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Evolve Your Business

The 3 elements that make your business thrive [Maturity Assessment]

13 May 2022 | 3 min read
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Sofie Hermansen is CMO aka ‘SEO & content nerd’. She has +10 years of experience within marketing and IT. Sofie never compromises on her sense of humor when she enriches your knowledge about invoicing, time tracking, automation or e.g. digitalisation in SMEs.

Do you know which 3 elements can make or break your business success? Our Maturity Assessment is backed by 15 years of research and 20 years of experience. Take the assessment now!

Surviving in today’s competitive business environment is hard. Almost 20% of new businesses fail during the first two years. 45% during the first five years, and 65% during the first 10 years. After 15 years (or more) only 25% will still be standing.

No wonder business owners and managers are feeling under pressure.

[Skip the talk - go straight the to maturity assessment]


Don’t let technology be a showstopper for you

The digital revolution is a fact no business leaders can ignore. (And nor should you).

Whether we call it digital transformation, agility, or see it as an updated version of Moore’s Law, the growth of tools and tech – which has incidentally exploded during Covid19 – is both an advantage and complication when it comes to your business surviving and thriving

  • It’s estimated that 2.5 quintillion bytes of data are created each day
  • The global wearable AI market is projected to be worth $69.51 billion by 2026
  • As of 2014, it’s estimated that 90% of the world’s data was collected in the last two years

… just to throw a few numbers out there.

So, you better figure out how and when technology (or lack thereof) is slowing your business down.

Processes always win!

Ever wonder why that new tool didn’t quite pay off compared to the sales pitch you got? Or noticed how – every time you invest in a new system – getting, understanding, and controlling the data becomes a full-time job?

Well, here’s a clue: Processes always win!

Buying new tools is pointless if you haven’t figured out the processes for implementation or proper usage.

The same goes for all the neat data we accumulate in these digital times – we need to know exactly: 

  • how we are going to use it
  • how we want to learn from it
  • how it will (or should) change our organisational behavior

And that boils down to processes.

We know from 15 years of research that one out of three elements that determine if your business merely survives or if it thrives is: Processes.

The first? Technology.

And the last? Performance and execution!

Don't block the way for greater performance 

Here's a fun fact for you: Companies that utilise technology to support the business and have the appropriate processes achieve greater performance across more than 100 KPIs.

And to prove my point you get a few of the 2021-numbers from the annual SPI Benchmark:

Annual revenue growth

• Top performers: 17,4%
• Low performers: 9,4%

Realised hourly rate

• Top performers: 123.2 euro
• Low performers: 37.5 euro

Project profitability

• Top performers: 55.5%
• Low performer: 15.4 %

So what sort of secrets have these top performers uncovered? Well, it's quite simple:

  • see the obstacles that are blocking your employees from performing
  • remove the obstacles 

Unfortunately, both the seeing and removing part can be a bit tricky in real life.

So let me further elaborate with an example we see from many customers

You're in a company and you have to track time. In the beginning - or if you have only a few customers or very simple projects - time tracking in Excel is an advantage. It's easy to get started, it's free and everyone knows it. But then the company grows.

Customers and projects become more complex. All of a sudden time tracking in Excel becomes cumbersome, unsafe, and a performance blocker. Same tool, different results

But how do you become aware of this? Right now Excel is just a way of life, the tool hasn't changed.

But maybe you see a drop in project profitability or a lower hourly rate.

Why?

With more (or more complex) projects one thing you need is time tracking data in real-time.

If your project manager is in the dark as to how many hours have been worked on the project or needs to spend multiple hours checking with colleagues if they registered their work, no wonder project profitability drops. 

So in this example the obstacle would be Excel and removing the obstacle could be a combination of implementing more automatic time tracking and mapping out a process for time tracking in projects. You could say timing is knowing when something that has previously been an advantage becomes a disadvantage.

So the trick is to know:

  1. When you're ready to implement new technology
  2. What tools would help you at the current stage in your journey
  3. Where the organisation your employees are suffering from a lack of processes 

The most successful companies are the ones that know which signs to look for at the same time are willing to take the next step and evolve. 

 

Maturity is the key to business success

When you keep evolving the use of technology and processes you can achieve organizational excellence, or maturity as we call it

But the first step is to know the status of your company right now and become aware of the signs that you're ready to evolve.  

In the maturity assessment we focus on: 

  • processes
  • technology and 
  • performance 

... across five essential corporate pillars: Management and leadership, client relations, human capital, service execution, and finance and operations. 

Click here to see our sample offer!

You receive

  • A series of questions to analyses your maturity across the five organisational pillars
  • A score within each pillar from 0-25, where 25 is the highest and most mature that help you spot the signs your business needs to evolve 
  • A short description of your status in each pillar; eg. Finance and operation; level 3: “At this level, you begin to see 15 to 25% margins. You have standard methods for planning, resource, time & expense management...”

Get recommendations based on your individual score

Following the free assessment, you’re welcome to book a meeting with one of our business advisors and get:

  • Exact recommendations on which processes your must map out, document and implement according to your maturity
  • Inspiration on what technology or tools you should use to further evolve your company based on your current stage
  • Knowledge about how your competitors are doing on more than 100 KPIs and trends within the consulting industry

-> Skip the assessment - book a meeting with a business advisor now

Based on 15 years of research and 20 years of experience

SPI Benchmark is the world’s biggest survey of the consulting industry. The benchmark has been published by SPI Research for the last 15 years and this impressive work also lays the foundation for the Maturity Model and Maturity Assessment. 

TimeLog has more than 20 years of experience in the consulting industry and has been part of the SPI Benchmark – working with maturity and operational excellence as a leading PSA provider – for many years.

Click here to see our sample offer!