Improving Business Profitability: How to Finance Your Transformation to Gain Competitiveness?
What is now referred to as "digital transformation" is nothing but the concept of continuous improvement, a principle that nowadays should be ingrained in the DNA of every business. Initiating a company's transformation primarily entails materializing a strong desire: that of producing better and faster with less. How? By reducing operating costs and digitizing production and organizational processes. For what purpose? To endure while remaining competitive in the market. But then, how to kickstart this process when cash flow is tight? Whether at the local, national, or European level, there are various funding mechanisms available to support companies in their development. Here's an overview and some advice for financing your company's transformation.
Outsourcing and Automation: Getting Expert Support
Have you ever considered seeking assistance from a team of experts? Digital transformation is cross-cutting and thus requires great versatility, thorough preparation, and regular monitoring during and after its implementation. For many companies, it becomes difficult to internally allocate the necessary human and financial resources to manage all the projects simultaneously. In such a scenario, it may be wise to engage consultants who are experts in organization, strategy, and management. They can guide you through critical phases like auditing and defining the action plan. They can also offer support throughout the project's duration to ensure its successful execution and effective management.
Many leaders mistakenly believe they can save money by doing everything themselves. However, time-consuming and/or low-value-added tasks are widespread and known to burden the daily lives of many leaders. Choosing to do things on your own when you lack the time or skills invariably leads to wasted time, not to mention the potential impact that shortcomings could have on a company's image among its various stakeholders.
Engaging external service providers should be seen as an investment that will pay off in the long run — we're talking about "return on investment" — rather than as an "expense," a term that does not necessarily imply a benefit. Turning to a consultancy firm specializing in organization, management, and strategy like EYE Consulting means:
Surrounding yourself with professionals and giving yourself the opportunity to gain perspective;
Saving time to focus on value creation;
Gaining maturity and performance;
Reducing risks significantly;
Reducing costs over the long term.
Beyond consultancy, it's possible to secure funding at each stage of a digitization project through training aid, digital development, and industry assistance programs. During this process, significant aspects of your business will evolve, whether it's managing your human resources or your information system. Therefore, don't hesitate to explore existing support programs to facilitate equipment purchases or finance project management services, for example.
What Financing Options Are Available?
The possibilities are diverse. The professional training contribution fund can be fully utilized because digital transformation requires (or even mandates) a skills uplift for teams to embrace the company's new digital ecosystem, adopt a stance of continuous learning, and master new tools and procedures. Individual or group training actions can thus be funded in this context.
Moreover, there are subsidies available at the local, national, and European levels to support a company's evolution in terms of operations and organization. Funding solutions through tax benefits, such as tax credits, can facilitate investments in equipment, training, or research and innovation. Over-amortization also helps reduce investment costs.
It's worth noting that having the ability to finance your project in advance, using own funds or a bank loan, allows you to progress in your transformation efforts while awaiting the sometimes lengthy release of aid and subsidies.
Who Are the Financial Backers in Martinique?
Once again, numerous stakeholders are mobilizing to support the development of our businesses and the modernization of the local economic fabric. To finance all or part of your transformation project, you can explore the subsidies, loans, repayable advances, and guarantees provided by:
Local Public Cooperation Establishments (CACEM, Espace Sud, and Cap Nord);
The CTM (assistance program for digital sector businesses; Digital Pass);
The Ministry of Economy and Finance (Alliance Industry of the Future program, for example);
Banks that finance digital tools such as e-commerce platforms;
Skills Operators (OPCOs);
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We have listed here the programs we are affiliated with.
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Based in Martinique and founded in 2019 by three partners, EYE Consulting is a consulting firm specializing in organization, management, and digital strategy, dedicated to organizations in overseas territories of all sectors and sizes. With its modern approach adapted to the challenges of local actors, EYE Consulting works to improve the performance of leaders and managers by helping them work more efficiently, increase their turnover, optimize their cost structure, and get the most out of their human resources. EYE Consulting is working to reinvent consulting standards and the operating methods of local organizations to enable them to become more efficient and adapt to the new needs of their clients and the market.
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Digital Transformation ⦁Financing ⦁Profitability ⦁ Optimization
