Planning and Managing Business Growth in 2025
Researchers are expecting the global economy to grow in 2025, as worldwide inflation is trending downward, and within striking distance of targets set by central banks to control inflation by hiking interest rates. Central banks are reducing rates to more normal levels, which means that business growth in 2025 is possible for companies that take proactive steps.
Over recent years, businesses across the globe have been heavily impacted by increased consumer price index and rising inflation. Companies in various industries, including security and cleaning, have been and still are struggling to respond to fluctuations in the economy, such as upticks in labour costs and increases in prices of materials that tightened profit margins.
Despite the positive predictions for post-pandemic normalisation due to rate cuts and global labour markets rebalancing in the upcoming fiscal year, companies are still treading through very uncertain waters. However, actionable initiatives can still drive business growth and support commercial success when coupled with industry tools designed to elevate performance.
Technology and software
The potential of artificial intelligence has yet to be fully actualised. However, organisations should be able to start integrating AI into business growth strategies in 2025. AI tools for the cleaning and security industries could inspire business growth through automation capabilities. AI can assist with optimising schedules and predicting future service needs by avoiding overbooking or understaffing.
Despite the potential of AI, industry technology is already designed to aid in business growth. In particular, integrated software provides scalable resources to support companies attempting to expand despite economic fluctuations.Inner Parish Security Corporation (IPSC) is an example of a family-owned and operated company that was able to grow to 2,500 employees while global inflation was at an all-time high.
“We have grown significantly, and we have moved into new regions and new markets. We have started for new customers, satisfied customers I might add, and we’ve added a lot of great team members – very valuable members of our team both on the administrative side and our officers,” said Seth Leto, Vice President of Administration at IPSC.
Data and reporting
Although market trends and economic stability heavily impact company growth, accurate business data that supports goal-driven decisions can support profitability. Taking advantage of software tools with reporting features has been a proven resource. In particular, companies can use software to discover opportunities for efficiency and optimisation.
Cleaning and security professionals can use reporting data to focus on meeting day-to-day business needs. Reporting tools can highlight areas that require immediate attention or prevent on-site fraudulent activities. Common examples include time theft when workers take extended breaks, clock their fellow workers in or out or leave work before a shift is complete.
Data offers the opportunity to closely examine exactly how many people are needed at each job site. Reports can also provide information regarding qualifications that must be met for on-site workers. With data tools, it is possible to track the activities performed on a job site. Supervisors can track with increased efficiency and confirm exactly when duties are complete.
By monitoring the performance metrics that data provides, it is possible to better allocate resources and make strategic adjustments. Leveraging data can aid in refining a business approach that better aligns with growth goals. During periods of economic volatility, successful companies can benefit from using data to examine the decisions that made them competitive.
Managing costs and business development
Managing costs is another way to promote business growth. The ability to identify exactly how specific jobs are performing helps companies gain access to the big picture in terms of their financial performance. Integrated software that offers job costing can enable companies to better understand how much money is earned on a particular job, which can support budgeting.
Using integrated software that automates manual processes can support tying direct costs to a job or site. Limiting the amount of information that administrative staff must input into a system can also reduce errors. Additionally, it can build efficiencies across an organisation.
Visibility into job costing can help answer the question of whether or not a company is billing enough for services. With a holistic solution, business owners get the benefit of storing information in one place. Additionally, accessing payroll, accounting and general ledger information allows for a streamlined source of data. Using shared data between departments can encourage financial management and business growth during this uncertain economic time.
TEAM Software and business growth
Business owners across the globe are quickly approaching 2025. Despite the challenges of rising costs to conduct business, inflation and labour shortages – major news reports predict growth in the global economy.
To drive business growth and commercial success with actionable initiatives, business owners can take advantage of software tools. Industry solutions already exist, but businesses should keep an eye on future innovations. For more information on how TEAM Software can provide these and other business growth tools, schedule a time to speak with one of our experts.