Small-To-Medium-Sized Fish, Big Pond
Here’s how to find the right business partners and play nicely with the giants.
Do you want to compete with the larger players? (Not the slightly larger, but the significantly larger?) More precisely, do you want to be able to eat their lunch?
As a small to mid-sized business (SMB), you already know that managing growth and maintaining customer experience (CX) quality brings unique challenges, especially in the current volatile economic environment. But here’s the thing: You can actually follow in, and around, the giants’ footsteps – because you can play it smarter.
Flexible growth strategies
Effectively expanding your operations may mean adopting flexible growth strategies that help you scale, without the traditional burden of large infrastructure investments. Here’s an idea: Why not forge strategic partnerships that amplify your strengths and shore up your weaknesses? This is a balanced approach to scaling while minimising risk and costs.
Low-overhead expansion
The idea of expanding operational capabilities traditionally conjured up images of empty pockets or scary cartoon eyes with dollar signs in them. Not today. The modern business environment offers tools and resources at a quarter of the price they used to be. Think access to technology and specialised skills – without the need for internal infrastructure.
Why seek to partner up?
Flexible growth strategies
Effectively expanding your operations may mean adopting flexible growth strategies that help you scale, without the traditional burden of large infrastructure investments. Here’s an idea: Why not forge strategic partnerships that amplify your strengths and shore up your weaknesses? This is a balanced approach to scaling while minimising risk and costs.
Low-overhead expansion
The idea of expanding operational capabilities traditionally conjured up images of empty pockets or scary cartoon eyes with dollar signs in them. Not today. The modern business environment offers tools and resources at a quarter of the price they used to be. Think access to technology and specialised skills – without the need for internal infrastructure.
Why seek to partner up?
- It’s tech-smart: Sophisticated tech, like cloud computing, doesn’t require a Black Amex from the big guns. When you tap into these resources, you can continue to up your game without significant upfront capex spend.
- More value for less: Partnerships transform your cost structure, providing direct savings and adding value through advanced technologies, productivity enhancements, and even compliance management.
- Adaptive capacity: You can scale quickly in response to market changes, which is crucial for maintaining stability in uncertain times.
- Expertise on demand: Engaging with specialists can fill critical knowledge gaps, especially in areas that need deep industry-specific expertise.
Addressing the CX priority
It’s not only about outsourcing but also about strategic engagement. The personal nature of customer relationships and interactions demands customised CX, so the ideal partner must offer that – while resonating with your own brand’s values. Here’s how to assess them:
1. Tailored customer journeys:
Your partner must understand the essence of your brand so as to help you design a customer service journey that feels natural and enhances interactions.
2. Diverse service channels:
Look for flexibility in how services are delivered. A mix of digital and traditional methods can help maintain a robust connection with your customers, regardless of how or where they interact with your brand.
3. Cultural fit:
Your partner must mimic your business’s linguistic nuances and cultural dynamics. The same goes for how they interact with your customers.
4. Plan, plan, and plan:
Develop a clear roadmap for integrating these partnerships into your broader business strategy.
5. Uncompromised quality and compliance:
Your partner must adhere strictly to quality control and regulatory compliance to protect your reputation and operational efficiency.
6. Data and privacy:
Data breaches are expensive. Ensure that your partner has robust protocols to protect sensitive business and customer information. Here’s the thing. Cost savings are important – even critical – to every SMB, but they’re not the be-all and end-all. When you find a partner who can seamlessly integrate with your business culture and operational needs, you’re golden. Sure, it takes time to pinpoint and vet them, but the outcomes are worth it, especially if you want to take on the big guys.
