Member Article

Finance Directors: Ensure You Remain Competitive

Multi-channel retailers can’t afford to stand still in today’s competitive marketplace. Here are 4 key steps on the road to keeping your business at the sharp end.

4 key steps to ensuring you remain competitive:

1. Know where you’re going and how you’re getting there

If your business doesn’t have time to review its strategy, who knows where it will end up?

It doesn’t matter if your business strategy is just a few words or a few pages, what’s important is that you have one and that everything your business does is measured against it.

2. Understand your place in the world

The core of a great business strategy is knowing what you are right now - and what you want to become.

Misunderstanding your place in the commercial ecosystem can result in poor decision making based on wrong assumptions.

Take stock of where you stand compared to your competitors. Know your strengths and weaknesses. Have a clear grasp of your USP, of what makes you different.

3. Broadcast your message loud and clear

Your target market needs to know exactly what it is you offer them, and why they should buy from you.

It’s great that you’ve got a strong business strategy and that you know where you’re going. But the marketplace needs to know too, because they need to see how that fits with their decisions.

4. Choose the right infrastructure for today and tomorrow

Select the people and processes needed to execute your strategy.

This includes selecting the appropriate multi-channel software and systems to support strategic decision-making and efficient day-to-day operations.

Don’t allow your business strategy to be undermined by an IT platform that lacks the capacity to support your ambitions.

To find out more about multi-channel software, download thre guide - Survive into 2014: the pitfalls of moving into omni-channel retail now! Copy and paste this link into your browser: http://bit.ly/1LBV9K3

This was posted in Bdaily's Members' News section by Ian Newcombe .