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Every new day gives you a chance to move your business forward from your present situation. There will always be things that you can improve and do better in your business.
You can improve your business by increasing your profits, reducing losses, getting more customers, expanding the markets, becoming more visible in the community, going public, or a number of other items deemed desirable. The key is to have a vision of what you want to achieve, where you want to go, and what you want the business to become.
Learn ten ways you can improve your business:
1. Start your day in high gear.
Take a notebook (or a laptop or tablet) and jot down your thoughts and plans for the day. Whether you prefer doing this in the morning or in the evening, it is always best to take a step back, review what happened during the day (or the day before), and think of ways how you can do better. Take time to review data and numbers, including your website statistics, in order to find quick hits and losses.
Then list down ideas, whether for your marketing strategies, product lines, or new projects that you want to take on. Write down your ideas on how to expand and energize your business. Only through innovation and continuing adoption of relevant new products and ideas can your business improve its competitiveness and profitability. Start the ball rolling with your team (if any) and then with your financiers, lenders, and bankers if you need to take on additional capital.
Furthermore, you may also consider seeking assistance from organizations that can help improve your business operations by providing the resources, infrastructure, and climate necessary for your business to flourish. For example, if you want to expand and boost your operations to areas like the District of Columbia, working with a D.C. industry advisor like the Washington DC Economic Partnership and similar organizations may be an excellent idea. With their help, you can capitalize on every business opportunity you have to keep your business running seamlessly.
By doing this, you may be able to run your business operations in high gear.
Read the following:
2. Dust off your business plans.
Review, review and review your business plan. See how far (or little) your business has taken shape from your original idea. Many entrepreneurs write a business plan at the start of the business, only to forget about it. Some stray away from their plans – and fail. Go find your business plans and update them. Since your business’s inception, a number of factors must have changed – from the overall business climate to your product line. Take all those changes into consideration, consider the business and economic climate, factor in your and your family’s goals, and get a clear assessment of the direction of your business. Get in touch with your business advisers, if any.
Read the following:
- Business Plan Maintenance: Reviewing and Maintaining Your Plan
- Customer Analysis in Your Business Plan
3. Rekindle your relationship with your customers.
Take time to tap into your customer database and get in touch with your existing customers. Whether by phone, email or letter, contact your customers to greet them and remind them that your business is ready to serve them again. Get their opinions about what they think about your business (and make getting customer feedback a part of your business processes). You need to constantly look for ways to encourage repeat business. Although marketing and advertising are important to get more customers, quality, service, and customer satisfaction are what keep a business successful in the long run.
You need to constantly look for ways to encourage repeat business. For example, you may consider starting a loyalty program wherein you collect your customers’ personal information and reward them with some perks every time they make repeated purchases. You may also give them free coupons and some freebies to motivate them to buy more.
With these things being said, making your customers want to return to your business can be a perfect way to boost your relationship with them. Remember, although marketing and advertising are important to get more customers, quality, service, and customer satisfaction are what keep a business successful in the long run.
Read the following:
- How to Effectively Tap Repeat Customers for Your Business
- Review your Customer Acquisition and Retention Strategies
4. Evaluate your pricing.
Think about your pricing and the possibility of raising your rates. Get the feel of what your existing customers think about you raising your prices. Also be sure to check out what the competition’s doing and make sure your prices or rates aren’t too low — or way too high. You don’t want to overprice yourself out of the market, yet you should not bear the burden of a cash flow shortage. Give your customers a month or two advance notice should you decide to increase your rates.
Read the following:
5. Find ways to cut your costs.
Even if you have secured funding from investors, you need to constantly look for ways to reduce your costs. From making double-sided paper copies to ordering shipping supplies in bulk, you can reduce wasted material, effort, and time in making, selling, and delivering your product. The result is an improvement in your company’s bottom line and an increased competitive advantage.
Read the following:
- Do’s and Don’ts in Cutting Down Overhead and Business Costs
- Creative Ways to Cut Monthly Business Costs
6. Resolve to improve your weak spots.
Take stock of all aspects of your business operation and list down the areas that you want to improve. If your list of delinquent receivables is longer than Santa’s list, find out how you can improve your billing and collection process. Perhaps you need to improve your record keeping to help flag you on delinquent accounts.
Read the following:
7. Institute measures to assess the performance of your business.
Setting clear standards for your business allows you to determine the effectiveness and efficiency of your strategies. If you haven’t done so in the past year, start determining how much you are making per hour of work, how effective your advertising is, and some other measurements of where your business has been. Set some benchmarks and periodically assess how your business is doing. You need to know what you consider an improvement before you can start to improve on it.
Read the following:
- How to Analyze the Performance of Your Business
- Do You Know How Your Business is Doing?
- Are You Measuring the Performance of Your Small Business?
8. Keep employees involved.
Good employees are hard to find, yet they are an important element in your business. Check to see if they are getting what they need and make them part of the team. Help them understand the importance of their role in your business and how their job impacts the business as a whole. Review your relationship with your employees and find ways to keep your relationship happy and avoid costly attrition.
Read the following:
- How to Increase Employee Performance
- The Enthusiastic Employee: How Companies Profit by Giving Employees What They Want
9. Explore new markets or improve marketing.
Start the year by exploring new markets for your business. Whether you are looking at targeting a new demographic or getting your business up on the web, take the time to plan how you can expand your existing market. Look for ways to improve your marketing, whether by winning easy publicity, arranging an open house or preparing direct mails.
Read the following:
10. Find out how you can live a more balanced life.
Work and business are not the be-all and end-all of your life. Learn to have fun! Spend more time with your family. Take a vacation once in a while. Engage in activities that will rejuvenate your spirit and your life. Take care of yourself and your health. Your productivity and focus will improve if you are stress-free and healthy.
Read the following:
- Work-Life Balance: Tips From Successful Small Business Entrepreneurs
- How to Improve Your Life … One Minute at a Time!
Conclusion
As a business owner, it’s crucial to attract customers and make sales while having your business operations under control. You can’t improve your customer base and sales figures if you can’t keep your business running smoothly. Hence, if you don’t want your bottom line to be compromised, keep the information mentioned above in mind. That way, you’ll know exactly what to do to improve your business operations and position your business toward success.
Recommended Books on How to Improve Your Business Operations:
- The Fearless Front Line: The Key to Liberating Leaders to Improve and Grow Their Business
- It’s Your Business: 183 Essential Tips that Will Transform Your Small Business
- Metrics: How to Improve Key Business Results
- Orchestrating Success: Improve Control of the Business with Sales & Operations Planning
- Turn – 101 Ways To Improve Your Business Now!
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Something you haven’t mentioned at all is the option to use online tools that help to manage or improve business operations.
Tools can help with quite a few of your points, like assessing your business’s performance, keeping your employees involved, and improving customer relationships. Here’s a list of some of the more affordable tools that are out there: http://www.kotive.com/blog/tools-for-improving-business-operations/
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