5 High-Productivity Methods for Businesses
Every business in this world wants to be successful and to achieve that they have to regularly increase their productivity. Globalisation has created a very competitive and dynamic market for most businesses, which means that companies are always trying to compete on the basis of productivity.
The traditional definition of productivity relates to how well a business uses its labour, machines and materials to achieve its desired goals. Nowadays, productivity is more broadly defined to mean working more efficiently and in a relatively smarter way.
Here are some ways that you could improve the productivity of your business:
Review The Market And Update Your Business
The most crucial step in improving your business’s productivity is to review the relevant market by analysing the new trends and technology in the market. Productivity can rarely be improved by improving just one department in isolation; you should be prepared to improve all your business departments simultaneously. Invest in market research so that you can make better decisions for your business and eventually increase productivity.
Use The Latest Technology
Let’s say you are running a cement business using the same traditional machines as half a century ago. Your competitor, on the other hand, uses up-to-date high-tech machines. Who do you think would have greater productivity? The answer would obviously be your competitor. It is essential to invest in the latest technology for your relevant industry; otherwise, you will fall behind your competitors. Besides machinery, you should also invest in social media marketing and online stores, which are the present and future of the global market.
Analyse Your Existing Business Structure
There are two things you can do to increase business productivity. The first is to add more efficient technology and human resource. The second is to remove or improve the faulty technology and train unskilled workers. There are bottlenecks in every system. Try to identify these bottlenecks. They can be things or people. Technology can be upgraded, and people can be trained, so there is always an option to improve your productivity. However, if your productivity still doesn’t improve then maybe it’s time to offboard such elements and find more efficient replacements.
Use Your Human Resource In A Better Way
Would you ever let a plumber perform a medical procedure on you while the doctor fixed your kitchen pipes?! Of course not. That is because both of these people are skilled in their own unique fields. The same way, you should delegate tasks to the right people in your company. You cannot ask a finance expert to tell you the best ways to market your product; that’s the job of the marketing department. If you have the right people in all the different jobs in your company, your business is bound to have high productivity levels. And don’t forget to train your employees regularly.
Analyse And Improve The Workplace
Employees are happier when the physical environment around the office is good. Try to create comfortable working conditions for all your staff. For example, if you have a big office with 40 people and only a small air conditioner in the corner of the room, then most of your employees are bound to be unhappy. A happy and healthy workplace is always a prerequisite for improved productivity; get some extra air conditioners or upgrade the office!
For an impartial view of your business’s unexploited areas, contact Flourish to get your FREE Business Performance Assessment.
5 Ways to Create Regular New Income Streams From Your Existing Customers
Sharp businesses focus on their existing customers and clients because they know that the money will follow if they deliver value and develop a deep-rooted relationship with them. Looking after existing customers is a cheaper and more effective method of securing revenue visibility than traditional ways of gaining new customers.
Here are some ways to create new income streams from existing customers:
1. Offer Upgrades and Additional Services
One of the best ways to engage existing customers is to offer them upgrades and complimentary products. This is a comprehensive idea and can be used in many different ways. Almost all small and big businesses use this technique to create new income streams from their existing customers. One example of such a scenario can be a boutique that offers 20% to its existing customers. Let’s say you already bought a dress from the boutique, and the sales representative at the store tells you that you can save 20% on the new make-up set that they are also offering. This would help the company sell its product and generate a new income stream from an existing client.
2. Conduct Research
You can ask your existing clients to complete surveys for you that would help identify new methods of generating income from them. But it is better to hire an expert to develop the surveys for you. This is one of the most effective and efficient ways of identifying new ways to create additional income streams from your existing clients.
3. Offer Services With Recurring Payment
Nowadays many of us have memberships of different online platforms that charge us a certain amount every month, e.g. there are many video streaming websites online that do business this way. Once the client is hooked on your content, you can charge them every month so that they can maintain continuous access to new and existing products.
4. Launch A New Product
Launching a new product will always attract new customers for your business, but that does not mean that your existing customers won’t experience your new product. An example of such a scenario would be that a cold drink company launches a new juice or a new soda. If you are loyal to that brand of cold drink, you will be inclined to buy both the soda and the juice.
5. Introduce A Referral Program
Referral programs are very common nowadays; a lot of businesses use such programmes to expand their clientele, which generates increased sales. In a referral program, an existing customer of the business refers a new customer and gets rewarded for the referral. It is a win-win situation for both the company and its existing customers: the existing customer gets a reward while the company gets a new customer. Having a loyal customer base is a prerequisite for business success. The people that are loyal to your company will always add value to your business. Getting new customers is always good, but nothing can beat a returning client who keeps adding value to your business and, most likely, talking positively about your business to their colleagues, friends and family (i.e. free publicity).
For an impartial view of your business’s unexploited areas, contact Flourish to get your FREE Business Performance Assessment.
6 ways to Improve Marketing of Your Business
Marketing is crucial for every business’s survival and every business should keep updating its marketing strategies according to the new trends.
Here are some ways to improve your marketing:
1. Market On Social Media
Social media marketing is one of the most economical yet cost-effective ways of marketing your business. The internet is a blessing for all businesses as it gives them a potential customer base of over a billion people. But how to gain their attention? There are many different social media platforms that are considered very effective when it comes to marketing; Facebook and Instagram are two such examples.
2. Analyse Your Peers and Competitors
It is crucial for businesses to know about their competitors. Businesses should be aware of the marketing practices that other companies in their industry are using. If you are new to your industry, you should find a benchmark company and then follow their marketing practices. Sometimes your competitors can give you marketing ideas that you might not have considered. You can also research other companies in the industry and perhaps offer products or services that no-one is offering. Ethically copying the marketing techniques of the industry leader is also a good way to improve your marketing. However, it should be kept in mind that each company is unique so what works for your competitors might not necessarily work for you and might need to be amended.
3. Show Customer Reviews On Your Website
Customers are more inclined to want to hear about your products and services from other customers rather than from your company itself. So try to show the positive reviews you get from your clients on your website. These positive reviews will act as indirect and powerful word-of-mouth.
4. Always Have A Website For Your Business
We have already talked about the importance of social media when it comes to marketing your business. It is also very important to have a website for your business, even if your business has nothing to do with technology. A proper, professional website for your business, regularly updated, will not only help you attract new customers but will also help you communicate better with your existing customers.
5. Market Through Your Services
Offer amazing customer service to your clients. A company that offers great customer service on call, email and live chat will always be preferred by customers over companies that only provide average customer service over the phone. In this way, you can offer many different services to your clients, through different channels, creating a positive image of your business in the minds of your existing and potential customers.
6. Never Underestimate The Power Of Traditional Marketing Techniques
No marketing is bad marketing. Never underestimate the traditional marketing techniques like billboards and TV advertisements. If you have the funds you should market through all means possible and on all platforms. You never know, your most future loyal customer might just be a radio advertisement away. No matter where and how you market, your marketing efforts, carefully targeted, are bound to bring positive results.
For an impartial view of your business’s unexploited areas, contact Flourish to get your FREE Business Performance Assessment.