Is Your Warehouse-Driven Business Mature Yet?
By Rackbeat July 19, 2023
By now, you have left behind your existence as a startup to become a fairly experienced warehouse-driven business. Undoubtedly, you have been in operation for quite some time and already fulfilled many of your goals.
Good for you!
You could bring out your swimwear, book the ticket to the Bahamas and just drive towards the sunset. Because things are running smoothly, and you can thus comfortably entrust the management of your business to others.
But why stop now? There are still more fruits to be harvested from your solid business tree.
Therefore, here are some good pieces of advice on how your warehouse-driven business can become a mature enterprise.
But first: What does such a business look like?
What Are the Characteristics of a Mature Business?
First off, your product(s) are nearing completion in terms of development and conceptualization. At least to the extent that there are no longer radical changes happening to the goods. Besides that, there are several typical characteristics that you probably recognize, such as:
- The owner, CEO or leader no longer exhibits schizophrenic features, as there is no need for one person to wear a hundred different hats in order for everything to run smoothly.
- Department managers and employees should be able to handle their areas of responsibility on their own, as standard processes and management principles are established throughout the company.
- Clear goals are set for finances and projects, and by this point, you undoubtedly have a financial system and a CRM system.
- And as soon as you post a job opening on LinkedIn, there’s a queue of motivated applicants ready to become part of your company.
- You also have a healthy cash flow, so if challenges arise, you have the means to address them relatively painlessly.
In short, everything is going well!
Because your business is at the edge of maturation. This means that you have a very strong presence and positioning in the market. It would take quite a lot from a newly started business to steal your place in the consciousness of the customers.
So, what could the pitfalls at this stage be?
Well, one thing that has killed the buzz of many companies is that complacency becomes a hindrance, leading to stagnation. Therefore, you must still keep your mind on expanding, improving your position in the market and securing an even larger percentage of customer segments. You can also develop new products or enter new markets.
But regardless of what you have in mind, there are some initiatives and minor adjustments that can help you progress further on your journey towards the top level on the corporate ladder.
How to Harvest the Fruits of Your Mature Business
There are indeed some seeds that you can start planting right away to harvest even more fruits in your warehouse-driven business.
First and foremost, all relevant employees should have access to the same dashboards in your management systems. This way, all stakeholders have the opportunity to get a comprehensive overview of the links that tie the business together.
More streamlining is needed to further grow. For instance, the webshop should be able to notify the warehouse immediately after a sale, so the sold items can be deducted from the inventory. This provides peace of mind for the warehouse manager, as he/she has complete control over the stock.
Simultaneously, the procurement, or purchasing, manager can order new goods from your suppliers before a new customer comes knocking on your door.
And here’s another tip that will significantly streamline your business, especially if you lead a wholesale company: Consider creating a separate B2B webshop. This establishes a closer connection with your customers, making it easier for them to place new orders.
You can also increase efficiency and improve the bottom line by optimizing your quoting process for your customers. This process should be easy, fast and accessible to all relevant stakeholders in the company. Look into software systems that can easily send out quotes and convert them into orders when the customer accepts.
(* Send an offer your customers cannot refuse with Rackbeat).
Here, a inventory management system might be a suitable option. Besides sending out quotes, it also provides an overview of stock movements and inventory. It is also easily integrated with your webshop, financial system and warehouse operations.
Lastly, and somewhat in line with your quotes, it’s also a great idea to design some special programs for top customers and partners. This creates strong brand ambassadors who can spread the good word about your company far and wide.
In short, there’s plenty to take on if your business is to continue growing larger, stronger and even more mature.
Learn How Rackbeat Can Help You Become Mature
If you would like to know more about how a warehouse management system can assist you and your employees in streamlining the warehouse, financial management and webshop, as well as optimizing the order process, you can always book a phone meeting with a warehouse expert.
The warehouse expert will inquire about your workflows, ensuring that Rackbeat can be tailored to your needs – and not the other way around.
You can also jump to the grand finale in this blog series, “Is Your Business Ready to Grow?,” and find out what an experienced player in the market looks like and how you might achieve this status yourself.