5 Timely Improvements For Your Business
Entrepreneurs know that owning a business means being in a constant process of evolution. If a company isn’t growing, chances are it’s being left in the dust by companies that are. If you’re struggling to figure out exactly what changes you should make in the near future, there are several expansion strategies that seem particularly timely. Here are five upgrades that business owners should consider heading into the new year.
1. Elevated Customer Service
The days of cold, ineffective customer service as standard operating procedure are at an end. Technology is playing a role in this trend since caller ID and CNAM programs are helping to make call centers obsolete, but there’s really a groundswell of consumer resistance to traditional communication channels. TCN’s consumer survey revealed that 69% of consumers view speaking to a live operator over the phone as one of their top three preferred channels. A large number, 46%, also see chatting online with a live agent as a worthwhile method of communication. Small businesses with a strong web presence are well-positioned to take advantage of these trends by addressing customer concerns through both instant messenger services and a good old-fashioned human voice.
2. Sales Automation Tools
Artificial intelligence (AI) and machine learning are making business process automation a reality. Putting repetitive tasks in the hands of AI can be a time-saver, freeing staff to do what humans do best: think creatively. They can also increase the accuracy of math-intensive processes such as accounting and business analytics. Customer relationship management (CRM) software can be helpful in streamlining your sales funnel for prospects. Tools that keep sales teams connected through Voice over IP (VoIP) and file-sharing apps can be equally if not more useful, especially with a decentralized workforce. Shop around for solutions that fit your unique needs and business model.
3. Structural Optimization
Speaking of business models, taking a second look at your business structure might be a good idea. Reorganizing the legal structure of a business should never be undertaken lightly. There can, however, be advantages to doing so, since tax benefits and responsibilities vary by structure. Shaking up the organizational structure of your business is something else to consider. Most businesses utilize a pyramid-shaped hierarchical structure. This is good for keeping the chain of command clear and nurturing specialists but can cause data silos and stifle creativity. A flat structure, on the other hand, distributes both authority and responsibility more evenly. This can make a company more agile at the expense of decisiveness. There’s no right answer here, only the right choice for your vision.
4. Endpoint Security
The past few years have seen two tech-related trends emerge: remote work and the Internet of Things (IoT). While ubiquitous computing and mobile devices have made possible an unprecedented level of flexibility, they come with serious security risks. Endpoint security is an approach to digital protection that emphasizes upgrading and standardizing defenses across all user endpoints attached to your network. Above all else, endpoint security is comprehensive, bringing together ideas like antivirus software, threat response and device management. A chain is only as strong as its weakest link, so it pays to have a security doctrine in place that takes a holistic approach to network protection.
5. Sustainable Infrastructure
Ecological responsibility isn’t just an ethical choice, it also makes good business sense. The price of solar power, for example, is less subject to the whims of the market than fossil fuels are. There are also a wide variety of tax breaks and incentives available at the local, state and national levels for installing renewables, so making the switch to green energy is an option worth investigating. Even taking the small step of having an energy audit performed on your office can pay dividends in terms of efficiency.
The most effective business owners are always thinking on their feet. Agility and a passion for progress can drive success even in uncertain times. Keep these improvement strategies in mind when scaling your operation.
