MONEXgroup in this article explains how business innovation and operations efficiency could lead to profitability. It also highlights the importance of customer value in measuring productivity, profitability and growth sustainability.
How can your business create basis for a sustainable growth? According to PWC Business Insights, Innovation and operations efficiency are key in growing a business with purpose and in driving profitability. The equation relies on a simple concept of developing and improving customer value through controlling costs, business consolidation and supply chain management.
In fact, increasing customer value is a trend, where businesses in the coming 10 years will have to involve buyers in their business model and allow them to form a “highly competitive buyer’s market”. This is an innovation opportunity, which will affect your existing business diversification and enhancement towards “the power of transformation to maximize profitability” (PWC Private Business Insights- Canada, 2014).
Controlling Cost + Consolidation + Supply Chain Management = Higher Customer Value
By looking at your business value; i.e. value proposition and by focusing on increasing your competitive performance, targeting more customers and decreasing the cost of operations, this will increase your return on investment (ROI) immediately.
Thinking differently requires a strong knowledge about your product line, where continuous learning and training will eventually open a room for creativity.
- By setting priorities to your day to day operations, you can offer immediate and tangible impact to your production capacity.
- The balance between profitability and revenue drive strategic growth and stability.
Knowing how you can achieve your goals and measure each objective performance, requires you as a successful entrepreneur to set priorities when looking at your business model and improving it throughout the coming year. Starting with the top priority which is to redesign your business process, PWC has ranked it with 69%, followed by 48% on analysis and cost containment, 33% on consolidation of similar functions by grouping and integration processes, 30% on enhanced procurement and sourcing practices, 21% on supply chain optimization and 9% on outsourcing business services.
How Can Monexgroup Relate To Your Effective Business Supply Chain Strategy?
- MONEXgroup is a strategic partner to your day to day business activities
- We offer payment processing solutions, a device and a system which helps you save more
- Our Solutions provide you with the right functionality of service to each processing payment
- Our Payment Processing system allows you to maximize your focus on your core competencies
- We ensure through partnership, the collaboration to meet performance targets
- Our delegated team measures your statement performance through a transparent, comprehensive and balanced decision making criteria
According to HuffPost Business News topic – “The Coming Retail Singularity” which states the need to merge each of the physical and digital retail services where “separation is meaningless”. Some revolutionary terms have impacted the perception of the consumer when looking for their commodities or services. For instance, the importance of e-commerce, shopping online, style intelligence site versus your store consumer experience, display of products, presentation of services and the order methods have all changed over the years. Consumers are intelligent, demanding and leaning toward brands which deliver comfort, flexibility, ease of service, simplicity and most importantly top quality and customer service.
So, how can your business reflect its success rates while identifying areas for improvement for the coming year? In other words, how can your business be the most profitable in 2015 and deliver valuable customer service?.
- Focus on your team and develop a positive team building spirit
- Delegate, increase responsibilities and motivate your tem to be productive
- Invest in innovation, your store upgrades, technology and equipment, repair of space
- Save more by looking at your production capacity and business model
- Develop Strengths, Weaknesses, Threats and Opportunities analysis (SWOT)
- Circle areas for improvement and capitalize on market opportunities
- Set goals, measure them and share your learning experience (QuickBooks.com, 2014)
When partnering with the number one payment processor in Canada; MONEXgroup will increase your cost efficiency and quality of service. Request a Cost Comparison Analysis today.