It doesn’t matter where in the world you are based; every single business out there will be targeting optimization for the forthcoming year.
As the media keep informing us, a frightening number of companies are on the backfoot, and optimizations are crucial for survival.
Of course, even in the good times, shrewd decisions are always going to be welcome. Through today, we will take a look at several areas you can consider as you bid to make the best of your business in 2021.
Assess your physical space
Gone are the days when an office was a definite requirement for any new business. In short, the days of starting a company from a bedroom or basement are back – and they can make a monumental difference to your bottom line.
Chances are, if you have had office space, you and your employees have been working from home. Take a step back and analyze how this has gone; do you need to rent that permanent, bottom-line blowing building? Or, is your business in a position where it can perform just as well, or better, when people are working from home?
Of course, it doesn’t have to just revolve around your office space. The same rules apply with warehouses and other business premises, where temporary solutions like Safestore can act as a replacement and cut out those long, contract costs.
Take advantage of a wider talent pool
Following on from the above, another excellent way to optimize your business is via your workforce. This isn’t about cutting them – but more about getting the right people in.
For years, you have only been able to attract from the local area. If you are considering a remote policy, the world is your oyster. This is a huge carrot for a lot of applicants – and your business can benefit terrifically as a result.
Could your Covid-secure measures become permanent?
Many businesses have been forced to adapt over recent months. For example, those companies that offer an in-home service, may have had to turn to virtual services as a temporary compromise.
In some of these cases, these measures could be considered as viable long-term solutions. While it will vary for every business, don’t immediately discard some of the measures you have taken. Customers might have got used to them and from an efficiency perspective, it might pay dividends to divert permanent attention to them.
Make the most of your existing customers
A lot of businesses make a regular drive to obtain new customers – and that’s perfectly understandable. After all, businesses rely on a steady stream of new customers to survive.
However, this might be an era where that steady supply of new customers is shrinking. It might be due to a reduced advertising budget, or it might be because more people are more reluctant to part with their money during the current climate.
As such, make the most of your existing client base. Treat them like VIPs and attempt to boost your average order value whenever possible. Even if you don’t directly benefit from more custom from them, they might continue to refer you and you might get a trickle of new customers without actively trying.
