Regardless of whether the business is large or small, you would doubtless be looking to grow it fast in the New Year with more customers, increased sales, and higher profits. Since each of them presents different and multiple challenges, you need to keep a sharp eye out for ways you can improve your performance. If you want your business to flourish and get beyond the five-year mark by which, more than half of new businesses turn turtle. Here are some vital ideas for improving the performance of your business so that it can stand out from its competitors:
Encourage Reviews and Customer Feedback of Your Business
While it is true that advertising, whether conventional or digital together with your company’s sales efforts, can raise brand awareness, customers generally make it a point to check out product reviews to be more assured that their decision to purchase is correct. A recent study even suggests that without reviews as many as 92% of customers would waver if there were not enough reviews available. It is, therefore, important for you to figure out ways of encouraging customers to provide their feedback. You can even offer small incentives for customers to post reviews of the products they have bought from you.
Offer Flexi-Time to Employees
The performance and success of your business depend greatly on how motivated and hard-working your employees are. Retaining employees has become increasingly difficult because an increasing number of companies are looking to steal experienced employees with better remuneration and perks. Since many employees are also looking for a better work-life balance, you can take the initiative of offering a flexible work schedule to your most important employees if you cannot increase their monetary benefits too much. You can allow them to come to the office at their own times, provided they spend a minimum number of hours during a specified core period. You can also give them the facility of working remotely, a concept that has received much response during the COVID-19 pandemic.
Automate Processes to the Maximum
Conventionally, businesses would hire people to perform essential tasks to the extent they could afford, which is why large companies used to have thousands of employees on their payrolls. Now even the largest of businesses have been able to cut down significantly on the number of employees thanks to business process automation, observes Michael Giannulis. Nowadays, businesses can take care of vital tasks like accounting, preparation of tax returns, inventory management, email, and social media marketing, payroll, and even customer service with the help of automation technology. It has enabled better productivity, increased accuracy, and freed time for key personnel to devote to growing the company.
Every successful business has a few things in common. It listens carefully to its customers and responds to them, uses multiple channels to reach out and engages customers, employs prudent financial management techniques, deploys office automation to the fullest, and innovates both in terms of product design and service delivery. Savvy businesses appreciate that customers are the king and that they need to go all out to retain them while increasing their footprint and brand reach.