How to Improve A Business?

Keep Track and Control of Operations

One of the most important aspects of how to improve a business is to record sales, purchasing, and cost operations. These processes are very important to improve the business.

Many businesses lose track of where the money goes; They do not know how much they sold, how much they are paying for purchases made, how much is the sum of their costs (rent, salaries, water, electricity, etc.)
This record is kept daily, as we will see in tip

Use An Operation Control Software

It is not advisable to keep track of your operations in pencil and paper. This leads to errors, disorganization, and loss of control in the administration.

The recommended way to improve the administration of a business is to use control software. For businesses with a high volume of direct sales, we recommend downloading a POS (point of sale), which allows you to register sales quickly and on a computer.

When the company makes sales of another type (by appointment, catalogs, sales by phone, etc.) it is advisable to bring ERP software (Enterprise Resource Planning) as OpenBravo. This software is available in open source versions (free for download).

Or it is advisable to keep an Excel or Access log and create a historical business database.

Take Important Activities On Paper

To improve the business, some companies need to keep a paper record that supports processes or activities carried out.

For example, if you have a warehouse with a large investment in inventory, it is advisable to create a format where inventory entry and exit are registered, with date, name, quantity, products, entry or exit, and signature.

Likewise, companies must submit their annual tax return and must keep track of all invoices issued and received, in case of audits.

Create Various Forms Of Communication With The Client

One way to improve a company is to open the channels of communication with the client, in order to increase contact, service, attention, and sales.

Classic businesses base their entire communication strategy with a telephone number and an address. Today, there are other ways that force businesses to adapt, for example:

  • Have an email
  • Have a facebook and twitter account
  • Create a website
  • Optimize the website to rank in search engines (Recommended article: how to increase web traffic )
  • Online chat
  • Use of skype (VoIP telephony)

Explain The Concept To The Customer

A common business mistake is to believe that an elegant business name, different or rare, will attract customers. This is not accurate.

It is true that a marketing strategy may include using a different business brand name, such as companies that use English words for their business.

However, the concept of what this business is is not clear to the visitor, and it is very likely that he does not even enter the store. Therefore, a tip to improve a business is to create a statement of what the business is and what makes it different from others.

Identify Your Competitive Advantage

Regardless of the size or type of business, everyone should know what makes it different from the others (what makes it better). In fact, this should have been established before starting the business.

This is the concept of competitive advantage, the fact of establishing vs. My competition, because I am better or different, making the business more attractive. To manage a better business identify the benefit that makes it better.

Note that I speak of benefit and not characteristic. A benefit is something that is tangible for the customer, what he receives when buying at the establishment.

Do Smart Marketing

Another common mistake when managing a business is to use money in marketing without knowing the return on investment; that is, without knowing if what is being spent is generating economic benefits.

A practical way to do this is to create marketing strategies that are low cost and high impact. One of these ways is guerrilla marketing, that is, to present itself as an innovative business by using advertising different from what is customary.

Identify The Most Important Customers

Not all customers are equal. The saying of treating all clients well has changed, towards treating the most important clients better.

One way to make a profitable business is to analyze the sales data and identify the clients that represent 80% of our sales.

Remember that most of your customers will represent 20% of sales. Following the example, let’s say that case it observes that it receives many young people, but the bill is average.

effective management

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About FinanceGAB

Ajeet Sharma is a financial blogger and I am blogging since 2017. Financegab is a personal blog dedicated to personal finance. The main aim of this blog to help people to make well-informed financial decisions.
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