Few industries were exempt from the widespread financial and economical effects of world events and the COVID-19 pandemic. In many cases, the larger the corporation, the higher their losses were. Apple, for instance, saw a $435 billion loss of market value over just a five-week time period.
Smaller businesses were not exempt from losses either. Many faced multiple hits, with sales falling, restrictions on in-person operations and supply chains drying up, making it even harder to fulfill the orders that were coming in.
But with vaccines rolling out and operations beginning to reach pre-pandemic levels, the new year is already looking up.
Whether your business suffered last year or not, now is a great time to start making moves to improve your operations and boost sales. If you're looking to do just that in the new year, keep reading to learn three simple strategies you need to put to work.
Utilize Customer Management Software
If your company isn't already utilizing customer management software right now, it's time to start.
Customer management software, or CRM, is a one-stop-shop for creating a better experience for your clients. It collects and stores customer data, including everything from prior conversations to sales patterns to preferences. Even small businesses will benefit from the ability to instantly track each customer's journey. This alleviates the task of recordkeeping while still allowing you to interact with each customer in a personal way.
Besides customizing customer interactions, CRM software also makes it easier to track market trends and see how products are performing in different markets. You can use this data to evaluate other areas of your business as you look for ways to scale your production.
Get Your Supplies In Order
Even the best customer management tools won't help your business grow if you aren't prepared to meet demand. That's why creating a solid supply chain is important.
Having reliable suppliers in place is key to being prepared for an influx of orders or other unexpected changes in the market. But it isn't just product supplies that you should have in stock; having common machinery parts in stock or ready to be quickly delivered is also important.
Even the smallest parts, like o-rings and sealing devices, can bring operations to a quick halt. Having a qualified supplier that you trust and a shipping process locked in can help you avoid delays and ensure that your customers are happy.
Keep Your Employees Happy
Your employees are the backbone of your company. But while training and smart hiring are important, research shows that employee satisfaction may be even more so.
Happy employees are considerably more productive than unhappy ones, which means more work and better work done during the same paid hours. There is also a proven link between happier employees and increased customer loyalty. This suggests that the more time and energy you invest in your employees, the more they will invest in delivering a better customer experience, which leads to increased sales and growth.
What you do to improve employee satisfaction will depend on the type of business you run, your size and your budget. Even minor changes, like creating a more teamwork-focused environment or offering incentives for milestones, can go a long way.
Growing Your Business In The New Economy
From improving the customer experience to keeping employees happy to creating a more reliable supply chain for even the smallest parts, these tips can help you grow your business in the new normal.
