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StrategyDriven Entrepreneurship Article

Top 5 Ways to Improve Your Business

StrategyDriven Entrepreneurship ArticleWhether you’re a small business owner looking for advice on how to boost your business, or a professional working for a large business wondering how to make an impact, understanding the different ways businesses can improve is important. There are a number of tips and tricks to do with marketing, sales and the more technical side to businesses that can aid growth, but in many cases, improving businesses can be much simpler than that. Here, we’re taking a closer look at the top five ways to improve your business.

Invest In Your Business

The best way to improve your business is simply to invest in it. You don’t need to have a huge budget in order to do this, and there are many low-cost ways that you can make a better working environment and a better business as a whole. For example, consider looking into sales or automating your marketing for an effective solution. If you do want to invest a little bit of cash, but don’t quite have it to hand, then consider taking out a loan from a bank or something similar to Wizzcash short term loans. This will give you a little helping hand to help you boost your business when you need it.

Set Goals

A simple way to improve your business is to know what you want to achieve, and work out how to achieve those set goals. This way, you know that your business is consistently striving towards something, meaning you will continue to improve your processes and work environment as you go.

Monitor Trends

Events around the world, no matter how big or small, could have an impact on your business. Staying up to date with your industry and even the current economic, social and political environments around you can help you to improve the way your business runs. Monitoring trends doesn’t have to be difficult either – just open your eyes and ears to your local community and this will be done for you.

Boost Employee Motivation

While getting the sales in and ensuring that all work is complete might be at the top of your list as a business owner in order to ensure that you are getting a profit, the best way to do this is through employee motivation. This is one of the most overlooked aspects of businesses, but generally, those who look after their employees will see their staff turnovers decline and see your business begin to boom. There are a number of ways that you can do this, such as regular staff events, rewarding hard-working employees, recognising achievements and encouraging personal and professional development.

Know Your Limits

One thing that many business owners tend to forget is their limits. As they are fuelled with the idea of success, they can quickly wear themselves out and hit bigger hurdles than they may have imagined along the way. Know your personal limits as a business owner, employ the right staff around you to help hold up their end of the business that they may be experts in, and manage your resources in a much better way, and your business will begin to fly.

StrategyDriven Organizational Performance Measures Article

Doing Big Business With Big Data? Avoid These Big Dangers

StrategyDriven Organizational Performance Measures Article
Photo courtesy of Pexels

Big Data is that important that businesses are doing more than using it to increase traffic. Today, savvy enterprises realise there is money to make, and they are trying to monetise the information they have. In fact, this blog has a post about why a business needs to start monetising data.

There is no doubt that companies can make a lot of money from information, as seen by Big Data’s rise in popularity. However, just because there is an opportunity for revenue doesn’t mean it is worth taking. Before you attempt to get into the Big Data world, you should understand the big pitfalls.

Here are the ones to watch out for regarding monetising info.

Ownership Rights

Don’t make the mistake of assuming the data is yours to sell in the first place. It is important to remember that the company might not have the rights depending on the chain of events. For example, you might not have asked customers to accept the terms and conditions when they landed on the site. Or, the info might have come from a third party which muddies the waters. Before any data goes on sale, you need to have the right of ownership. Otherwise, they could be a lawsuit in the firm’s near future.

Contracts And Privacy Policies

Understand that the contracts and policies which apply now might be void in the future. It is possible for a stipulation to exist which terminates the security protocols in place and leaves the firm vulnerable. At the very least, a disclosure will be necessary to cover all of the bases. As a rule, take a look at the policies which relate to data and double check the fine print. It is better to be safe than sorry.

Laws And Regulations

The government takes the transference of data seriously, particularly in the day and age of extremist terrorism. Therefore, they pass laws which prevent the sale or transmission of certain pieces of information. If you are in possession of such a file and don’t comply, the consequences will be severe. Depending on who the info goes to, it could be treason. The way to stay on the right side of the law is to research ITAR compliance and EAR compliance. These are the regulations that deal with data transference.

Probably the biggest issue with monetising data is confusion. Because there is a lot to handle, it is easy to mess up the collection and storage processes. Not only does this affect the money side of things, but it is also a security flaw. Big data monetisers, to avoid this problem, form different organisations to specialise in this area. Although it seems like a big move, it is a clever and hassle-free way to cash in on data. Keeping the two sides separate negates confusion and smoothes out the business side of things.

There are lots of opportunities with Big Data, but there are lots of dangers, too.

StrategyDriven Entrepreneurship Article

Spend Vs Splurge: Can You Afford Not To Invest In These Areas Of Your Business?

In business, a company owner will often take steps to try and reduce spending, but there are certain areas where cutbacks should be discouraged. Often, it is possible to reduce overheads, but lowering spending could put you at risk. Before you make any budgeting decisions, consider whether you can afford not to invest in these key areas.

Legal advice

Even if you run a very small business, it’s beneficial to have legal experts in your corner. You never know when you may need to make that call and take advantage of expert advice. Running a business isn’t always as simple as sealing deals and selling wares. There are many legal aspects that you have to take into account as a company owner. If you employ people, the last thing you want is a personal injury case brought against you because your office doesn’t comply with health and safety regulations. If you’re launching a new product, you don’t want a rival firm to rip off your idea or customers contacting you complaining about the quality of the item. If issues arise, and you need to investigate insurance fraud, take action against a competitor or find out more about compensating a customer, it’s helpful to have people in the know at the end of the phone. It is sometimes possible to handle your own legal affairs, but cases can be very complex, and if you hire a professional, you’re much more likely to achieve a positive outcome.

StrategyDriven Entrpreneurship Article
Photo courtesy of Pixabay

Accounting

There are few things that are more important than getting to grips with the numbers when it comes to managing a company. If you own a business, you may not have the time or the expertise to manage the books, and if this is the case, it pays to join forces with an accounting firm. If you have no idea what’s going on in your accounts, you may encounter cash flow issues, and your balances may be much lower than anticipated, which could result in missed payments or failure to hit growth targets.

StrategyDriven Entrepreneurship Article
Photo courtesy of Ken Teegardin via flickr

Training

If you manage a team of people, investing in training can help you upskill your employees, promote health and safety and increase productivity. In the short-term, you’ll be parting with cash, but in the long-term, you’ll be adding value. Training enables your employees to develop new skills, which could prevent you from needing to hire additional workers and enable you to diversify the services you offer. Think carefully about the programs you choose for your team, and have a look around at the opportunities that are on offer. Ask your employees what kinds of courses they’d be interested in undertaking, and read some reviews to find the best training providers.

StrategyDriven Entrepreneurship Article
Photo courtesy of All In One Training via flickr

When you run a business, balancing the books is key. While there are some areas where you can save money, it’s wise to invest in legal advice, accounting services, and training. This will enable you to act swiftly if legal issues arise, keep an eye on your books, and upskill your workforce.

StrategyDriven Customer Relationship Management Article

Six Ways To Boost Revenue By Building Client Trust

StrategyDriven Customer Relationship Management Article
Photo courtesy of Pixabay

What’s the one way to guarantee repeat custom from a new client? Trust. All successful relationships, whether personal or business, have to be built on it. If a customer doesn’t trust that you’re genuine or that you have their best interests at heart, they won’t be back for a second round, and they certainly won’t recommend you to colleagues and friends. Building that relationship of trust between seller and buyer is essential for keeping a contract strong, and here are just a few ways you can guarantee it.

1. Listen, don’t talk

It’s impossible to offer the appropriate products to a customer if you think you know better than they do about their needs. Listening to them talk about their wants and their concerns can better help you to understand exactly what it is they require, so when you come to talk, you’re offering the perfect solution. A client wants to know they’re being heard, so practice your listening skills and prove to them that they’re important.

2. Be realistic

Promising the Earth might make you look good at the point of sale, but when you can’t actually pull it off, you’re going to look like a fool whose mouth is too big. If you promise a specific product within a specific timeframe, just to secure a deal when they are stalling, knowing deep down that it’s impossible, you’ve got yourself a recipe for disaster. They are being honest with you about their expectations, and unfortunately, it is your place to explain to them if their expectations are unreasonable. Sooner that than having to let them down in the future.

3. Be identifiable

Customers like knowing who they are dealing with, whether over the phone or face to face. On telephone calls, always introduce yourself at the start and end of the call – you put a name and a responsibility to the transaction so they feel they can call back and speak directly to a recognisable person. In face to face communications, always wear identification like a name badge or ID on a lanyard such as those in this catalogue. This allows customers to take note of your name, but it also reassures them that you’re a professional, and you are officially associated with the company.

4. Don’t make excuses

Sometimes things go wrong, through no fault of your own, and your customer has to to find out. In these situations, don’t make excuses. Simply explain what has happened, offer your apologies, and move on to explaining your proposed solutions. Excuses sound like you’re trying to wriggle your way out of responsibility, and your customer just won’t appreciate that.

5. Don’t bad-mouth the competition

If you ever have to talk about your direct competition, keep it civil and cordial. Even if you think they’re dreadful as an organisation, your customer doesn’t need to know that – it just comes across as petty and insincere.

6. Keep your promises

Finally, never ever renege on a promise unless you absolutely have to. If you’re building trust with a client, you want them to know that you’ll always keep your word. Once you break that, it’s almost irreparable, but if you put your neck on the line and make promises, only to keep them, you’ll be placing yourself far beyond the competition.

StrategyDriven Management Observation Program Best Practice Article

Management Observation Program Best Practice 18 – Observation Transparency

StrategyDriven Management Observation Program Best Practice ArticleIndividuals naturally become edgy when monitored at work. Observation programs shrouded in secrecy further contribute to this sense of anxiety as observed subjects remain unaware of what is being documented and how it might affect their career.


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