Many business owners feel stuck in a rut and don't know what to do next. Maybe you're not sure of the best direction for your company, or maybe you've been through a difficult time that has left you feeling uncertain about the future. No matter where you are with your business right now, it's important to figure out what steps come next. In this blog post we’ll discuss five expert tips on how to take your business from good to great (or from great to exceptional!)
First, you need to make sure that your basics are in check. Do a quick inventory of where your money is coming from and going to - you can track this easily using cloud accounting software.
Break down your products, services, projects and clients and analyse the profitability of each, because this will show you where to focus your efforts. You need to know which investments are yielding a return, and which aren't. If a practice or strategy is not yielding a good ROI then cut back or eliminate the expense altogether.
First impressions are everything, and this is especially true when it comes to customer experience. Once you have identified your most profitable products or services then focus on improving how they are delivered through better service that leaves a lasting impression.
It doesn't matter what industry you're in: if you want to take your business from good to great, truly exceptional customer service should be at the heart of everything you do.
In the wake of the pandemic, the importance of cybersecurity can scarcely be overstated. Whilst the pandemic was difficult for many industries, cybercriminals thrived as the sudden shift to remote working presented them with easy access to sensitive data and made it easy to attack.
The first step to improving your cybersecurity is being aware of the potential vulnerabilities in your network. Make sure that you have a fail-safe plan for keeping an inventory of all devices, accounts and passwords used by employees so if something does come up you will be able to resolve the issue quickly and without chaos or panic.
One of the best ways to take your business from good to great is by hiring for potential.
Hiring people with a high ceiling means you are providing them with an opportunity to grow into their role and bring more value to your company in the long run.
A bad hire can set back productivity, increase cost and create chaos within teams, but a great hire can be an asset to the company for years to come, especially if they are nurtured and developed correctly.
You should always have your eye on potential, rather than simply hiring people who are already well-qualified in their field. Focus on finding those with high potential and who are a great fit for your company culture because this is what will pay dividends further down the line.
Many business owners have tried - and failed- to do everything themselves. Although it might have been more affordable initially, this approach is not sustainable for very long and it can cost your company a significant amount of money.
As a business owner you should be aiming to make your company as efficient and streamlined as possible. This means delegating responsibility and tasks wherever possible. It doesn't matter what industry you're in: if there is someone more suited or experienced than you, let them do their job.
Don't forget, as a business owner your time and expertise are extremely valuable resources, so don't squander them on low-value tasks that a team member or contractor could easily handle.
With these five expert tips for taking your business to the next level, you can take control of where and how you invest in your company.
These strategies will help any entrepreneur looking to grow their profits and stay ahead in a competitive market.
The key is identifying what’s working and putting more time into it while cutting back on what isn't. Don't be afraid to cut back or eliminate expenses that are not directly generating revenue if they're not providing value for our company - focus only on those investments that have the potential to drive growth further down the line, and remember to keep customer service at the heart of everything you do.