Thanks to global marketplaces, resources and technology, entrepreneurs can set up a company over a weekend and begin operating without large startup or sunk costs. Why? Because there’s an array of systems and tools online to enable incredible efficiency and effectiveness.
No longer is logistics, delivery or manufacturing or sourcing manufacturers a barrier to entry in a market. In the age of 3D printers and Google, you have every resource at your disposal.
Take centralised marketplaces, such as Amazon and Ali Baba, for instance. They bring suppliers, retailers and customers together with relative ease. Entrepreneurs can leverage virtual marketplaces, engaging manufacturers and suppliers online to handle the delivery of products.
Then there are a host of cloud-based business applications you can turn to in order to drive business insight from accounting to operational reporting. Just take a look at the likes of Xero for accounting and WorkflowMax for job management.
In fact, you can get domain level knowledge on how to operate your business from the wealth of information available online. All that is required is a broad understanding of your operating procedures.
A good starting point is defining and documenting process for each area of your business. Departmentalise the tasks so you can research to find the supporting applications available.
Working in the cloud provides flexibility in managing your work. Making use of digital collaboration tools allows you to engage with staff and customers online. You may find that you don’t need an office, working with a virtual, global team to save on overhead costs.
Reporting tools such as Spotlight Reporting can give you analytic insight at the drop of a hat. Once operational, pick three to four leading indicators or ‘levers’ you can pull that directly impact your business growth. Use reporting tools to track these levers and keep a holistic view of your progress.
In the rapidly evolving business environment, it’s key that businesses spend time researching and developing digital system processes to be at the forefront of what the market is doing.
Remember, the pace of business is getting faster. Therefore, the capacity to have an accurate, real-time data of your progress becomes a pivotal part of running your business.