When your company moves out of the start-up stage, you’re ready to see consistent revenue and steady levels of growth. But what’s the key to business predictability? While entrepreneurs are often prepared for risk and spurts of upturns and downturns, if you want your business to survive the growth-stage, you need to find some consistency.
Predictability is the idea that certain activities can be expected or considered likely to happen because they have been repeated so many times before. But predictability doesn’t have to be boring. Although some experts think business predictability is falling by the wayside in the fast-paced tech world, check out these three steps to improve your predictability and stay on track to achieve your goals.
3 Strategies to Improve Business Predictability
One of the biggest keys to business predictability is a series of well-thought-out processes. Think about it. When Henry Ford implemented the assembly line processes for the mass production of cars in 1913, he revolutionized the automobile industry. Suddenly, people knew that parts would no longer have inconsistencies, dents, or other issues. The product was uniform and delivered fast, because the assembly line process was detailed and well-organized.
Similarly, putting key business processes in place can get your company running like a well-oiled machine. If you put procedures in place from the beginning, your employees will always know who they should report to and what step comes next, helping boost productivity and efficiency and eliminate redundancy or “stucks.”
With processes in place, they can get into a groove which helps your team members get things done efficiently and effectively.
With these strategies, you can make sure that tasks get completed regularly, and on-time. Avoid a deluge of work one week and apathetically waiting around for something to do the next. This structure will help your company develop a consistent rhythm to get things done and see predictable growth levels.
2) Customer Expectations
Another part of business predictability is the customer-facing side. Providing consistent high-quality products or services helps increase your brand’s reliability with your base and boost customer satisfaction.
As business author Josh Kaufman says, “Predictability means providing exactly what the customer expects. Unexpected surprises are only good as long as you provide what the customer is looking for.”
We’ve all seen restaurants that have both five-star and one-star reviews. How can people have such different experiences at the same establishment? A lack of consistency. When potential diners don’t know if they’ll get the A+ chef or the waiter with a bad attitude, they are less likely to take the chance on your establishment.
When your customers know they can expect the same thing from your company time and time again, they’ll become repeat clients. You’ve established your value, and they’re impressed.
So make sure your products and services consistently provide your customers with exactly what they need. If your offerings are all over the place, you’ll lose out on your customers’ business because they’ll choose the option that’s more reliable where they know exactly what they’ll be getting in the transaction.
Maybe your organization has been having some bad karma lately, and things aren’t going as well as usual. One of the best ways to get back on the horse is to continuously track your data and adapt your strategy when things aren't going well.
Analyze info about your company’s profits and cash flow, so that when unpredictability happens, you’re prepared to intervene. When you keep a close eye on your Key Performance Indicators (KPIs) and other metrics, you can quickly step in when something seems to be going wrong.
Then, you can pinpoint your issue.
Is one product not performing as well as it has in the past? Has a competitor recently released a new service that’s drawing business away from you? Do you need to upgrade your technology?
Being vigilant about watching and analyzing your data helps you remain a top-ranking company in business predictability and stay on track to see consistent growth levels.
With these three steps in mind, you can up your chances of seeing business predictability and avoid situations of uncertainty and stress.
For more posts on similar topics, check out the following:
Sharpening your operations is just one more step toward achieving consistent growth for your organization. Interested in a business management tool that helps you formalize these processes instantly? Begin a FREE 45 day trial of our Align software!