Continuous improvement should be the main goal of any business. Although it takes time, effort and some financial outlay, it is crucial to continue to grow and strive to become the leader in your field.
This guide offers 13 ideas to help your business grow, increase its customer base, improve its productivity and increase its bottom line.
Start with a solid foundation
Before you commit to growth, you need to make sure your business is built on a solid foundation. Here are some tips to help you get started:
Know your business – using tools like benchmarking, market research, and trend analysis will help you get a better picture of the factors affecting your business.
Take charge of your finances – Commit to understanding your daily, weekly and monthly numbers. Unless you have a dedicated accountant, you need to have a thorough understanding of your financial situation.
Prioritize your goals – Identify which business goals can be achieved relatively quickly and which will require more time and financial investment. Make sure the goals you set are relevant and can be achieved within a realistic time frame.
Develop a plan – once you have identified your goals, you will need to develop strategies for achieving them and the best ways to implement those strategies.
Make your results measurable – determine how you will measure your results. You may want to introduce features such as a points system or desired percentage increase.
13 ways to improve your business
Once you have identified your goals and how to achieve them, you can then expand your business in specific areas based on what you want to achieve. The following 13 upgrades cover common areas of the business that typically need development:
Include reviews – today’s consumers place a lot of importance on reviews from their peers when it comes to purchasing products. Updating your website to include customer reviews will help increase sales and build customer trust. Be sure to include both positive and negative reviews if you want to be taken seriously.
Upgrade your Internet – upgrading to fiber to the premises (FTTP) now will pay big dividends for your business in the future and it doesn’t have to cost you anything. Businesses that qualify to connect to NBN broadband plans can benefit from zero upfront cost.
Introduce automation – there is a wealth of software and apps designed to reduce labor costs and increase productivity. Many are inexpensive and can free up small business owners, allowing them to focus more on growing their core business.
Increase your social media presence – rather than just a Facebook page and a presence on Instagram and Twitter, you should consider other forms of customer interaction, such as articles, sponsorships, blogs and webinars.
Start networking – in addition to an online presence, you need to get out more and attend industry-related events, such as exhibitions and seminars. It’s not only about networking with others in your field, but also making new contacts with like-minded companies for cross-promotion.
Create a rewards program – think of ways to reward your existing customers to build loyalty and encourage them to buy from you again. This may include early access to special and exclusive offers that are not available to the general public.
Create an email list – email addresses of existing customers are a valuable resource that you should take full advantage of. Send those on your email list regular reminders of what you have to offer, but make sure it's valuable content rather than what might be perceived as spam.
Ask for feedback – Your customers’ opinions are another valuable resource. Ask them what they think of your products, then use that feedback to improve your product line and customer service.
Streamline your business – identify products that aren't selling, employees that aren't performing well, and any other areas that might be holding you back. Make changes and be ruthless on behalf of your business.
Reduce overheads – look for ways to reduce costs within your business, such as moving to a remote workforce or outsourcing business processes such as payroll, HR and accounting.
Invest in your staff – good staff morale translates into good customer service. Provide your employees with additional training, advancement opportunities, and fair pay to ensure a healthy company culture.
Improve your credentials – reduce your carbon footprint, introduce sustainable processes and practice corporate responsibility to retain and grow your customer base.
Improve cybersecurity – upgrade your cybersecurity systems to ensure you are protected against the latest threats from hackers, malware, and more. This is especially important if you have a remote workforce.
About half of small businesses do not make it past their fifth year of operation. Continuous improvement must therefore be a priority from day one. Continuous improvement must therefore be a priority from day one. Adopting a few of the steps suggested here should help your business stay on trend, be competitive, and most importantly, be profitable.