SMEs take Control of their Business and Results
First of all, I will summarize what you will learn in this article:
1. My new SME client taking Control
2. How Artificial Intelligence (AI) can help your business
3. The importance of developing a Customer-First mindset and a Strategic Plan
More SMEs (Small and Medium Enterprises) in Spain are taking Control of their business and results.
2023 has just started and I am glad to start working with new client that does exactly that; taking Control of his business. He recognizes that his business needs to adapt and that he needs to further improve to stay on top. Dedicated to further improve his business and ready to start using automation.
He wants to get more control over his growing business and is evaluating extending with related products and services, for which we have set out the approach to better structure and optimize his day-to-day operations. This frees up time to keep his eyes on the mid-term and long-term for his business.
The client´s perspective and experience is what really counts here.
"I have found in Joris a very good sparring-partner to give me support as manager of my (small) company. He is helping me outline the business goals for 2023, keeping a tight record and follow-up. His knowledge goes from running the business to aspects of accountancy and helps me establish a more enjoyable way of executing my business and pushing it forward.
Joris is also very focused, customer-friendly and very easy to communicate with. I look forward to a long lasting business-relationship with him.”
SMEs preparing for the Post-Corona future.
In addition to my personal experience from this month, now let´s have a more general look at how SMEs should take Control and prepare for the post-Corona future. As the world moves into the future, SMEs must stay ahead of the curve to stay competitive in 2023 and beyond and this way ensure long-term success and sustainability.
SMEs should invest in technology and innovation to improve their operations and processes. This can include the use of Cloud Computing, Automation or Artificial Intelligence. Automation will help streamline processes and reduce overhead costs. Additionally, by investing in the latest technologies like Artificial Intelligence, SMEs will be able to take advantage of new opportunities and gain an edge over their competitors.
How CAN ARTIFICIAL INTELLIGENCE help YOUR small OR MEDIUM business?
An example of how Artificial Intelligence has helped a small business involves an online retail shop that was struggling to keep up with the ever-changing trends of internet shoppers. By using AI-technology, in this case Natural Language Processing (NLP), the business was able to better understand consumer behaviour and preferences by processing large amounts of data on customer purchases and reviews.
Using this data, the business could target its marketing efforts more efficiently towards customers who were most likely interested in their products or services. This allowed them to create personalized offers that drove sales while simultaneously reducing their overall advertising costs by targeting only those customers most likely interested in what they had to offer.
Focus on developing a customer-first mindset
SMEs should also in 2023 focus on developing a customer-first mindset and by doing that create more chance of success in the long-term. Customers experience should be prioritized by investing in customer service, personalization, and engaging content. This helps build strong relationships with customers and lead to better customer retention.
All SMEs should have a strategic plan
Last but not least, SMEs must have a strategic plan in place. This plan should outline the company’s goals and objectives, as well as the resources needed to achieve them. It should include detailed financial projections and be updated regularly.
Having a clear vision and direction will help stay on track and take control of your business! This seems so obvious, but I see too many companies that do not have this in place yet. Do it in 2023, do it now!
In summary
SMEs that take control of their business in 2023 will be well-positioned for long-term success. Investing in technology and innovation, developing a customer-first mindset, and having a clear strategic plan (and stick to it) will help stay ahead of the curve and become more competitive now and in the Post-Corona future.
Joris van der Heijden provides guidance and implementation of financial control and business control for European small & medium sized businesses (SMEs) in The Netherlands and in Spain.