Macropay Review: Transforming a Business
- 26 Sep 2022
In the past few years, several major companies transformed. In this Macropay Review, we'll examine how to help transform a failing business and generate profits.
Some cases show how quickly things can change in business, and how important it is to recognize when change is necessary. For instance, Skype, as a primary business and client-server system for video calls, was replaced by Zoom, which offers more dynamic features for meetings and businesses. Another example is Kodak, once a titan in the American industry has now filed for bankruptcy protection after reinventing itself as an imaging technology company.
With the prediction of inflation by economic experts and its attendant consequences, it is expected that a lot of businesses will crumble. That is, if they fail to adapt to the rapid changes worldwide.
1. Rebuild the Legacy
It is not uncommon for businesses to suffer losses after they hit market success. It could be that the customer’s satisfaction is no longer met or there is a reduction in the quality of product or service offered. Either way, a sharp decline in customer retention and revenue generation is detrimental to the growth of a business.
The most important thing to do at this point is to restore your company’s legacy by bringing back its original vision, mission and values and adapting it to the current demands of the market. Without this ethos in place, you may find that your organization has become stagnant. Bringing back a business' original purpose and applying them through new strategies will help your companies face challenges and opportunities alike.
2. Isolate the Problem
Beyond the vision statement of a company, there could be other factors that have contributed to revenue losses in the business. To understand what the solutions are, you will first need to isolate the problem. What is the root cause of this issue? What are some contributing factors that have led up until now, and how can we fix them? Brainstorm, create focus groups and identify these problems.
Could it be a deficiency in the training of the staff? Or could it be a decline in product quality or a less efficient delivery system? Pin-point this problem then map out possible solutions. Also, set up an effective metric system for measuring the success of these implemented solutions.
3. The bedrock of Innovation
Listen to your customers. Create a responsive feedback system. Surveys can also be used to generate new ideas for the business. When you understand the pain points of a customer while using your product, you are more poised to address it by coming up with creative solutions. These innovations are what will ensure your continued relevance in the marketplace and help your business generate profits, as well as a big key to retaining your customer base.
4. Collaborate to Thrive
Collaboration is a critical element to success. Building relationships with strategic partners, customers and the community is a key part of your business. It helps you gain trust, build a positive reputation and get the word out about your business. Collaboration, and more generally, the partnership also affords your business less risk and greater impact.
Macropay is a FinTech company that is dominating the payment tech landscape. Having launched as a startup in 2013 by Adam J Clarke, the success story behind it is beyond inspiring. The growth is greatly attributed to the business transformation that the brand endured; moving from offering payments technology to building revolutionary software for the payment industry.
To learn more about fintech, payments, and how Adam J Clarke built his enterprise, check out www.macropay.net