. This is one of the biggest challenges faced by small business owners. Learn the 7 steps to successful delegation here.
  3. Use a total rewards mechanism to engage & retain talent.
  4. Segregate core & non-core business activities.
  5. Finance – This video
  6. Risk management.
  7. Technology – use it to strategically drive growth.
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How to have happy and engaged employees

Business Growth Pillar #3- Employee Engagement

The number one challenge that I’ve seen with entrepreneurs as they grapple to scale up their enterprise is people. In my last blog, we saw how important a second line of management is but still overall people struggle on that particular front.  So how do you have happy and engaged employees?

Employee Engagement

In this blog , I share 3 Specific challenges that entrepreneurs struggle with.

  1. Hiring the right people 
  2. Building a formidable team that’s able to independently grow
  3. Retaining the particular talent 

In my last series of blog, I share some very specific ways in which we can do that.  The number one way in which you can address a majority of these people-related issues is making sure that you have an employee-engagement system in place.

According to a recent EY report, If you are able to invest in a total-rewards mechanism, then you will find that you have a 15% higher employee productivity than companies that don’t.

There are 3 specific ways in which we can have happy and engaged employees:

  1. Right People in the Right Place:
    • Make sure that you have the right people in place. Develop a hiring process in which we are able to get across the long term vision of your company and get your people excited about it.

    • Seek to understand what are the aspirations of your people and make sure that these are aligned with you. Show how by meeting the company’s goals, the company’s visions, they are able to also positively impact their aspirations.

    • The best advice that I’ve got as far as people go is this: Hire slowly, fire quickly. Make sure that you have a very specific way in hiring people and invest in that particular process. It may take some time and effort to do that but don’t cut corners there because it’s really important.

Imagine if you were hiring a partner, just not an employee and if tomorrow this person is going to be a partner in your business. What are the kind of interview would you want to conduct? What kind of things that you would want to ask?

I am also providing a link here on the three specific things that I look for when I’m hiring people.

2. Up-skill Your Team:  Make sure that you are investing in upskilling your team. You’ve to define the Key Results Areas for each particular role. Have an assessment to identify the skills gap between a person’s current ability and what the job will demand. This will  figure out what training you require for your team to help bridge the gap.

Help your employees become more successful in their job. If you are able to do that, then you are able to get happier and more productive employees.

3. Retaining the Talent:  To retain top talent you need to have a total rewards system. It’s not just making sure that you have a good salary package in place but there are many other things that come into play here. For example do you have a recognition system in place? This is an important way in which you are able to retain and engage talent.

Do you have a process of performance review and feedback? This will help you and team to know how well they are doing.  You need to have a process of continuous feedback.

These are 3 simple ways in which you can have happy and engaged employees.

Leave a comment below about how you keep your employees happy and engaged?

How To Develop Your Company’s Second Line Of Leadership?

Business Growth Pillar #2​ – Leadership

Do you have a second line of leadership in place which is independent and accountable? Initially when entrepreneurs start their business, they are busy working “IN” the business. But if they want the business to scale up, then they would need to, set up a second line of leadership and have more time to work “ON” the business. In 2014 Gallup study, showed that entrepreneurs that delegated actually grew much faster, and they could even set more aggressive growth targets. In this blog we discuss how to develop your company’s second line of leadership (SLoM).

Leadership

An EY India report recently showed that entrepreneurs who had a second line of leadership had 3.5X higher revenues than companies that didn’t. It is very crucial to be able to develop the second line of leadership.

Here are three things that you can do to actually develop a second line of leadership for your business:

  1. Build a complimentary Team
    It’s important to make sure that you have complimentary team who shares your vision. It does not make any point having people of the same strengths and doing same sort of things.  To run a business it requires many different skill sets coming together, so it’s really important to have a complimentary set of people and the people who share the same vision.
  2. Delegate effectively
    When it comes to delegating, there are some key important things that need to be in place.

    1. Define Roles. Demarcate the responsibilities. It’s very important that everyone knows where does the buck stop, and what specifically they’re able to do.
    2. Instill Accountability. Identify Key Results Areas (KRAs) and Key Performance Indicators (KPIs) for each area. Begin to monitor and measure them. Create benchmarks about what good performance looks like. Have a weekly meeting where these numbers are reviewed and action plans to move them forward are committed to. It will be very clear if someone is doing a good job or not. Achievement and recognition of achievements are key motivators of human behavior.Identify the current skills of your team and what skills will be needed for them to succeed. Develop a training plan to upskill your team so that they succeed
    3. Allowing your team to do day – to – day management. Finally, and this is difficult for entrepreneurs allow your team to take charge and do the day-to-day management.

      Yes, there will be mistakes that will happen but the kind of advantages that are there for having a good team in place, far outweigh those, and over time those things will only get better and better.

      For more details on delegating click here for the 7 steps to become an effective delegator.

  3. Treat your team as partners
    Finally the last thing is to look to treat your SLoM as partners. Is there some way in which you can involve them in key strategic decisions so that they feel part of the group? And also the other thing is that, is there some way in which you’re able to help them get an ownership? It could be in terms of employee stock options or profit sharing.  If they do good work then their company grows, the value grows, and the benefits for them also grow.

So these are the 3 simple ways how you can develop your company’s second line of management so it can scale up faster.

You can access the other Growth Pillars here:

Business Growth Pillar # 1:  Be Customer Centric

Leave a comment below about how you develop your second line of leadership.

Business Growth Driver #3 – Employee Engagement

Employee Engagement. Emerging businesses often face challenges when it comes to hiring the right people, building a formidable team and, more importantly, retaining talent. Building an efficient talent pool that is capable of taking on job responsibilities independently is essential to drive growth.

One way of addressing the majority of people-related issues is enhancing employee engagement. Watch this short video to learn 3 specific ways to boost employee engagement and have more productive employees. To get an overview of the 7 Business Growth Drivers click here.