As the COVID-19 pandemic still hits hard within the UK, we are now beginning to see a glimpse of light through the tunnel, enabling many business owners to be hopeful about future plans and also how this has transformed their mindset when it comes to their business workflow and management.
In this article, Forbes Burton are here to help business owners reflect on their own potential success from the pandemic, but also help in terms of where companies may be struggling due to COVID-19.
The pandemic is beginning to impact the UK less, but it is still present.
What Should I Do As A Business Owner With My Revenue?
If business owners haven’t already, then need to highly consider transforming their revenue profile, which can actually be done with simple tweaks to your business workflow.
Reconsidering how your business works is extremely beneficial, as this can help position yourself for financial comfort for the long term and stay ahead of your competition.
Here are some techniques that can be easily implemented into your business
Your Colleagues Matter
If you have a business that consists of happy workers, then you are going to receive maximum productivity.
Whether you are working from home, furloughed or back at your business premises, take the time to include encouragement and check-ins to help boost your staff’s productivity and maintain a higher sense of normality and communication. This could be completed through a daily or weekly check in, where you can review on every individual, as well as the prospecting areas of your business.
Many companies at the moment will need to rethink the whole of their operational model, basing on how best people work.
As many people have now had to adapt, you may find that productivity has increased massively since they have been at home. In fact, it is becoming more widely known that new, remote based sale models are proving to be more effective.
Furthermore, considering more remote workers within your company, could mean a higher opportunity for recruitment, without the additional costs in terms of business space and expenditure. Plus, these people are the vital step you need to further progress your presence and overall income from sales and work output.
Never Stop Being Organised
Identifying and prioritising your revenue opportunities is vital, no matter the circumstance of your business.
It is important to identify the primary resources of your overall revenue, and take the leap of faith with the ‘now or never’ move, as this pandemic can actually be the perfect opportunity to try different techniques within your business.
For example, you could decide to launch more targeted campaigns that can enable the wins of repat and loyal customers, as well as developing areas that can target new areas of your business, changing around prices and promotions for increased interest, finding areas where your business can grow and providing increased flexibility to your workforce and payment terms.
There are countless ways you can transform your business, so why not take this opportunity to transform your business model for the better?
During this current pandemic, it has made business owners realise the full potential of their workers, as well as releasing how important it is to keep on top of their mentality and workload.
As a business owner, if you maintain that sense of possibility, then it will ensure a great, competitive advantage, as well as seeing your workers complete tasks faster and better than you ever dreamed of before, with the push of possibility and positivity.
I Think There’s Potential Changes That Might Improve My Business – What Should I Do?
Successful companies take a chance with areas of their business, but you need to make sure that if you are considering any changes, then they are fully researched, discussed and approved within the whole of the operations and top-tier side of the business.
With the adaptation of certain companies, it has created a whole new level of visibility, agility and customer connectivity. So, the questions you need to ask yourself as a business owner whilst considering changes is: How can our performance maintain its current flow, or how can it be improved? What is the new normal? What ways can we reinvent our company and the way we work?
Is Changing The Work Pattern From The Office To Home Balance A Good Idea?
In terms of more office related businesses, you may find that either your workforce has decreased or increased in productivity. However, many businesses have actually found that since their staff have been working from home, it has increased their overall working speed and mentality, as in some cases it does provide a higher sense of freedom in terms of travel costs and time etc.
If you have full trust in your company then why not incorporate a more home and office balance? As this will not only provide a higher sense of freedom from your staff, but it will also help them maintain a better mentality, which in turn will increase in productivity and overall increase in sales and revenue.
Is Digital A New Way Forward?
In terms of general digital use during the pandemic, many business owners and employees have realised the easy navigation and use of video calling software. Which, is now said to be continuously popular after the pandemic is over, due to it creating easy meetings in terms of clients and customers who may be located further afield.
Also, with adaptations of companies during COVID-19, it is now more apparent that incorporating new data and creating now models for real-time decision making is on the increase, alongside using analytics that need to be reevaluated constantly now and should carry on to be after the pandemic.
It is also good for companies to improve their IT productivity in terms of lowering their cost base and funds, with the use of flexible digital, solution developments. This consists of reducing IT related costs where you can, involving future implementation of IT-product platforms and establishing roles that can sustain this and upgrade your organisation model.
What To Reflect On As A Business Owner Currently
For a majority of business owners, this pandemic is currently difficult to deal with, but is now beginning to ease.
It has never been so important to focus on the future and seeing ideas that can help you outgrow your competition once the pandemic is over, or at least extremely minimised.
In terms of coming out of this crisis, every business should always answer the important questions about their growth and look at new prospecting areas that can help them grow, for example, relationships over digital platforms, adapting to the new technology based business models and encouraging the importance of possibility.