Nowadays, with different kind of businesses being launched here and there almost every week, the potential customers will be divided and could lead to lesser attention focused on your business. However, one of the reasons also for the lack of success of a business is the lack of efficiency. After all, efficiency and effectiveness are the two important factors of business. Here are some of the tips on how to make a business more efficient.
- Adapt a faster paying method. The main goal of having a business is getting profits and the faster you get the money flowing back to you, the faster you can get that money flowing back again so it can double. Because things can be done on the internet faster nowadays, clients tend to just pay online so that they won’t have to drive around just to pay their bills. This is also very good for you because you will be paid faster. This is a great way to make your business even more efficient.
- Keep track of things and be more involved. Sometimes, because we are so busy, we just tend to let things go with the flow. In the world of business, this is a major no-no and the kind of attitude that is a catalyst for the doom of your business. You will never realise efficiency when you tend to be negligent on even the smallest business matters. Write everything down, from what’s going on in your business, the class flow, the clients that has been really good for your business, and even personal things like how much you spent and how much time do can you allocate for managing your business. This is a good way to know where you are lacking or what you should do more to make your business more efficient and profitable.
- Utilize free Cloud Storage and more services online. This is a very great way to save time and money. Instead of sending e-mail or calls for regular updates, you can just sync everything on the cloud service so everyone with the access of the data can automatically get the updates. There are also many tools and services online that you can use to make your business more efficient so be sure to try them and see the great results it can render for your business.
- Improve the Little Things – Copywriting on your website, or the image placements can make a huge difference to conversions and bottom line profits. This goes for staff and how they sound on the phone too! Sort these and you will be well on your way to making millions.
- Don’t waste time. The goal of business is profit and efficiency. How can you get them if you are wasting time? Like they say, “time is gold” and that is very much applicable in business. Don’t wait for the clients to find you, make a way for them to notice you. Use some marketing tools and tips online to attract more customers and let them know about your business. Hire more people that are very good at marketing to spread the word about your business. Yes, you will spend a little more but the profit you will gain in the long run will be all worth it. The right marketing and maximizing time is the key to making your business more efficient.
In this article I am opening up to my biggest 3 mistakes in business. Some of these aren’t all my fault personally, but I am a big believer in taking responsibility for your actions and lack of actions. For example, its not like I caused the first option on this list, yet it was easily my biggest mistake in business to this day and had probably cost me a couple of million pounds in the process. Although its all come back now, that is a 8 year delay! Think about how much I could have made in that time if I have made the decision I talk about in this post. Anyway I hope you enjoy and as always let me know what you think.
I live in the UK now and the 2008 recession hit us so hard, both personally and as a business. I also do a lot of investing and lost half of my entire investments in about 3 months. During this time I was expanding the business very quickly as I thought there was nothing that could stop us. And really there wasn’t. We managed to stay in business but it took us close to 7 years to regain all the losses from both the investment portfolio and the business itself. Mainly due to clients we had going out of business. And can you guess what a business that doesn’t have any money is going to do? – Pay us! We lost a lot of money through clients not paying, as well as individuals simply not spending any money as they were too scared things would get worse.
Realistically could I have seen this happening? – Most people will not blame themselves, “Owe I didn’t have any debt so I didn’t contribute to the recession…. But how much did you lose? – Oh about £500k….
It’s not about who made the problem is about when you can see things happening. If I would have kept up to date with basic investing information and followed the currency and forex trends closely, then I would have known that this was going to happen sooner, rather than later. And I publicly said this to my family, friends and business partners and even my employees. I would say something along the lines of “I’m sorry about the current situation of the business. I am personally sorry we have expanded at a time at risk was terrible.” People would most of the time say something like “John, how could you have known.” or “John, you didn’t cause it, it’s not your fault” – But the truth is, everything you do, every decision you make is your fault. If I made a £10 million business in 5 years, I’d be taking credit for it. So if I destroy it, I’ll take the blame for that too.
Late on Tech
This one isn’t so common, Most people lost money in the 08 recession. But I think only the older generation lost money when the technology revolution hit. I am talking about the time around 2005 when smartphones and laptops became mainstream. Apple exploded onto the scene, and if you were anyone you had an iphone or at least a smartphone. The difference is I got on this late. I still had a fax machine well into the 2000s and haven’t used it since 2002 I think. I didn’t bother to get a website properly set-up until 2009 and I really needed to sort out the social media presence in 2012, but didn’t get round to it until last year. All of this led to being miles behind the competition on this front.
Nowadays I like to stay up to date with the latest tech trends, just to make sure I am not missing something that could be extremely valuable to my business, or even to my personal life. If I see something that I can afford and think will benefit my business nowadays I will purchase it almost on the spot. Lets take drones for example, I use drones to transport goods to my customers, this is very easy to do and it’s almost impossible to do it in the same time as driving, it’s also a lot less hassle too!
Making Too Many Trades
This refers to my investment portfolio and my general old philosophy to trading. I used to make a lot of trades, upwards of 10 trades a month on stocks and shares. That’s 2-3 a week. If you’ve been a trader for any length of time, you know that the number 1 failure of new traders is making too many trades.
I learnt this the hard way, but I knew I was doing it, I just couldn’t stop. I would see a forum talking about a particular share and then go ahead and purchase this share for a small stake – Thinking it’s only a small amount of money, even if it goes down then I won’t lose much.
That is completely the wrong mindframe to be in. Although stocks and trading in general is risky. If you do your research correctly and follow the basic principles of trading there is seriously not a lot that you can do that will make bad trades. You might get unlucky, and the markets might crash like in 2008, but generally businesses will continue where they are going. For example if someone is doing really well and the business is growing, it is likely to continue growing…..
Make fewer, better, larger trades!
Hope you enjoyed reading.
Being a business owner is definitely difficult. It is not always fun and games, it is definitely not always amusing, or fun or easy! Once you realize all these things it is very likely that your business have started crumbling down all of sudden. If you need some tips on how to jumpstart or resurrect your business and how to pull your business out of this difficult situation, you have come to the right place! Here are some more than useful tips for you!
Hire Competent People
That being said, you should make every effort you can and hire competent people. You probably know that you cannot do everything on your own, and this is why it is helpful to have people who will deal with certain aspects of your business that you cannot attend to. Make sure you choose with the best from the best if you want your business to become successful.
Pinpoint Your Mistakes
If your once successful business is now crumbling, it is certain you have made some mistakes. Not to worry, everyone makes mistakes, you just have to make sure you will learn the mistakes you have made that is all. Perhaps you have missed out on a golden opportunity,or perhaps you have been too lazy to work on your business or on a marketing strategy.
Pinpointing your mistakes, can be the answer to your future success, since it will allow you to learn from them and improve your business so that you can enjoy it for years to come and never repeat the mistakes you have already made.
Think Of A Plan
Work out and come up with a plan if you want to achieve any kind of success. You have to sit down and carefully devise a plan. Make sure that the plan is not too ambitious, but achievable, so in other words try to be realistic and down to earth when planning grand business adventures. This will make it easier for you to stick to your plan and realize it in the future. A plan that is too ambitious sometimes can have a negative impact on your business and demotivate you rather than make you more ambitious and more successful.
Hiring Staff Of Professionals
If your business is crumbling you have certainly been making some mistakes, but in addition to that people who are working beside you have also been making some mistakes. In fact, since no one told you you are making mistakes, they too were to incompetent and weak to warn you of your potential downfall. Do yourself a favor and hire competent people in the future. Also, hiring a professional adviser to help you out with your particular problem is more than advisable.
Invest More In Advertising
Perhaps your business went on a downward spiral because you weren’t investing in advertising as much as you should have. Make an effort and start investing more in advertising, also start using social media. In addition to that it would be wise to hire a marketing expert will run your social media what you and help you jumpstart your business.