When it comes to business management, there will always be room for improvement. The start of a new year provides the opportunity for business owners to enact the change that they want to see in their organization. Small businesses and startups grow through the continuous improvements and innovations done by its managers. Improving communications, creating more accessible contract management templates, and even enhancing their marketing strategies are just some of the developments that a company can make to optimize their revenues.
The concept of business improvement is not exclusive to organizations that are going through a lean year. It can also be used as the first step towards a more significant project: scaling and expansion. By making sure that all business procedures are at its most optimized state, a business owner can already think of scaling his company.
Here, I have listed down some of the best business improvements to make that will help companies achieve their goals quickly.
Communication Platforms
According to statistics, 57% of employees complain that the instructions they get are unclear, while over 69% of managers do not feel comfortable with communicating with their subordinates. One simple miscommunication can pile up and profoundly affect the entire organization.
When it comes to dealing with many employees, a universal messaging platform for everyone must be used. This rule will not only reduce the chances of miscommunication happening but also improve inter-office relations. Online messaging platforms also have a built-in voice call feature that will make proceedings much faster.
Contract Management
It is time that you look at your contract management system and determine whether it’s working out or is it inefficient and costs you much money. According to the International Association for Contract & Commercial Management (IACCM), companies lose over 9% of their annual revenue due to the mismanagement of their contracts. Poor contract management practices can also cause serious repercussions such as government fines, suspension of activity, and even a court case of non-compliance filed by one of your contractors.
Aside from the adverse effects, integrating Contract Management Software also promotes better contract data visibility, contract compliance, and reduces the contract lifecycle by half. Through contract management templates, business owners can easily send out contracts quite easily without having to take days or even weeks.
Try Out Different Marketing Strategies
With the introduction of the Internet and smartphones into the market, the world has dramatically evolved from what it was 20 years ago. This signified a significant change of pace in our everyday lives. Taking advantage of these changes is key to ensuring your success. I have listed below some of the different marketing strategies that you can try out.
Influencer Marketing
Influencers have become celebrities almost overnight. Amassing millions of followers through platforms such as YouTube and Instagram, these private individuals have the power to dictate what the public should and shouldn’t buy. It is now standard practice for businesses to pay influencers to post their product on their media platforms for better reach. Studies found that the masses are more likely to follow the advice of influencers than some faceless ad.
Social Media Marketing
Social Media Marketing is one cool bandwagon that your business might want to hop on. According to Emarsys, in 2019, there are currently 3.5 billion social media users worldwide amounting to over 45% of the entire world population. A proper social media marketing strategy will quickly let you reach the far corners of the earth. Appearing to be relatable is one angle that brands take so they can build a strong following base.
Email Marketing
According to Statista, the number of email users in 2019 is currently at 3.9 billion people and is estimated to reach 4.4 billion by 2023. 4.4 billion users is a huge customer base that you can tap to improve your sales number. The DMA estimates that for every $1 spent on Email Marketing, the expected Return-on-Investment (ROI) is around $42.
Businesses can be quite tricky to handle. There are often a lot of challenges and roadblocks along the way. Additionally, your competitors will regularly try to gain an advantage over you. However, if you manage to get past these issues, the payoff is worth it.
