A Better Business Means Finding and Doing What’s Best
Author: Gloria Martinez
The phrase “don’t reinvent the wheel” is a universal reminder to stick with what works. Entrepreneurs can often learn from those who have gone before them – many who have failed before they hit it big. Conversely, small business owners must also balance going with proven operational tactics and making room for innovation. At Craig Saphin Consulting, we help business owners tip that balance in their favour, developing and executing growth strategies without upsetting the best practices that work in your business.
Put technology to work for you
The worst-kept secret of our times is that any business of any size can operate on a global scale thanks to technology. Depending on your business model, you may need to consider supply chains and warehousing. Still, technology has even helped level the playing field with more prominent players there, as well. If you aren’t taking full advantage of collaborative platforms or are working with outdated software, you are behind the competitive curve.
Finances. Regardless of where your employees are, you can now find timekeeping and expense recording apps that work on desktops and handheld devices. Many integrate payment portals that make payroll seamless, wherever you or your accounting team are. Online payment systems also allow you to pay your vendors on time, keeping your business credit ranking and reputation in a good position if you seek outside financing or investment for your growth strategies.
Collaboration. Thanks to work collaboration platforms, you can keep a team-based approach to your operations, even if that team is spread in different locations. Popular and free work platforms and spaces allow teams to share files and make collaborative changes. You can even create public-facing portals to enable file sharing with clients and other outside parties without granting access to the rest of your company workspace.
New business pipeline. Today’s customer relationship management (CRM) software can save small business owners time and money. It’s not enough to have new business leads; you need to have a process for converting those leads into customers, and that’s what CRM can help you do. Keeping your existing customers happy through regular outreach can also lead to retention and repeat business.
Innovate from outside
It can be hard to see something you’ve been looking at in front of you for so long. For example, you may be missing a specialized skill or talent that one of your employees has because they are doing so well at their current job that you’re reluctant to change what’s working (going back to that balance of what works, and when you need to innovate). However, creating a culture of innovation needs to start from the top, so if you’re struggling, consider bringing in someone from the outside to assess and counsel you. Many long-time or even retired business owners are more than happy to lend their expertise to small businesses at affordable rates.
Temporary outside help can also serve other essential functions:
Free up your time. You may have been a project manager extraordinaire in your former career, but now you need to focus on the larger picture. An outside freelancer can free you from the daily ruts you find yourself in so you can work on growing your business.
Set up growth mechanisms. Poise your small business for growth by putting in place smaller growth strategies that your employees can deploy, such as improving your online SEO or search engine optimization. After all, the easier it is for your customers to find you, the less you make them work. Suppose you don’t have anyone in-house who can improve your SEO results, hire an expert freelancer in SEO services. The advantage of freelancing is that you can find and compare these professionals on online platforms while factoring in details like cost and delivery times upfront to help you prepare financially.
Growth support. Freelance and temporary workers can also service large customer orders or offer support during peak times without you taking on the overhead of hiring permanent workers. This can give you some breathing room until your revenue catches up so you can afford additional full-time staff.
Balance the best with the rest
The caution of not reinventing the wheel is akin to “if it ain’t broke, don’t fix it.” However, sometimes change is required to prevent something from breaking, like sales momentum. It’s a delicate balance that can sometimes be seen more clearly with fresh eyes. If you need a new view of your business’s best, give Craig Saphin Consulting a call.
Photo by Deniz Altindas on Unsplash