Three Places to Find Hidden $$ (Profit!)
The chances are in every part of your business there are ways to do things better! Those little things that you don’t prioritise because there’s always something more pressing to get done....they may not always seem to be worth the time BUT they can make a massive difference to your biz!
When ANZ bank removed screensavers form all its computers, reducing energy consumption by approximately 4% and reducing greenhouse gas emissions by approximated 5000 tonnes per year! :O
As a small business we may not benefit from those types of numbers, but the effect is still the same - small changes can mean BIG results! There are a few key places to look for problems, or areas of improvement, where small changes can lead to more $ in your pocket.
1. Internal Processes
These can be found in the ‘back end’ systems working in your business - ie: your production process, your customer communications, your marketing or finance management.
- Review your internal processes - take the time to sit down and review the day to day activities that occur in your business. Whether this is the customer experience of the service you offer from start to finish, or the processes you use to design, create and/or acquire your product/s. This may seem like an overwhelming task but doing it will allow you to identify places where you could save time and money!
- Did you hear? RP sat down recently to review all of the subscriptions she was paying but no longer using and managed to save herself $400 a month!
2. Personal Skills & Abilities
We all know the importance of personality in small business! Check yourself, your team and any friends or helpers that spread the message about your brand to make sure you are all on the same page, and sharing the same information..
- Play to the strengths of your employees (and yourself!) - different people excel at different things, make sure you use this to your advantage. Don’t have staff? No worries! Don’t try and do everything yourself, take advantage of other people who have a passion for the things you usually force yourself to do and focus on what you love and are good at (ie: Outsource!)
3. Customer Experience
Often the greatest source of improvement comes from what YOUR customers are telling you! Pay attention when they purchase from you, what are the words they use, the questions that ask and the body language they use when doing business with you?
Look for gaps in your customer’s experience:
- Service-Based - if you’re running a service-based business it could be recognising whether your customer seems relaxed after waiting in your reception area? Do you receive common questions after treatments that could be more thoroughly explained?
- Product-Based - it’s a similar idea if you’re selling products - is your website easy to navigate? Is your customer easily able to find the product they saw on your Instagram page through the tabs on your site? Do your product descriptions answer all the questions customers’ may have leading up to them adding the item to their shopping cart?
- Each step you take to make your customer’s experience as easy and enjoyable as possible will be rewarded with customers COMING BACK (or telling others about you!)
Remember - this is about finding small achievable gaps in your business that are within your control! Areas of improvement that are quick and simple to fix. Take a break from hunting ideas for your business growth and take the time to identify those problematic gaps within your business, that once resolved will increase your profit!
Reference: Three Places to Consistently Find Hidden Profit (Nigel Collin)