Hockey Stick Growth
The hockey stick growth mode is what all businesses aspire to, but the key to that growth is in the pre-growth mode “the blade” where clients are “delighted” through quality products and all-star service. ERP and MRP Cloud based platforms make customer-centric focus possible.
The 4 Key Stages to Entrepreneurial Success
Whether you are a manufacturing start–up or an established business you are all looking toward exponential growth opportunities. Hockey stick growth is exactly what it says, a line that goes along the blade of the stick, typically a flat line, which proceeds to the right angle upwards like a hockey stick. Bobby Martin in his book Hockey Stick Principals: The 4 Key Stages to Entrepreneurial Success refers to the time period directly before growth as the “blade years”. Many authors and business school professors have stressed the importance of the blade years because without crucial components some companies never reach exponential revenue growth.
These crucial components include customer satisfaction and loyalty, systems investment, and employee empowerment, all of which can be established, and improved with the right ERP software which and become the foundational elements to hockey stick growth.
Both B2B companies and B2C companies strive and want to keep customers more than satisfied, actually thoroughly delighted. And company leaders and sales managers know that making customers happy can be a time intensive task. Cloud ERP not only provides real time access to order information but also frees ups time for all employees to listen to customers and the data to back up their feedback. Learning from customers and understanding their pain points, needs and concerns is key to developing and maintaining customer satisfaction.
Because Cloud based ERP software can also provide the ability to quickly price products and parts, it avoids the dreaded “quote delay” which can damage a company’s reputation and customer relationships.
This often evasive but crucial element to growth success can be defined as positive feelings towards a brand or product and dedication to purchase the same product or service repeatedly now and in the future regardless of a competitor’s actions or changes in the environment. The ability to deliver on time, correct and complete parts and flawlessly execute orders helps to sustain loyalty. Cloud based manufacturing inventory control; material planning software and production control software all assure accuracy and efficiencies which enable a stellar customer experience.
Think of your last stellar customer experience: How did they make you feel? How quickly did they resolve your issues? But more importantly, did you take to social media or even talk about it at your next meeting or with your friends and family? Customer loyalty comes from great experiences and having access to resources that you can call up in real time. These data resources make all the difference.
Systems such as Cloud based ERP manufacturing software improve the efficiency of the manufacturing and purchasing process. In a recent Industry Week article regarding connecting and delighting customers, it states “in manufacturing one-third of plants report on-time delivery rates of 90% or worse.”
There would seem to be a great opportunity for improvement and a chance to capture more customers if a company could improve their on-time delivery rates. With production control and inventory software, a company can create a confidence level of project completion and then build in the metrics for improving delivery rates.
Accounting and supply chain cloud software systems also provide the resources to avoid the time dedicated to “fixing incorrect orders” which can prevent companies from ever achieving exponential growth.
This commitment from management allows employees a certain degree of anatomy and responsibility for decision making regarding their specific organizational tasks. One example would be allowing a customer service representative to provide a discount to a large order or waving return shipping charges for an incorrect order.
With the right ERP system putting the right real time information in the hands of the customer service or sales rep, a better customer relationship can be created so that they can be more responsive and helpful, thus improving the customer experience.
So get ready for your exponential hockey stick growth by devoting resources to employees, customers, and ERP and MRP Cloud Based Solutions.