When it comes to running a healthy and successful business, entrepreneurs have a variety of tips, from investing in team building to launching new products. Ultimately, your growth strategy is the result of a thorough market analysis and will naturally depends on many factors, including your competition and your in-house resources. However, there is something that all successful business owners can agree on and it’s the importance of an innovative business. While you may not need to create the product of tomorrow, you should at least make sure that your company is moving with the flow. Businesses that are built on obsolete strategies and processes are doomed to collapse soon or later. But how can you tell whether your company is too old-fashioning for its own good? Is keeping formal office wear a sign of living in the past or is it part of an expected business etiquette? As legitimate as the question is – especially when you come across so many trendy startups that value casual workwear – there are other elements that indicate it’s time to bring your company into the 21st century. Here are the top 7 things you need to change before it’s too late to maintain a running business.
IRL training is a waste of resources
#1. You still think training is a waste of money
If you still schedule days off-site for your staff training throughout the year, then it’s fair to assume that you might find it difficult to keep costs low. Indeed, the costs of travel can be significant, especially if you need to plan for an accommodation overnight and for meals. Naturally, you also need to make sure that your team can maintain a positive productivity throughout the training period, which means that you try not to send the entire team on training days at the same time. For small business owners, there is nothing worse than training as it can drain the budget very rapidly. Except that you’re doing it wrong. You could provide your staff with access to a digital training platform, such as eLearning to reduce costs. More importantly, this option lets your employees manage their training time as they see fit throughout the day. You’ll be surprised to find that most people choose to go through online lessons at night, in the comfort of their home. In other words, you’ll be saving money and productivity costs!
#2. You think flexible work means no work
You’re opposed to flexible working. You’ve always worked from 9 to 5 and you can’t see any reason why anybody would want special arrangements for their day. Unfortunately, strict working hours can damage the overall productivity of your team, especially as most people are trying to cope with personal appointments and schedule at the same time. If someone has to see the doctor, they need to take a day off. This isn’t practical. Flexible working options enable people to manage their day effectively. More importantly, flexible workers experience less stress, which means that they can focus better.
#3. You don’t look for smart health management solutions
Most companies have fixed health management solutions, including paid sick days and health insurance. However, a proactive approach, such as the one here, can help businesses to keep track of employees’ health and ensure that the team can get a 24/7 access to a network of certified doctors for online appointments. People who are more sensitive to stress, for example, could benefit from real-time telephonic coaching as they need it. The bottom line is that one solution never fits the variety of individuals in a company. It’s foolish not to look after your employees, as they are, after all, your most important asset.
#4. Your administration is paper-based
You have a paper archive that you keep on shelves by your desk. From an environmental point of view, you might be killing entire forests with your printing habit. More importantly, paper documents are not practical in a modern business situation. Imagine paper)based patient records in a hospital, for instance. The documents need to be archived in a searchable manner, which requires additional costs for cross-indexing and labeling. Additionally, if a record is misplaced, it’s the entire history of a patient that disappears, which could lead to costly mistakes, especially if the hospital can’t find any record on the patient’s allergies to medication. In other words, as long as you don’t switch to a digital archiving system, you might be putting your business at risk, and potentially other people too.
#5. Your customers can only contact you by phone or email
Young customers like interactive business communications. Most Millennials turn to social media to for their customer service complaints and queries, which can lead to negative reviews if your business is too slow to pick them up. Additionally, web visitors might need real-time answers, especially if they’re shopping online. A chat function on the website can ensure that your visitors can find the answers they need to commit to purchase. If they need to call your number to find out more, it’s likely that they will buy from a competitor.
Customers connect on social media
#6. Millennials don’t stay
Millennials are often described as the job-hopping generation. In fact, 60% Millennials are open to a job opportunity at any point in time. If you can’t keep young adults in your company, you need to realize that people leave a business that didn’t meet their requirements. What do Millennials want? They want recognition for their work, especially in a cross-generational team. They also want to be listened to, through a feedback loop. Their opinions matter as their the largest population in the workplace.
#7. You don’t want a content marketing strategy
Finally, if you don’t update your website regularly, you are missing out on an effective content marketing strategy. From keep up with the market innovation to remaining visible to your audience, content creation is at the core of your digital presence. If your website doesn’t have a blog part or if you don’t join hot topics on social media, your business will become irrelevant to your target.
From digitalizing your processes to understanding the needs of your employees, it’s time to kickstart your business rejuvenation project if you want to secure your survival on the market.
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