As interest rates remain high, London entrepreneurs are facing a tough year, however the challenging economic backdrop does not mean businesses can’t innovate.
With the UK Chancellor expected to announce some limited tax cuts in the spring budget later this year, small businesses are hoping for easier conditions. However, as a business owner, it’s your responsibility to make sure everything runs like a well oiled machine – ignoring the external factors.
For businesses that have been noticing that things are slowing down or not running as hoped or planned, then it might be time to explore what can be improved. With that in mind, we take a look at how businesses can be run better in our latest look at improving business outcomes for entrepreneurs.
Realign your business vision and goals
If things have slipped out of place, it’s time to realign the goals for your business. Start by redefining what success looks like for your business. Is it being very financially stable? Is it market dominance? Or is it something else? Once you’ve decided what that goal is, set achievable goals that align with it. When setting goals remember the SMART acronym:
- Time bound
As time goes on, make sure to regularly review and adjust these goals as your business grows and certain conditions change.
Take care of your finances
Your finances should always be a top priority because it’s the backbone of your business. This means you’ll need to do accurate budgeting, monitor cash flow regularly and make informed decisions based on those outcomes. Keeping a close eye on your income and expenditures will help you understand your financial position, which will help you when it comes to making investment decisions in your business. If you’re not very good at keeping track of these things, it’s a good idea to hire an accountant who can help keep on top of everything for you.
Use technology for efficiency
If you’re not using technology to help your business in this day and age, then you’re missing a beat. It can help automate and improve business efficiency. One great example is field service quoting software from companies like BuildOps, which helps streamline the process of creating and managing quotes for your customers. This kind of software often offers things like templates, automated calculations and easy tracking of previous quotes. By using this kind of software, you can save time and reduce human error, which in turn will give off a professional image to your clients.
There are lots of other pieces of technology you can use too such as CRM systems, project management tools and digital marketing platforms to help automate many areas of your business. Research technology that could help your business and get on board to stay in the game.
Have a strong team
Your team represents your business, making them your most valuable asset. You need to make sure you’re hiring the right people for the job. They’ll need to be skilled in their role, but you’ll also need to provide them with training to upskill them further and make them the best in the business. You also need to make sure that you recognise and reward the effort they put in each day. A motivated and appreciated team will be what helps your business go from zero to hero, so make sure you look after them.
Look after your customers
Speaking of looking after things, your customer base should be another aspect to concentrate on. Building and maintaining a strong relationship with your customers is key to your business’ success. You need to understand the needs and wants of your customers, and go out of your way to get that for them. You also need to make sure that you train your team to deliver the same sort of service. Top-notch customer service might just be the difference between the customer choosing you over your competitors. Use customer feedback to improve what you’ve got to offer, even if the feedback may seem negative. Customers who feel like they’re listened to will not only come back again but will bring friends and family too.
Always be open to learning and adapting
The business world is always adapting, and if you’ve felt like your business is missing something, it might be because you’ve missed out on something within your industry. Make sure you keep up with industry trends and market changes by attending workshops, seminars and networking events on a regular basis. Not only can this help you stay ahead of the game, but it can help you create useful relationships in your industry that could take your business even further. Being flexible will help keep your business relevant and competitive in your industry, meaning your business will continue to grow.