How Do Price Changes Affect Consumer Perceptions?
By Kara FinnertyJun 1
Turning your business into a profitable operation means making it run as efficiently as possible.
With so many so-called experts bombarding you with strategies on how to be successful, it’s hard to decipher which ones work and which ones don’t.
But there are some fairly practical steps you can take that will generally work for making your business prosperous under most circumstances. With that said, here are 8 ways to make your business boom.
Simply saying “sell more” is easy enough, but with today’s technological advancements, it’s possible to actually accomplish this feat while using a lot less effort.
If you haven’t already, invest is some customer relationship management software. It’ll give you plenty of control over your communications with clients, making you more efficient.
Also, spend a day carefully examining your sales data. This way you can find out which items work well together for cross-selling.
If you want your company to transition into the future successfully, be sure to embrace and adopt new programs that’ll help your company operate better.
One of these is the bring your own device movement, which is something of a revolution for businesses looking to cut down drastically on overhead and increase connectivity with employees.
Blackberry offers BYOD solutions that not only help companies cut costs, but offers employees the opportunity to use their personal mobile devices at work. This also helps improve efficiency both in and out of the office while increasing overall company moral.
If you haven’t already, sign up for Internet banking. It’s much easier to take care of your company’s finances with a few clicks of the mouse as opposed to walking into or calling a branch.
Also, make sure that your customers are making on-time payments. If they’re not, then you might be best advised start charging interest to clients who pay late.
Not only does this push them to make payments on time, but it allows your company to earn money from payments that aren’t received yet.
Although this concept might seem counterintuitive, email is one of the biggest time wasters any company can have.
If you’re not spending hours creating and sending emails, you’re wasting company time checking it more than 10 times each day.
If you want to control how much time employees are spending on their email accounts, simply put a semi-ban on what kind of email accounts are accessible and for how long.You’ll find out soon enough that clients and customers appreciate phone calls a lot more, anyway.
Generally speaking, you should invest in some superior software and try to automate every business process that you can.
By eliminating the need for someone to manually complete the task, you can assign that same person to do a job that a computer can’t replicate – like making complicated decisions or coming up with innovative ideas.
If done the right way, this will propel your company forward while saving it a lot of money in the long run.
If you still haven’t succumbed to the times and created a social media account on either of the various platforms out there, you’re losing out on a lot of potential business. Whether it’s Twitter, Facebook, or Google+, it’s important that you expand your online presence and reach a wider audience.
The more people you’re able to reach and network with, the better your chances of selling your products and services.
Also, SEO is vital if you want people to find your website; learn its nuances and take advantage of the potential it has for generating leads and prospects.
This might sound sacrilegious in the world of business, but some customers are just not worth your time if you’re constantly chasing them down for payments or having to handle some minor problem they have.
Although being selective about your customers may seem like you’re cutting yourself off from potential revenue, it’s actually a blessing in disguise.
By seeking out more reliable and lucrative customers, you save yourself a lot of time and money that can be allocated to better things.
Sure, you should have meetings to discuss important things happening within your company and so forth, but that doesn’t mean you should call meetings to cover trivial matters.
Consider cutting the number of meetings you have internally by half over the span of a month to see how much of a difference it makes.
Also, if you’re dealing with clients and customers from afar, try doing video conference calls instead of traveling to their actual location. Running your company the right way isn’t easy; after all, if everyone could do it then the world would be flooded with successful CEOs.
If you’re looking for ways to start moving your company in the right direction, consider trying the above-mentioned methods out.
Have any other suggestions?
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