Explosive growth is predicted in the natural products industry over the next few years, with U.S. sales going from $195 billion in 2016 to over $200 billion in 2017, and reaching $252 billion by 2019. To keep up with this accelerated growth, now is the time to assess and future-proof your company for sustainable expansion and profitability.
First, you may ask, “What does future-proofing mean?” Simply put, it means that your company has integrated business systems and processes in place to control, improve, and scale all aspects of your operations successfully. According to Dave Boos, President of Cornerstone Consulting, a leading business management company in the natural products industry, “The goal of future-proofing is to keep your company ahead of the growth by being more efficient, streamlined, customer-focused, and nimble enough to seize and maximize opportunities as they arise for greater profitability.”
Here are a few questions to ask of your organization to help prepare for the future growth in the natural products industry.
Whether you are a natural product provider, manufacturer, distributor or retailer, you need in-depth tracking and end-to-end control of your business to stay focused on sustainable growth. With today’s enterprise resource planning (ERP) systems, you can achieve greater control of your operations and supply chain management–from sourcing and product development to manufacturing, sales, distribution and accounting. Do you currently have a clear, comprehensive view of your organization’s processes and key performance indicators to understand the impacts on your bottom line today and over the next five years?
Progressive, entrepreneurial companies are breaking down the silos between operations, customer service, sales and finance by using integrated business management software tools that allow every department to access and analyze key business data quickly. Greater cross-organization collaboration allows your teams and management to make better, more informed decisions for the overall well-being of the company. Does your company have systems in place to foster collaboration, information exchange, and business support throughout the organization in a consistent, systematic way?
In our evolving, globally connected world, you’ll want the ability to speed and personalize communications internally and externally with vendors, suppliers, and customers. An advanced enterprise resource system gives you the ability to communicate and connect customer needs, events, information, people and places throughout the value chain swiftly and strategically. Are your internal and external customer communications effective? Is your company meeting or exceeding customer expectations to deliver quality products and services, as well as build brand loyalty?
Maximizing customer engagement and creating a memorable, positive customer experience is one of the tenets of the natural products industry. Astute companies are following the customer’s journey, examining the actions and perceptions of customers during every step of the purchase decision-making process. From product awareness and research to the actual sale and delivery of goods, every touchpoint in the customer journey provides valuable insights and opportunities for future improvements. The intelligence gained by this exercise can help simplify and enhance the customer experience continuously, while building long-lasting relationships and brand loyalty. Has your company conducted customer journey mapping to identify barriers to successful customer engagement and opportunities for greater sales and customer satisfaction?
With thousands of transactions and data points impacting your business daily, you need an accurate, user-friendly tracking and reporting system for information and insights to make better decisions and act on new growth opportunities quickly. With an advanced enterprise resource system, you’ll have customized, real-time reporting, when you need it, to analyze trends, identify and mitigate problems, and implement solutions for better performance and profitability.
All-in-One Solution, Customized for Your Business
For small to midsize businesses looking to grow in the natural products industry, Cornerstone Consulting can help future-proof your company for greater efficiency, productivity and profitability. With more than thirty years of results-driven business management software and IT solutions experience, clients trust Cornerstone to grow their businesses using proven talent and technologies to stay ahead.