Growing your business depends on two basic things: increasing sales and cutting costs. So far, so simple. But, as ever, the devil is in the detail.
For ‘naturally’ entrepreneurial types, the route to greater profitability can seem to open up organically. But dig deeper and you’ll usually find that their entrepreneurialism has an obsessive edge. They spend downtime consuming business books and podcasts, learning all they can about how to squeeze more out of every transaction.
On the other hand, most people who run a business say that they don’t actually want to grow, they just want to survive. The problem with that is that in a dynamic economy, with new competitors and alternatives springing up all the time, if you stand still you’ll start to fall behind.
To be resilient and sustainable, you have to grow. And you have to have a growth mindset. If you think of yourself as someone who just wants to survive, your brain will automatically filter out many of the opportunities for improvement.
Whichever mindset you’re starting from, there is always more to learn. And take your time, implement one change at a time, review and check how effective it is before moving on to the next improvement. Here are three simple and effective ways of promoting business growth potential in small businesses.
Streamline Business Processes
No matter what type of small business you have, it will benefit from some degree of streamlining. Technology is transforming the way we do business, in most cases for the better. Covid-19 has accelerated a lot, from increased use of card payment points to online meetings and ticketing.
Human resources departments continue to transform, with online training, recruitment and payroll systems. To make your recruitment more efficient your business may need an ATS. An applicant tracking system (ATS) is software that aids company owners in streamlining all aspects of their employment processes, including accepting applications, choosing candidates, conducting interviews, and onboarding. Doing this, you can hire better candidates, reduce hiring costs, and spend more time working on your business.
There’s lots of other software that can help make HR processes more efficient. For example, an online paystubs maker helps streamline the processing of payrolls of employees, personnel, or staff in a business.
Going paperless and digital improves processing time, reduces errors, and enhances the storage capacity and security of employee and business-related information. It also cuts down on staff time and the cost of administration.
Offer Reliable and Quality Customer Service
In these days of online reviews and instant Social Media feedback, businesses that do not prioritise outstanding customer service will not last.
If your customer service is not up to scratch, customers will choose to go elsewhere. Delighting customers should be integral to any business, it should be a core part of your brand. A brand is after all, what people say about you behind your back. So what do your customers say about you? How can you improve? Some elements may need investment, but good manners and friendliness cost nothing. And the tone of your business starts from the top. You need to lead by example. If you are brusque with your team, that attitude will be passed down the line to customers.
Redirect Revenues towards Further Business Improvement
A good starting performance in a business can often tempt business owners to use the profits for personal use. While rewards and benefits can be a good thing, it is wiser to think ahead and hold off on personal luxuries for the meantime. Successful business ventures reinvest profits at the early stages of their operation. They redirect their profits in improving areas in their business that need enhancement and further attention. Investing in business improvement early helps it grow faster and stay robust in the coming years. Not only are you future-proofing your business but you are also anticipating bigger benefits subsequently.
There are plenty of simple ways that you can steer your business towards growth. It doesn’t need to be complicated, but it does need planning and review. Surely and steadily you can move forward and build a business that is here to stay.