If you’re managed to start a successful business, then that’s an accomplishment worth celebrating. It’s one of the most challenging tasks most people will ever undertake in their lifetimes, and if you’ve no doubt already cleared your share of significant hurdles. Starting a business always seems to cost more than even the best estimates, for example, and establishing your initial customer base can be a nightmare.
Of course, starting your business is just the first step in a never-ending process. Now you need to maintain and even grow your business. 45% of businesses fail in their first five years, and a lack of capital is the most common reason. If you want to keep that capital coming in, then you need to grow your business so that it can keep up with your needs that will inevitably be evolving. Here are some of the best solutions to consider as you ramp up your growth phase.
If you aren’t already selling products online, then you should be. No business these days gets by without an optimized website, and you can dramatically increase sales by selling both online and in your brick-and-mortar store. Your customers won’t just expect high-quality products, either. They’ll expect great shipping as well.
Take a look at Cool Jarz as an example. They provide wholesale packaging solutions to the injection-molding industry. Specifically, they create child-resistant packaging and custom labels for businesses offering hemp products such as CBD oil. Not only are they focused on providing the best branding and packaging possible, but they’re also making an effort to cut down on plastic use by 50% and benefit the environment. This makes them an attractive choice for customers who are environmentally conscious.
They’re a great example of how you can offer top-quality service and gain a competitive advantage by providing bonuses.
Digital Rights Management
Maybe you’ve gone ahead with your idea of starting a data analytics company, or maybe you’re developing apps or providing software solutions some other way. Actually, if you produce original digital content in any way, then you need to protect your intellectual property. This is where DRM technology comes in.
DRM (digital rights management) software is often used to protect sensitive information or important files like design documents. DRM gives creators complete control over their IP and how their materials are used, edited, copied, and printed. A reliable digital rights management solution can determine any user’s level of access and whether they have permission to use certain files as well as how they can use them. DRM is frequently used on software programs to ensure only the permitted user (typically the purchaser) or their device is able to run them.
Master Data Management
Most businesses today need reliable ways to comb through big data in order to obtain actionable insights into their business processes. You don’t need to be a data scientist to realize that data is at its most valuable when it’s accurate and current. You need a way to collect all your data in real-time to a single location for analysis. Master data management solutions can help.
The more your business grows, the more systems you’ll need to keep track of everything. You’ll need CRM systems to store customer data, inventory and supply chain trackers, social media tools, and more. Keeping all of these systems separate would mean having to rely on employees to share data between them. Not only is this approach inefficient, but it’s also prone to errors. This is why software integrations are so popular as companies embrace digital transformations.
With integrated software and an MDM solution, you’ll always have accurate and current data from all your systems for data analysts to learn from. The best systems can even create visualizations of data, so you can understand what’s going on in your organization at a glance and impress stakeholders in meetings.
Your business always needs to grow. Your level of success can depend heavily on the solutions you choose early on.