Three Key Strategies Any Business Can Adopt in 2016 to Boost Profitability

It is a competitive market in today’s economy. After 26 years since the creation of the businesses now have a number of methods and channels to distribute marketing and information about their products and services and are able to reach a varied and broad audience. While this may be an effective marketing approach, it generates an almost cutthroat atmosphere of competition. Here are three key strategies any business can adopt in the coming year to boost profitability:

[wcm_restrict]1. Employ Internal Multisourcing.

Previous to our technological advancements, the only way businesses could manage their multiple consumer platforms, numerous transactional tasks, and recover from data emergencies was to outsource to a variety of vendors. Not only is this operational approach costly, but outsourcing activities face many challenges such as communication barriers, untimeliness, and data errors. Fortunately, we are in the midst of a technological revolution enabling businesses to use digital forces to manage and integrate their entire IT infrastructure and even perform transactional processes that were never before possible that rake in revenue. Robotic Process Automation (RPA), the practice of applying computerized applications to perform routine, task-oriented business processes, has become the standard in many businesses, globally. Instead of contracting multiple external resources, organizations employ one automation tool to perform an unlimited number activities. EnableSoft‘s Foxtrot application is one example of an RPA software that enables organizations to perform internal application integration, risk management, and even data analytics. The ability to automate processes has transformed business operations; in order to thrive in a competitive market, businesses must conform to the new business model of automating work.

2. Engage Customers.

Many businesses only aim to sell, sell, sell, and think that this is the best and only method to gain profits, meanwhile forgetting about their existing customers. A sale does not end simply because the transaction is completed, you must deliver to your customers what was agreed upon and more. While customer satisfaction has been promoted as the goal of many businesses, it is customer impression that a business must aim for. If you exceedingly go above and beyond for your customers, establish a relationship, and engage them, they will remain long-term customers, and even send more business your way. The true differentiator between a profitable company and one that is stagnant is customer engagement. Furthermore, by understanding your customers on a personal level and identifying their needs and desires, one can better cross-product sell, up-sell, and even develop new products or services that align with their desires.

3. Drive Innovation.

Technology’s impact on society and business is substantial as it has become a part of everyday life. It is how people communicate, work, and connect. What does this mean to the wealth of your company? You must be able to adapt to the ever-changing market and create new products and services based on consumers’ demands and finances. In an ever-changing, dynamic market, businesses must be able to brand themselves as unique by constantly innovating. Foster your staff’s talents and skills and encourage education in order to maintain an intelligent, evolving collective. Your business will not stand out amongst industry competitors if you offer the same products and services—this is merely being a game-player. To be victorious, you must be a game-changer!

By effectively using technological resources, strengthening customer relationships, and constantly innovating, organizations can thrive in the dynamic market of “consumer and demand.”[/wcm_restrict][wcm_nonmember]

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About the Author

Richard Milam is the president and CEO of EnableSoft. Prior to founding EnableSoft, in 1995, Richard was a partner and Senior Vice President of FiTech PLUSmark, and held other positions in Information Technology, Operations, and Sales.