BusinessUpgradingService

BusinessUpgradingService

The business upgrading (or improvement) function includes formal selection criteria for focusing on the most important improvement initiatives, and deployment of the right resources, tools and methodologies to the highest impact opportunities. All the business accelerating services are based on the current business model, focusing on upgrading process and efficiency, improving capability and affordability so as to reach the level of resource optimization and value maximization. To upgrade the business, you may start with the following aspect:

(i) Business model.

Every enterprise has its own development model. In our interconnected and always-on world, business lifecycles get shorter and shorter. Companies have always expected to change business models from time to time, but now many keep updating them rapid-fire. Sometimes, when the model continues to meet your organizational goals for revenue, cost and competitive differentiation, you don’t have to change it right away. But you must be ready to update it at any time, and you must know when and how to do so. Successful innovators, we found, are ones that use hard information to understand customer expectations earlier and more thoroughly than their competitors. They also use it to establish priorities for their businesses, to model outcomes based on alternative scenarios and finally to configure their businesses so they can make business model changes to get upgrading.

(ii) Business philosophy.

A business philosophy is a set of beliefs and principles that a company strives to work toward. This is often referred to as a mission statement or company vision. It's essentially the company's operational blueprint.The business philosophy explains the company's overall goals and its purpose. A good business philosophy successfully outlines a company’s values, beliefs and guiding principles. Just because business philosophy is of great importance, if your company has fallen out of favor with clients, review how you treated your customers when your business was in high demand. You must re-evaluate your business practices to attract former and future clients.

(iii) Process management.

Process management is the ensemble of activities of planning and monitoring the performance of a business process. When running a business, you probably use dozens of business processes every day. For example, you may go through the same steps each time you generate a report, resolve a customer complaint, contact a new client, or manufacture a new product. You've likely come across the results of inefficient processes, too. Unhappy customers, stressed colleagues, missed deadlines, and increased costs are just some of the problems that dysfunctional processes can create. That's why it's so important to improve processes when they are not working well. When you encounter some of the problems mentioned above, it may be time to review and update the relevant process. Here, you should keep in mind that all the different kinds of processes have one thing in common—they're all designed to streamline the way that you and your team work.

(iv) Business skills.

Running your own business means having to wear all different types of hats. Whether it's your marketing hat, your sales hat, or your general people skills hat, you're going to need to know how to run a balanced account and continue to grow your wealth. Typically, there are five skills that a successful entrepreneur will have: sales, planning, communication, customer focus and leadership. It is important to identify the skills both the employer and the employee need to develop or improve so that one can succeed in the day-to-day business operations.

(v) Operating system.

No matter what industry you engage in, you need a certain professional skills and management capabilities, establishing your own operating system. Once the operating system cannot keep in pace with the enterprise development, you need to adjust and improve.