In a year when it seemed that general economic recovery was going to become a reality, various events have led to more pessimistic forecasts than those projected at the beginning of the year. Despite this, Spain will be the fastest-growing country in Europe, with 4.8% growth according to the IMF, which is one percentage point lower than its January estimates.
Inflation is currently hovering around 10% and in sectors such as energy it is exorbitant, but this is no impediment to saving. At ERA, we are committed to helping you cut your costs, as well as advising you on the process so that you can meet your objectives and find the best suppliers for your business, whatever sector you are in.
Even with the difficulties mentioned above, the country's overall outlook is for growth, so companies should strive to position their brand and products in a constantly changing market. That is why we want to share some key tips for companies to improve their results despite the current context:
1. analyse sources of income and expenditure: carefully examine which customers have the greatest and least impact on your accounts; whether only income has increased or expenditure has also increased; what the period of highest turnover has been; etc. All these ingredients allow you to produce detailed reports and organise this information in a document so that you can draw up a more accurate action plan and make more efficient decisions. ERA claims that for every million pounds spent on purchases; you can save between £100;000 and £150;000 per year; a significant amount that can help you improve your bottom queue and save money; even in these times of record-high inflation.
2. Improve your online sales channel and upgrade your business software: the pandemic has shown that an online sales channel is essential; which is why all companies should have a website where they can sell their products and services or offer them on an an e-commerce platform such as AliExpress or Amazon. If you have your own website; you should automate processes such as customer service and after-sales; for example; to make it easier for users to navigate your website. As for business software; having tools that allow us to have all processes digitised and in one place will help you improve your results; as you will have all tasks automated and will be more up to date with your stock; sales; purchases; etc. Technology is advancing faster and faster; and we must not be left behind; as it gives us important competitive advantages.
3. Secure your supply chain: transport strikes; rising energy and raw material prices; and shortages of certain products and components highlight the fact that having a reliable and secure supply chain is vital to achieving your goals and maintaining relationships with customers and suppliers. Many companies have had to shut down their factories and production centers for days or even weeks because they did not have the raw materials to manufacture their products; were unable to get them out of storage; or did not have the capacity to sell them. That is why a reliable supply chain will help us avoid being unable to produce and leaving our customers without their products. In this section; we can help you analyse the strengths and weaknesses of your suppliers and the logistics you use in your company so that you can choose the one that best suits your activity and will offer you the most positive results.
"Despite the forecasts at the beginning of the year; the events of recent months have once again thwarted the results of many companies;" says Fernando Vázquez; consulting partner and co-area developer at ERA Group. "Our job and goal is to help reduce companies' costs and thereby improve their balance sheets and help them establish relationships with the best suppliers so that their businesses can grow safely and soundly."
