The COVID-19 crisis has hit most businesses hard, and if you are still wondering how to get out of it, then this is the right time to make some changes. We know that several factors have contributed to this crisis. All you can do now is try your best to get out of it as soon as possible.
One way you can do that is by implementing these tips:
Automate Your Workflow
As per Gartner, by 2025, more than 20% of the world’s produce will be made, packed, and shipped without being touched. And it is expected that by 2023, companies will be able to run 25% more of their work autonomously.
Automating repetitive tasks and processes is a great way to save time and money. You can often outsource these functions, but not always. Some things, like setting up appointments or processing orders, are so routine that you’ll want to keep them in-house. Here are some examples of what you can automate:
- Customer service
- Sales Process
- Marketing efforts (including newsletters)
Invest in Better Tools, Not More Tools
We know what you’re thinking:
- “I need to hire more people.”
- “I need to buy the latest and greatest technology.”
But guess what? You don’t. It’s time for a new way of thinking about how you can invest money in your business. Instead of investing in more tools, it’s time to invest in better tools. Tools that will help you do more with less time and effort on your part.
Provide More Resources to Clients
You can always provide your clients with more information, training, and support. This is a great way to show that you care about them and will help build trust in your brand.
Offer incentives for referrals. A good way of encouraging customers to refer others would be through offering incentives such as gifts or discounts on future purchases with every successful referral made by a customer.
It’s also essential that these rewards should be given out immediately once they have been completed. This will not only give them an incentive but also ensure that the service provider doesn’t lose any business due to poor customer service levels.
Leverage Demand Forecasting
Demand forecasting is a crucial part of business planning. How can you expect to know how many products or services you need to deliver if you don’t know what the demand for those products is going to be?
Demand forecasts are calculated by forecasting the total number of units or sales over a specific time and then adding up all those units/sales at each point in time.
Here’s an example – let’s say that your company sells $1 million worth of products per year, but they’ve decided they want to do $2 million worth this year. They’ll need more inventory than usual because more items will be sold during this time frame.
To manage this additional inventory efficiently, they must calculate their demand forecast based on both historical information and future projections.
This means taking into account customer purchase patterns from previous years’ sales records, as well as projecting how many people will buy from them during these upcoming months. The projection is based on current trends, such as increased interest in their product category due to economic recovery.
Start Outsourcing Tasks
As per Delloite, global outsourcing spending will reach $731 billion by 2023.
Outsourcing is the process of contracting a business to perform services for your company. This can include anything from simple administrative tasks like filing and data entry to complex tasks such as building and maintaining websites or writing code for a customized software program.
When is it time to outsource?
Outsourcing is most effective when you have excess capacity in your operations that can be put towards other projects while an outside party handles the work that needs to be done. The benefits of outsourcing include increased efficiency, reduced costs, and improved quality of work due to specialization.
Develop a Digital Culture
In the past few years, digital culture has become increasingly important to businesses of all types and sizes. Digital culture is a way of thinking about technology in your business. It’s about embracing technology to improve your business, using tech to make your business more efficient and effective, reaching new audiences with tech, or improving customer service with tech.
As a result, if you want your company to succeed in the modern world, you need to understand and embrace the digital culture.
Conduct Regular Performance Reviews
Performance reviews are a great way to improve work-life balance and are an essential part of any employee’s development.
However, if you perform them only once a year, you aren’t giving your staff the attention they deserve. If there’s anything that can make an employee feel undervalued by their company, it’s not receiving regular feedback or praise from their manager.
According to data from Manage Better, 24% of employees could leave their jobs if their managers don’t provide adequate performance feedback.
Hopefully, this article has helped you to see ways to make your business more successful. With the right strategies in place, you’ll be able to reach your goals in no time.