Case Study: COX 4’s Strategic Shift

Introduction

COX4, a company that has primarily focused on outsourcing services in the software industry, recently embarked on a transformative journey by developing its own product for real estate sales, named xTend. Marin Jozić, the company’s director and owner, participated in the CompeteForward program to gain insights and support for this strategic shift. This case study explores how CompeteForward’s detailed and integrated approach has facilitated COX 4’s transition and growth.

The Challenge

Transitioning from a service-based model to a product-based business posed significant challenges for COX 4. As many entreprenuers are, Marin Jozić was also spending lot of time with operational work, leaving little time to focus on strategic planning and business model adjustments. The company needed a structured approach to identify and address the obstacles hindering its progress and to develop a comprehensive business plan for the new product.

The Solution:

CompeteForward Program, implemented by SEEBA and funded under the “Challenge to Change 3.0” by Sweden and its implementation partners SERDA and EDA. The program focuses on digital innovation, internationalization, and sustainable practices to enhance the growth and competitiveness of selected SMEs in Bosnia and Herzegovina.

Implementation

1. Business Health Assessment: Using the innovative SEEBA BizEngine software, CompeteForward conducted a thorough analysis of COX 4’s business health. This assessment covered strategic planning, operational management, financial performance, marketing and sales, human resources, and technology usage. The detailed insights gained from this analysis formed the foundation for developing tailored strategies.
2. Strategic Business Model Adjustment: CompeteForward helped COX 4 to view its business from a broader perspective, identifying necessary changes in the business model that had been long overdue. This process involved detailed consultations and workshops to ensure that the adjustments were practical and aligned with the company’s goals.
3. Comprehensive Business Plan: The program provided COX 4 with a concise and structured business plan. This plan, with some adaptations, will serve as a crucial tool for the company’s ongoing development and strategic planning.

Results

The impact of the CompeteForward program on COX 4 has been significant. Marin Jozić, the company’s director, shared the following feedback:

“I was personally overwhelmed with other operational activities and didn’t invest much time initially, but I was pleasantly surprised by the attention to detail from the COMPETE FORWARD team. The program helped me to view my business from a larger perspective and to make necessary changes in the business model that had been holding me back for some time.

Additionally, I received a concise and structured business plan that will be very helpful for the continued development of the company, with some adaptations. I would recommend the program to all companies looking to improve both their business and technological aspects, as the program places equal emphasis on both. The technological part, in particular, is often neglected by companies in Bosnia and Herzegovina, and it makes a significant difference.”

Conclusion

COX4’s experience with the CompeteForward program highlights the transformative power of a comprehensive, integrated approach to business consulting and digital innovation. By addressing both business and technological aspects, CompeteForward has empowered COX 4 to enhance its competitive edge, achieve sustainable growth, and navigate the complexities of transitioning to a product-based business model. This case study underscores the value of strategic reflection and tailored support in driving the success of SMEs.