How to Make Christmas Lists for a Larger Company
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The holiday season is here, and it’s about to get a whole lot harder for companies.
In the past year, the holiday season has seen a wave of consolidation and mergers.
In addition to new companies popping up in every industry, some are going through a reorganization that puts the consumer first.
These companies are going to want to find ways to streamline their operations, reduce overhead, and take advantage of their growing customer base, said Matt Greszner, managing director of research at The Revenues Group.
The biggest challenge for companies will be figuring out how to take advantage.
For example, you might want to streamlined operations to save money, said Mike Mears, director of retail and merchandising at the Retail Industry Association.
“You need to figure out how you’re going to streamlines your operations,” he said.
Companies need to understand the needs of their customers, he added.
“What are they doing to improve their customer experience and the way they deliver on their promises?
What are they focusing on?
How do they get more customers?”
The challenges for companies with a growing customer profile will include marketing, customer service, and customer support, Mears said.
A lot of these areas are already crowded, and that’s one of the reasons why the holiday seasons are so busy, he said, so there will be more pressure to get your business done faster.
“They’re going be trying to find more ways to be efficient and more responsive, so you need to be ready to step up and be ready for the challenge,” Mears added.
Companies with the least-known customers need to work harder to make sure their offerings are available, said Greswinger.
“That’s a huge, huge challenge.
It’s going to be a very difficult task for some companies, but there are some companies that have a huge customer base.
It will be a big challenge for them.”
The challenges also come from the outside.
“When you’re doing a big merger or restructuring, you’re dealing with all of the challenges that have to do with getting to the bottom of things, but also dealing with the realities of having to compete with the best of the best,” said Michael Egan, a partner at boutique consulting firm Revenu and the author of “The Bigger Picture: The Secret to Building Great Products.”
For example: the way you structure your business will matter, too.
“If you have one product or service, you’ve got to make it so that it’s in your core product or you don’t have a great product or business model,” Egan said.
And as you add new services, you need some way to tie them in.
“The challenge is going to come from how you structure and integrate those services, and how you do it so it is more effective,” he added, saying that this will be difficult for the companies that are trying to be more efficient.
Companies also need to take steps to manage their budgets.
“It’s very important to have a budget and make sure you’re in control of your budget,” Egon said.
You also need some level of support for your employees.
“These are big decisions, and you don´t want to get distracted from those things,” he continued.
“People need to have the support and support they need.”
For those companies that do have a loyal customer base and have a strong customer experience, there will likely be a lot of money to be made, Gresznner said.
“A lot of the smaller companies are in that position, and they’ll be able to benefit from the new management, because it will help them stay focused,” he noted.
For companies that don’t do a great job of selling their products, there is a lot that needs to be done.
“There’s going, I don’t know, a million different ways to get to the top of the list, and there are going, well, how do we sell them better?”
It’ll be up to you to decide which one to pursue.
“Ultimately, you want to be able do that without going through the process of a merger,” he suggested.
But, he noted, a lot will depend on the level of expertise you have in your business.
“At the end of the day, what matters most is whether you have the experience, the knowledge, and the ability to manage your time effectively, and not to get stuck in a process where you’re not getting the value out of the business,” he advised.
Companies that are willing to take the challenge will also benefit, Greznner noted.
“In a very short time, they’ll come out of it better,” he concluded.
The holiday season is here, and it’s about to get a whole lot harder for companies.In the past year, the…
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