Small changes you can make to add more value to your business
So, you want your business to grow? It might not be the next Apple, sure, but you want to make an impression and build something for yourself. Maybe it’s only been a couple of months or a couple of decades, but there’s always room to improve.
But how do you bring about such change? It’s something easier said than done, and not everyone can spend time and money switching things up. But there are small changes you can make that add more value to your business. Let’s go through some ideas.
Working on your… staff
Start with what you already have – your team of (hopefully) trusty employees. If you can make them run like a well-oiled machine, you can increase productivity which, in turn, increases profits. Even if they’re the most well-trained team in the sector, there’s still something you can do.
Make sure everyone knows exactly what is expected of them. Shockingly, only 50% of employees know what they really need to do. And the figure isn’t much better for managers either. By bringing everyone onto the same page, you start to become a more cohesive unit and operations will run much smoother.
While we’re on the topic of staff, also think about who you hire. Sometimes you can save money by not focussing on the experience they have, but the potential. There are plenty of young, driven individuals who would love a chance – strongly consider them for your next open position. It might just be a small risk that pays off in a big way.
Working on your… niche
One of the most important aspects of running a business is figuring out who you are and where you fit into the market. What are you offering that no one else is? At the start, you may have had a fresh idea, but now you might be behind the curve.
Take some time to research the market and see what’s changed. Your approach might be outdated now and could be in need of a polish. Even if everything’s still okay, you might find a gap you can easily take advantage of, working your way into a new niche. More avenues of business means more money, after all.
Working on your… customers
You wouldn’t be here without them, so don’t take them for granted. There are small things you can do to make their experience a more pleasant one. Make sure your customer service is up to scratch. If you have some veteran employees, some more staff training might be in order to keep them at the top of their game.
And if you do find yourself with money to reinvest, consider putting some of it here. There is plenty of technology which can make your customers’ lives easier. Digitising your service or creating an app might fit into their lives a bit better. And customer service bots are useful at funnelling customer problems to the appropriate department.
None of these suggestions are monumental undertakings, but the impact they will have cannot be denied. If you’re looking for ways to increase your value incrementally, these could be the right choices for you.
At Big Hand, we know what it takes to run a successful business. We’ve helped enough of our clients to reach that point to know. If you would like to discuss your business, feel free to get in touch on 0161 327 2911.