Business hacks to improve your bottom line
Being a leader or manager in business means new challenges, new objectives and new opportunities to take your revenue and sales figures to the next level.
Here are our 6 business hacks to help you on the way to greatness.
Develop your people
Your people make your business and should share in business success just as much as its losses. It only makes sense to involve your staff in your business development plan and to engage them as much as possible in business practices.
If you develop your people, your people will develop your business. Give your employees an insight into the long term goals, opportunities and challenges that are coming up for your business as a whole so they know what direction they need to move towards concerning their work.
Investing in and keeping your people informed can encourage creativity and innovation within your business. This business hack will bring nothing but good news for your organisation. You should see an increase in the productivity and therefore profitability of your workforce. Learn more about employee engagement.
Get away from your desk
It is often said that 90% of communication is non-verbal, this means that during online discussions you’re only actually utilising 10% of your communication power!
Conducting a face to face meeting is thought to be 32% more productive than email discussions, Skype meetings or conference calls. Online discussions can often leave meeting points overlooked or misinterpreted which directly impacts organisational ability as it could result in a lot of man hours wasted.
Concerning customers, online connections tend to be feeble and shallow as there is no sense of personality or connection when staring at a screen therefore building lasting relationships solely online tends to be extremely difficult.
Getting away from your desk for a little while is an easy business hack that can improve your productivity, get your blood circulating properly, clear your mind and go back with a plan of action for the next step in your business development.
Allow flexible working
Flexible working doesn’t just benefit your staff, organisations benefit directly from having happy, motivated employees as well as lower costs. In addition to a happier workforce, the reputational benefits of being known for family friendly and flexible working practices are increasingly important in being an ’employer of choice’.
Telecommuting is becoming an increasingly desirable option as it can save employers thousands in running costs. It’s estimated businesses save £7,000 per employee they allow to telecommute per year from the reduction in the amount of energy and resources they consume whilst at work.
This is also seen as an environmentally friendly business move as The Consumer Electronics Association reports it currently saves enough energy to power one million homes each year so you’d be lowering both yours and your employees Carbon Footprint.
Set your goals properly
Having clearly defined objectives will assist you in breaking down a progression route for your business development and is an essential part of organisation. You are more likely to succeed in achieving your business aspirations if you have a plan and/or timeline of what you want to gain, by what point and how you’re going to get it.
If you still find things getting out of control, focus on your top three most urgent tasks, then move on. Turn off email alerts to avoid getting distracted when you’re in the flow of work, and set aside a specific time when you will check your progress.
Expand your reach
Networking can open a lot of career and business-related doors, but you have to actively work at it. That’s why 10% of respondents made a resolution to build their professional network. When you reach out and make connections with people in your field, you can find mentorship, advice and even introductions to new business development opportunities. Don’t allow your professional relationships become one-sided – listen and learn from your contacts and try to provide value for them as well.
Review your bills
Whether you’re an SME or a large corporation, you should always assess the opportunities for reducing your running costs. This could aid your business development by freeing up extra cash for your next big investment or business plan.
There are businesses out here that will help you with this or do it for you. For example, here at Exchange Utility we use the combined buyer power of our business customers to pressure suppliers into giving us better prices on gas, electricity and water, we then pass these savings onto our customers.
Compare business gas and electricity costs today and see what you could save.