Is your business speedy enough to succeed?

Customers demand speed

Never before has it been so important to eliminate waiting and delay times for customers. In an age where we can have almost anything at our fingertips within seconds, being made to wait just seems so outdated. Customers will even pay a premium simply so they don’t have to wait or be slowed down. Your business needs to keep up, your staff need to have the answers ready immediately and they must have the tools they need to do their job properly readily available.

Say, for example, a customer comes into your shop asking about a broadband bundle they have been searching for on their phone all the way there. They expect your employees to know the answers and if they don’t know them your customers expect your staff to be able to find them out as quickly as possible! It’s no good anymore just giving average service employees need to know information and they need to know it fast! To eliminate this problem think about microlearning solutions which allow your staff to learn every day to ensure they are always knowledgeable and informative! You must also think about a company comms and knowledgbase platform which staff can access immediately from a mobile device, this way they can search any answers they don’t know within seconds just like your customers can.

If you are not quick guess who will be…your competitors!

In the modern age, everything moves at an incredibly speedy pace, keeping up with the pace is a continuous and tricky task. If you are not pushing your business to work faster your competitors will be, and soon enough they’ll leave you in their shadow. But if you manage to become the market leader and get to the front, the work doesn’t end there, you have to manage to stay at the front! 30% of all enterprises interviewed by IDG say that new product and service offerings are the primary sources of revenue growth for their companies (Forbes 2018). Look at the mobile phone industry, when new phones are released they are the hottest thing on the market but look forward six months and they are almost unsellable. This means that for every new product or service offering that you release you have to work quickly, to get your staff informed, knowledgeable, compliant and clued up otherwise no one will be on the same page. To do this you need to ensure the pace of your business internally is as fast as it is externally!

Virgin Media used an integrated digital operations platform as they had so many products for staff to keep up to date with. The app gave their staff a knowledgebase, reporting and insights, microlearning and gamification. The results were not to be sniffed at, they saw an increase of 7.4% in their knowledge ratings from customers in just 3 months. Along with a 2.2% average increase in sales every single month. 65% of employees were playing the e-learning game in their own time and 98% of employees like or loved playing the gamification learning tool.

When you are fast you are more proactive than reactive

Speedy employees don’t wait around for the answers to come to them they go and figure out the answers for themselves. It has been reported that businesses, on average, spend 80% of their time reacting to issues that arise rather than preventing them. (eMaint). Imagine the  productive things you could be doing with all of that wasted time! When your employees learn to work more efficiently they soon become annoyed at having to wait for answers and working slowly, this speeds up your entire business up overall! You change your entire culture from a slow-acting reactive team to a fast-acting pro-active team. This is a great way of working and ensures that everyone’s time is always used as efficiently and effectively as it can be. 

Companies need to be willing to exit old businesses and enter new ones

Richard N. Foster, a consultant who helped popularize of the idea of “creative destruction.” Believes that big companies can’t ever out-innovate the market. Instead, he thinks that to stay big, companies need to be willing to exit old businesses and enter new ones—and do it quite boldly. By doing this they need to be quick and they can only be quick by having the right internal technology! Foster found the rate at which companies get bumped off the Standard & Poor’s 500 (S&P 500) has been accelerating. Back in 1958, a company could expect to stay on the list for 61 years. These days, the average is just 18 years. Just look at Blockbuster, HMV, Kodak and British Home Stores they couldn’t keep up with the digital transformation that was transforming the market and so they failed miserably! 

To do this you need to learn when it’s time to let go, if you notice that something isn’t profitable in your business anymore. You need to get everyone on board to research, analyse and report on what’s going wrong. Insight tools are perfect for this because they can give you an overall look at your business so you can start to uncover the issues! If you can’t come to a realistic and affordable solution then it’s time to move on.

 

Other posts that may be of interest to you:

The biggest compliance mistakes to avoid

How to tell if your employee learning solution is working

Are inefficient processes at work ruining your success?

Written by Hayley Lloyd

Published 5th December 2018