1. Clear Your Schedule First to Focus on Truly Urgent Matters
Professor John Kotter of Harvard Business School and author of A Sense of Urgency and Leading Change discusses the importance of instilling a sense of urgency in your workplace. The trick is that there are two forms of urgency: one that is marked by inspection and focus, and the other that is characterised by panic and frantic activity. How can you know which one is which? Your timetable, according to Kotter, is a dead giveaway. You’re probably dealing with the wrong kind of urgency if you’re overbooked with meetings. Clear your calendar so you can concentrate on the most pressing issues in your company.
2. Get Your Employees Involved
The secret to inspiring employees, according to Kevin Plank, creator of the sports apparel brand Under Armour, is to speak with them face to face. When his company was smaller, he would meet with his team once a week to discuss important strategic and operational choices. They always brought up difficulties and made suggestions that he hadn’t considered. Given the size of Under Armour, an all-hands meeting is not viable. Instead, Plank hosts MVP lunches several times a month for a half-dozen “future stars.”
3. Modify Your Website’s Language
Do you notice that consumers visit your site and then depart without making a purchase? There are a few things you can do to prevent shopping cart abandonment and keep visitors on your site for longer. Customers perceived the word “sign up” as a high-pressure sales strategy, according to Stamps.com’s founder. Sales surged once the site changed the wording to “Get Postage.”
4. Obtain a Low-Cost Measurement of Demand for New Products
Lean product development can assist a business in developing new goods with the least amount of waste and expenditure possible. One trick: TPGTEX Label Solutions, a software business based in Houston, develops mocked-up webpages that display the characteristics and price of a potential new product. The corporation can assess the marketability of a product based on the response to such webpages.
5. Make Your Sales Forecasts More Accurate
It can be tough to set reasonable sales projections during challenging times. Seventh Generation’s Jeffrey Hollander talks about looking at your items item by item and figuring out what’s going on with your customers’ businesses so you can best address their needs. Identify the cash-flow challenges that your distribution partners are having. This will not only provide you with a better understanding of your company’s health, but it may also present you with a new business opportunity.
6. Get Rid of Your Difficult Customers
Is it possible to keep all of your customers? The answer is an unequivocal no. So, how do you know which customers you should let go and which ones you should keep? Consider completing an analysis that illustrates the contribution of each account to overall profitability and cash flow. Consider establishing a price structure that rewards profitable clients with discounts while penalising slow-paying or unprofitable consumers with extra “service” expenses.
7. Use freebies to boost your search engine rankings.
Search engine optimization can increase the visibility of your website, resulting in more traffic, customers, and money. Encourage other websites to link to yours as the most effective strategy to improve your site. Is there a quick way to accomplish this? Offer a free e-book download or a product trial on a topic with broad appeal.
8. Encourage your employees to contribute their ideas.
More businesses are turning to software to collect employee ideas and discovering hidden riches in the workplace. Borrego Systems, a solar-panel company, utilised SurveyMonkey to allow all of its employees to vote on the best idea submitted to a virtual suggestion box. A $500 prize was awarded to the winner. Despite the fact that only a few employees submitted suggestions, the majority of Borrego’s employees voted, emphasising the notion that everyone has a stake in the decision.
9. Seek out Partners in Difficult Industries
Paul King, the CEO of Hercules Networks, which operates ATM-like machines that allow customers to charge their phones and other devices, has been establishing connections with mall and amusement park developers. The majority of them are currently experiencing financial difficulties and are looking for new sources of income. As a result, they are eager to collaborate with King.
10. Disseminate information to a larger audience
Farmers at Stranger’s Hill Organics in Bloomington, Indiana, now upload updates from within the farmhouse using a laptop to check which jobs have been given. As a result, jobs are finished faster than ever before, and word of trouble spreads quickly.
11. Involve your employees in sales games
Sales contests are used by the franchise College Hunks Hauling Junk to increase staff engagement. President Nick Friedman and CEO Omar Soliman started a competition between their many branches across the country to see who could haul the most rubbish. What was the motivator? Consider a trip to the Bahamas.
Source: online business