At the start of new years, fiscal or calendar, it is often the practice to try and find new and better ways to operate your small or medium sized business.
Fixes
Before jumping into upgrades and improvements, start by assessing what is broken. That is where the first changes need. Find what is the most inefficient process or operation and start by brainstorming. Start with what you want to achieve. Make it as specific as possible. Not just “increase sales” but “increase sales by 10%”.
Inefficiencies crop up everywhere from redundancies to outdated procedures. Pick the worst culprit and fix that. Don't try to implement too many changes or systems because everyone will just get confused.
Listen to your employees. After they identify the problem, see if any of them can come up with a solution. Listen to all the ideas, even if they are cockamamie.
Look at how other businesses run, even if they are not in your line of business. Can you make things go faster by putting out an app for customers' phones?
Look at Digital Solutions
From automated answering and VoIP, there is are often many efficiencies to be found in the digital advancements. Automating time consuming tasks will free employees to handle more complex issues. Just be careful to fully explain that this does not mean a loss of jobs but opportunities to increase skill levels.
Community Interaction
Just as families come in all different sizes and types, the community in which you operate can be the block where your store is located or the entire world. If you use social media effectively, you can devise a way to find out what your customer base would like improved. They may even have suggestions about how to go about it. This could be a treasure trove or a Pandora's box.
Opportunities
Keep vigilant about opportunities you may not have recognized before. This can be re-purposing the product or service you offer to a different market segment or tweaking your offerings so that it will appeal to a broader audience. It may mean moving out of your comfort zone or taking a risk. Weigh the options and make your best decision. Sometimes you can explore an opportunity in a limited segment or for a shorter period of time to see if it really works.
Don't discount the professionals you use in your overall operation. Your investors may have seen a similar change do wonders for another of their businesses. Attorneys work with a variety of companies and see successes and failures. Your accountant is one of the best resources to advise about economies of scale or investing in new technology.
Whatever you do make sure that the change is positive, not just change because you want to shake things up. Focus on the solution or end result. Use collaboration whenever possible. Trust your gut. Look for openings and needs to fill. Think and explore.
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- The Capex Team