Nowadays, it is imperative to see how you can make your business more sustainable, not only to help your bottom line but to ensure you are going into the future prepared. That’s why seeking advice from the best employment law firm is important to guide you on the legal aspects that are included in running and sustaining a business. From managing your cash flow better to understanding your clients here are 5 ways to make a difference to your business in 2019.
Manage Your Cash Flow Better
Managing your cash flow means monitoring money coming in versus money coming out. You should manage your finances to see where the costs of your business lie and what is spent on staff costs, operational costs and so on. It’s important to ensure people pay you timeously so try a mobile payment solution and remember to keep a record of every payment. Try to stay on top of invoicing too.
Also, make sure you are managing costs such as car insurance, especially if you have a fleet of cars that you own to run the business. If you are using accounting software it may be useful to produce reports on your finances to gain a better understanding of where your money is going and how you can bring costs down.
Bring Costs Down
There are many simple ways to save money in your business. One of these is going paperless and using cloud computing to store all your documentation. Another is to ditch print media and go digital.
Join the digital revolution and hire a digital marketing agency to help you with your digital needs! Going digital can have its drawbacks though so be sure to back up regularly and make sure your archival system is logical and easy to use for everyone.
When it comes to helping the environment, you may want to replace paper cups with ceramic ones and start recycling. This may not bring costs down dramatically but being more eco-conscious is rewarding. Try to help at your local food bank or volunteer at an organization close to your heart.
Grow Your Market Share
Finding new customers to grow your market share is an exciting and important part of any business. Go where your market is and use your newly created digital marketing strategy to its full advantage when doing this.
Research what your market loves and develop new products and services to suit them. Find out what they are talking about on social media and who they follow to get a better idea of who your target market is. Run competitions or promotions on your social media pages to gain more followers and get the word out about your products.
Make Sure Your Staff Are Happy
As it’s expensive to replace staff in key positions, it’s good to focus on making your staff as happy as you can. Create green areas for relaxation and add a chill-zone somewhere in the office where people can kick back and relax. A calm zone can be the perfect place for employees to take a break and gather their energies too.
Have regular reviews with your staff to see where their frustrations lie and make a point to resolve these as soon as you can. Dealing with their frustrations quickly will show that you care and make the team environment more pleasant for everyone. Ensure there is no workplace bullying or sexual harassment. If there is, take responsibility for the wellbeing of your team and be sure to deal with the issues as soon as possible.
Understand Your Clients
One way to understand your clients is to send surveys to them on a regular basis. Talk directly to your clients and have ongoing interactions with your staff members who deal with customers. Ask what they love and what they hate about your business. You can even run polls and questionnaires on Facebook to see what they are thinking and what their needs are. The easier you make it for them the more information you will be able to collect.
Communicate better with your clients through newsletters and social media – use tools such as MailChimp to make your life easier when distributing these. Don’t forget to post to your social media channels frequently so that your business remains top of mind for your clients.