You may be ticking over quite nicely and be happy with the way your business is running, but the problem with this is that you may not be realising its full potential. Complacency is a killer of growth. So, to boost your business, you need to undertake a thorough review of your business. And it’s not just the accounts, but the business as a whole.
Policies and Procedures
Businesses are not static; they evolve and change as they mature. The policies and procedures that you have in place may have been effective while your business was in its infancy, but they may not be best practice for today and dynamic enough to cope with future demands. Reviewing your policies and procedures means that your business becomes more streamlined and efficient.
The global marketplace has meant that new companies emerge all the time. Even if you have a contract with suppliers, you should review whether they remain the best option for when the contract ends. Doing so can give you more leverage for negotiating a better deal, but it could mean that you move to new suppliers for a better price.
Your website is often the first point of contact that clients and customers have with your business. Search engines regularly change the algorithms that they use to rank your website and so it is important that your site is still optimised for both the search engine bots and visitors.
Google now ranks websites in relation to how user-friendly they are and penalise sites that are not optimised for mobile use. Your site should be easy to navigate, informative and responsive, so it is a good idea to use a website design agency to update yours to comply. Made in Scotland is a company that uses creativity and SEO to develop a marketing strategy to drive traffic to your site and boost conversions.
Just because you have always done a specific way, does not mean that it’s the most efficient way to do it! By reviewing how employees complete the tasks that are assigned to them, you will be able to see what adjustments you can make to boost productivity.
It could be as simple as moving a printer’s position in the office, or more complex – introducing cloud-based software to increase interdepartmental collaboration, reduce duplication and the margin for human errors to be made. Reviewing your business’s operations can enhance revenue and diminish wastage.
Set clear goals about what you want to achieve from the adjustments that you make. Don’t just state ‘make more profit’; rather, be concise and articulate what your goals are, for example, reduce waste by 15%, or convert 4% of visitors to your website into customers. Put into place ways to measure the success of the business modifications that you make, this way you will be able to see clearly what has worked and what hasn’t. A thorough review of your business takes time and effort, but the rewards for your business will be increased revenue and growth.