If your business managed to survive the initial fallout of the COVID-19 pandemic, you deserve a big congratulations. However, there is no time to stand still or wait for normality to return. Now is the time to get your company back on track.
The first challenge is to find the most suitable upgrades for immediate and sustained success. Here are 10 of the best solutions that will bring big rewards in the fastest possible times.
1) Revamp Your Approach To Recruitment
The value of productive employees has never been greater. However, staffing costs are likely to consume a large percentage of your budget. A modern approach that includes outsourcing and using remote freelancers is vital. Aside from staffing savings, it can reduce your equipment needs.
Crucially, you need to ensure that every employee or contractor has the personality and passion to support their skills. Talent alone won't bring the productivity and results that you'll need to succeed in this strange time. A team of self-motivated workers will serve you well.
2) Focus On Clear Communication
Assembling a great team of individuals will construct a winning foundation. However, it's the way in which they work together that will truly determine how the company performs. Transparent and responsive communication is key. It starts with stronger employer-employee bonds. Embrace it.
Team building can encourage a better atmosphere, but you also need to use tech to your advantage. Cloud computing and collaborations supported by live project management tools are idea tools. Where possible, try to cut team meetings down to 20 minutes to avoid confusion and wasted time.
3) Build Productive Workspaces
Winning employees deserve winning surroundings. The best workspaces are safe, practical, and adapted to suit the modern requirements. When dealing with shop floors, for example, mobile POS terminals are ideal. It allows for a more personal consumer experience and can aid social distancing plans.
All workspaces should be productive, including warehouses, factories, offices, and more. Where possible, automated stock management and admin tasks are advised. It saves time, removes mistakes, and allows employees to focus their attention on more important matters. Perfect.
4) Remove Financial Waste
There are many ways to define business success. Unfortunately, none of the others count for much if the finances aren't in good health. In many ways, it is the only barometer that matters. If price comparisons can save money on insurance, materials, and utilities, you must not ignore it.
Perhaps the biggest source of financial waste comes from bad debt. Unpaid client repayment plans will blow a hole in your finances. If you plan to offer this service, then, it's imperative that you use credit checking software to reduce the risk of defaulted accounts.
5) Go Green
Not all business updates need to make you the primary beneficiary. Sometimes, helping others is the best way to subsequently help yourself. A sustainable office will help reduce your impact on the planet. In the long haul, though, it can enhance operational costs and boost the brand image.
Similar steps can include using eco-friendly packaging and switching to electric vehicles. The main incentives for those changes are to support the community and the planet. In reality, though, they are among the very best upgrades for the sake of your company's long-term future.
6) Bolster Your Protection
When running a business of any kind, you must not ignore the continued threats. Frankly, the fallout of the coronavirus is just the start. Burglars, cybercriminals, and fraudsters trying to make counterfeit goods are all dangers to the firm. Prevention is always the best form of protection.
Learning to protect your business from the worst possible situations is essential. In addition to the external dangers, you should consider the internal matters. Non-disclosure agreements and contracts to stop intellectual theft from ex-employees are vital too. Ignore it at your peril.
7) Master SEO
Marketing campaigns will have a telling influence on the company's performance. While there are many ways to promote a business, encouraging leads to find your brand for themselves is key. Search engine traffic is the most powerful tool by far. Search Engine Optimization is the priority.
A strong search engine presence will see traffic from hot leads flock to your site or offline store. After all, local searches now account for almost half of all search terms. The arena is changing, though. Voice searches are rapidly growing in popularity, and your methods should reflect his change.
8) Add New Money Streams
Winning new customers is naturally your main goal, but you should not ignore secondary income sources. Monetizing a blog or YouTube channel may bring in a steady revenue stream. Meanwhile, tutoring and selling your services as a motivational speaker can supplement the company too.
There is an almost endless list of ideas that may be incorporated into your strategy. If it's enjoyable and adds to the value of the business without abandoning its core ideologies, it's worthwhile. In some cases, it may even be possible for the secondary streams to become your main source of income.
9) Network
A lot of entrepreneurs take the “us versus the world” approach. Now more than ever, SMEs should unite to overcome the difficult times ahead. Connecting with non-competing local brands is key. Gyms and health stores can run joint promos. Likewise, restaurants and local attractions can do the same.
In many cases, the best links involve simple skills trades. A cleaning company could clean a marketing company's office while the ad agency runs the cleaner's campaigns. The sooner you realize that other businesses can help rather than hinder, the better.
10) Ask Clients For Advice
Your company's main function is to keep clients happy. Knowing your place in the market is great. Even then, it's likely that you'll miss out on some key features that could improve performance levels. So, why not ask customers what they want? This guidance can change everything.
Focus groups, surveys, and customer reviews are all good options. You can incentivize them to provide this info by entering them into a competition or rewarding them with a small discount on their next order. In turn, this may actually generate a sharp increase in sales.
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