Effective Strategies To Grow Your Business

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StrategyDriven Managing Your Business Article | Effective Strategies To Grow Your Business | EntrepreneurshipThe ultimate goal of most businesses is to develop and increase revenue potential. While scaling your business can be challenging, there are plenty of ways to improve business operations, increase sales, and boost profits within your company. With this in mind, here are some effective strategies to grow your business.

Utilize an inventory management system

In today’s society, businesses must advertise and sell on multiple sales channels to remain competitive in the modern business world. However, multichannel retail and distribution can lead to several difficulties such as wasted stock, overselling, and customer complaints. These issues can have a hugely detrimental effect on your business, both in terms of cash flow budget and brand image. Fortunately, multichannel inventory management software can be utilized to manage inventory and fulfill orders in a multichannel structure. Inventory and warehouse management can be complex and difficult to manage when you are using multiple sales channels. For that reason, an inventory management system is essential if you want to scale your business quickly.

Create a customer loyalty program

Customer loyalty programs can be a fantastic way to boost sales and increase profits. While it’s important to look for opportunities to acquire new customers, it’s equally if not more important, to nurture your existing customer base. According to Linkedin “it costs between 4 and 10 times more to gain a new customer than to keep an existing one.” Offering a customer loyalty program shows your customers that you value their business. This will help you retain customers and gain valuable repeat business. An attractive loyalty program may also help you attract new customers as it gives people an incentive to spend money with your business.

Take your business global

Advancements in technology mean that all businesses now have the opportunity to expand globally. Scaling your business globally offers several incredible benefits; it allows you to increase sales and revenue potential, build brand awareness, and access a more diverse marketplace. Global selling platforms like Amazon and eBay make it easy for businesses to advertise and sell their products to overseas customers. Setting up an account on an international marketplace is quick and simple. Once registered, you will have the opportunity to advertise your products and services to potential customers in countries all around the world. Joining an international selling platform and expanding your business globally can be an extremely effective way to grow your business and increase revenue potential.

Hire a social media manager

Social media is a powerful marketing tool that can be utilized to build brand awareness, connect with customers, advertise products to a global audience, and increase sales. All modern businesses should be taking advantage of the power of social media in their marketing strategies. If you don’t have the skills or time to maintain an active presence on social media, then consider hiring a social media manager to run your campaigns for you. Social media is constantly growing and evolving. A social media professional will help you stay on top of this growth and remain competitive in the online business world.

How to Limit Personal Risk When Starting a Business

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You’ve got to be pretty brave to start a company. The failure rate is pretty high, it’s a lot of hard work, and, if it goes wrong, you might find that you’re in a difficult position. However, it’s probably not fair that people are punished for trying something and failing — the hit to their pride will be hard enough, must they really suffer in other ways too? We think not. There are ways that you can limit your risk when it comes to running a business. We take a look at a few ways how below. Incorporate them into your business strategies, and you’ll find there’s a reduced chance of your business having a negative impact on your life.

StrategyDriven Starting Your Business Article | How to Limit Personal Risk When Starting a Business | EntrepreneurshipDo Your Research

It all begins with your initial research. You could save yourself a lot of potential heartache and trouble by simply ensuring that what you’re trying to establish is, indeed, a good idea. Too many companies begin trading before figuring out whether there’s a demand for their products or services, who the competition is, and so on. If all the evidence suggests that it’s not a great idea, you should pull the plug.

The Right Set Up

It’s recommended that you limit the legal risk that you could face if your company isn’t as successful as hoped. You can do this by having the right set up for your company. As a business owner, an LLC offers the highest level of protection. Your business debts will stay tied to the business, rather than to your name. Similarly, if there’s an issue of negligence, then your assets could be at risk, even if you were only indirectly involved. It’s much better to set up as an LLC, rather than a sole proprietorship, with which your company’s debts would also be yours.

Stringent Quality Checks

Of course, while you can protect yourself financially and legally, there’s no hiding when it comes to your reputation. If your company is involved in an accident that was verifiably your fault, then it won’t just be your business that it affects – your name will be affected, too. As such, it’s imperative that you’re conducting stringent quality checks to ensure that everything is safe and high-quality. It’s when corners are cut and checks are not carried out when troubles can arise.

Legal Matters

You might think that everything is going smoothly for your business, only to discover that you’re in trouble with the authorities. Why? Because you were lax when it came to your company’s legal matters. Because of the threat that unlawful practices can bring, it’s recommended that you outsource the jobs to a law firm. They’ll make sure that everything is watertight.

Keep Things Separate

Finally, for your own sake, ensure that you’re keeping your business and personal finances separate. There are plenty of advantages to this, but one of the most important is that it makes it much easier to manage your money, and to ensure that you’re not screwed should your business flop.

How do you make exit interviews count?

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StrategyDriven Talent Management Article |Exit interview|How do you make exit interviews count?When an employee decides to move on, you should be seriously curious about the reasons why. Understanding why employees leave is gold dust in your hand – uncover a problem in the workplace you weren’t aware of, and you gain the insight to do something about it.

It may be too late to save your impending leaver, but if you really listen and can avoid seeing employee exit feedback as criticism, then you have valuable information to prevent other employees following suit.

So, when an employee leaves, how do you make the exit interview count? Here, I’ll be looking at the purpose of an exit interview, why it is important, and how you can use the information to improve employee churn.

The purpose of an exit interview

The whole point of an exit interview is to find out the real reasons your employee has decided to leave, what the employee considers to be the company’s problem areas, and how the company can improve. It is the perfect opportunity to get some frank feedback about the day-to-day operations in your business.

While a resignation letter may give you some indication of the reason an employee is leaving, employees (particularly in businesses with a poor culture) often don’t feel comfortable telling the real truth about their departure.

Leaving for personal reasons is a common cover for dissatisfaction at work. If you think it doesn’t matter why your employees are leaving, think again. The cost to your business is huge and letting good people go is potentially damaging. An exit interview is a real opportunity for learning and employers would be wise to listen and act.

Why is an exit interview important?

In todays’ economy where skilled workers are hard to come by, replacing a valuable employee isn’t easy. According to Breathe HR, over a third of employees leave their jobs because they don’t like the company culture. An employee is unlikely to tell you all of the reasons they are actually leaving in a resignation letter, or even in an informal chat.

But, ask them to give you some honest feedback as you would like to understand why they are leaving and be able to learn from it, and you are much more likely to get them to open up and tell some truths.

The best procedure is to ask your employee to complete an exit interview form and to attend an exit interview with the HR manager. It’s not a good idea to have an exit interview set up with the person’s line manager. This just isn’t good protocol if you really want honest feedback. If an employee is leaving because of poor management, they are unlikely to reveal that if the person they are dissatisfied with is the person conducting the exit interview.

How to make an exit interview count

An exit interview with a departing employee is only useful if the information gleaned doesn’t just fall into a black hole. Candid opinions should be considered in confidence by leadership and not shared to bad-mouth an employee once they have gone – this will only add to poor culture, not fix it.

The whole point of an exit interview is to improve your staff retention rates. Here’s what you need to do to make an exit interview count.

Look for patterns

When people leave your business, are they all giving the same feedback in their exit interviews? If so, it is extremely costly to ignore them – according to Accounts and Legal, the average employee costs SMEs £12,000 to replace.

The Advisory, Conciliation and Arbitration Service (Acas) estimate the cost of replacing an employee at a whopping £30,000, which they say includes £25,000 in lost productivity caused by the time it takes to get a new recruit up to speed.

If you don’t fix a problem, the likelihood is that more people will leave.

If more than one employee is telling you something is fundamentally wrong, then you need to do something about it. A small few changes in the workplace could make all the difference to the happiness of your existing employees.

Let your employee vent

An exit interview isn’t the time to argue against every point that is made and justify company actions. Let your employee have their say. Of course, there will be bitter employees along the way. Some of them will have genuine gripes, others will be disgruntled employees that can’t be pleased no matter how great your culture is. It’s up to you as a business leader to use your integrity to recognise when they have a point.

Understand psychological safety

How willing your departing employees are to share how they really feel will depend upon their personality, how psychologically secure they feel in your organisation, and whether they think you will actually be bothered to listen, take notice and act.

If your culture is toxic and an employee is leaving because they feel bullied, it is unlikely they will spill the beans. If lots of your people are leaving, yet they are keeping schtum, you may want to address any issues around psychological safety.

Employee engagement surveys

As most exit interviews happen when an employee has already disengaged (usually in the last week of their employment), it can be difficult to get a true picture of how most employees in the business are feeling. If you really want to understand your employees, why wait for them to give feedback when they leave?

Conducting regular employee engagement surveys serves the same purpose as an exit interview, but helps you to quickly pick up when employees are unhappy at work and take action to prevent people leaving. Let’s face it, exit interviews have a sense of ‘closing the door after the horse has bolted’.

Summary

Far too many companies follow good exit interview protocol but don’t utilise the information effectively. Feedback gets filed and not acted upon, or inappropriately shared to discredit an ex-employee, and then business leaders wonder why more people leave.

Making an exit interview count means acting on the information you glean from your leavers to improve your organisation and make it a better place to work. Don’t try and fight good feedback, especially if the same messages are being heard over and over again.

Be grateful for feedback that is difficult to hear. Interpret, reflect and understand the issues your leavers are sharing with you. See them as strategic improvement opportunities being handed to you on a plate. Remember, employees are your greatest asset. Learn from them, don’t lose them. Ask them to fill in the blank, “I don’t know why the company doesn’t just …..”

The effectiveness of an exit interview can be measured by the positive change it instigates.

Tips for Strengthening Your Wi-Fi Signal

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StrategyDriven Entrepreneurship Article | Tips for Strengthening Your Wi-Fi SignalWhether you need it for streaming TV shows or getting work done, your Wi-Fi is a necessity in your home. However, you may not be getting the most out of your wireless internet router. Slow speeds and poor performance may cause you to wonder what you can do differently to improve your Wi-Fi. To increase the speed and signal range of your home Wi-Fi, follow these guidelines.

Adjust the Antennas

This simple step can make a big difference in the strength of your Wi-Fi signal. While not all internet routers have antennas, the ones that do can be adjusted to improve the overall signal range and strength of your Wi-Fi. To do this, simply angle one antenna so that it is completely vertical while angling the other antenna until it’s completely horizontal. This strategy allows your Wi-Fi signal to travel efficiently through the walls and ceilings of your home, resulting in a faster and stronger internet connection.

Move the Router

In some cases, the problem is simply that your wireless router isn’t placed in the optimal spot in your home. The placement of your router has a direct impact on the effectiveness of your Wi-Fi signal, so be sure to carefully consider where you’re placing the router in your home. The best spot for your router is often in an elevated area that is free of any obstructions. Routers that are located in lower, crowded areas may have trouble sending a strong signal throughout your entire living space.

Update Your Router

If you seem to be experiencing persistent problems with your router, it may be due to having an older device. In this situation, it’s best to look into new wireless network services that can do their job more efficiently. Many routers even come with special security features and improved compatibility to allow for a more convenient internet experience. No matter what kinds of issues you’re experiencing with your current router, purchasing a new one can help to solve many of them.

Add a Wireless Range Extender

If all other strategies fail, your home may be too large for your router to transmit a signal throughout the entire area. Luckily, you can solve this problem by incorporating a wireless range extender into your home. This device simply detects the signal from your router and retransmits it across your living space, which allows the signal to become stronger and faster.

Slow Wi-Fi is frustrating. However, these tips can help you boost the signal in your home easily and effectively.

Building Your Professional Reputation

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StrategyDriven Professional Development Article | Building Your Professional ReputationGiven the choice between two workers, one cheerful and one grumpy (both of equal intelligence), who is likely to get picked? You are probably saying the more jovial one, right? After all, in business, you need more than a sharp mind to get ahead. Sometimes, in fact, it’s more about your personality and work ethic; for, when people respect you and like you, they may toss more work your way. Therefore, you should strive to develop a reputation for being someone who is knowledgeable, pleasant and committed.

Never Stop Learning

This is a fast-paced world, and you’ll want to stay on top of any changes. That can be difficult on your own, so strive to connect with associations and online platforms, furthering your understanding of the newest strategies and rules. That doesn’t mean traveling every weekend or reading for hours on end. Establish small goals, devoting 15 minutes to an article each day. In addition, continue taking classes, boosting your skill base. Knowledge doesn’t stop because you started working. Real estate agents, for example, should continue to take classes for their community association management license. Doctors may continue to study the latest medical research and drugs. Teachers gather information about newer techniques.

Accept Challenges

While you may look for the easy route, consider accepting a few rocky roads. Are some clients proving trying for the company? Do you see potential to make it work? Ask to pair with them. Find out what they like and don’t like. Then game plan, coming up with a platform the company can accept. Yes, it may be stressful, but working on rough, troublesome projects takes dedication, intelligence and grit. Your boss and colleagues may see that you can make a difference, finding solutions when others can’t.

Demonstrate Leadership

The shirking wallflowers do not gain attention. In fact, they hide in the background receiving little recognition for hard work. To move forward, you’ll have to stand out. If the boss is seeking someone to tackle a new project, ask for it. Does the office need someone to speak at an engagement? Do so. By choosing these paths, you show confidence, and you give your peers the opportunity to know you.

Work Well With Others

Moving ahead does not mean leaving coworkers behind. Remember, the word team is still important. As you bounce around ideas, prepare a presentation or meet with clientele, remain humble and friendly.

As children, we were taught not to judge others, but that isn’t how the world works. How others perceive you is significant, and it could make the difference in whether you get a promotion or a task. Remember, be friendly and work hard.