6 Cost-Effective and Innovative Suggestions for Your Business’ Profitable Progression

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Across the country and throughout the world as a whole, businesses in various industries and of varying sizes have been struggling to stay afloat and maintain solvency after the devastating worldwide COVID-19 pandemic. Now, however, as your business is finally starting to slowly strive to recover, is the time to apply cost-effective, efficient, and simple ideas that can help enhance and grow your business model and ensure profitable progression in the future.

Here are six cost-effective and innovative suggestions for your business’ profitable progression moving forward.

  1. Revolutionize Your Social Media Platforms

In this modern world where technology is the proverbial king, it is not only strongly advisable but almost absolutely necessary for your business to have and maintain a strong online presence. Specifically, it is the growing number of social media platforms that have a huge influence on customers and clients alike, and, therefore, it makes perfect business sense to ensure all of your social media platforms are as active, enticing, and up-to-date as possible.

Social media platforms enable a business, irrespective of size, to cement its brand logo and slogan, subsequently raising its business profile substantially.  They also allow businesses to directly communicate with their customers and undertake important primary market research.

  1. Phone Answering Services

One of the more innovative and highly affordable ways of saving valuable time and money that businesses throughout the country are beginning to adopt regardless of industry is to hire a professional and experienced telephone call answering service. This is a fantastic way to build, maintain and cultivate customer relationships and simultaneously provide a high level of customer satisfaction and contentment.

Hiring the services of such a company means your business instantly becomes a twenty-four hours, seven days a week service, which proves to potential and existing customers alike that your business is a reliable and supportive one. Aftercare services and general inquiries will be dealt with in a timely and efficient fashion, and phone answering services are surprisingly affordable and instantly implemented.

  1. Arrange Your Own Business Networking Event

Another good idea is to arrange a business networking event based around your local community with like-minded businesses within your industry to make connections and simultaneously befriend your rivals. Networking is one of the most valuable and practical marketing tools and holding an industry networking yourself within your own business premises afford you even more scope to grow and expand.

Leads and referrals acquired from such events are even more valuable because everyone in the room is invested in the industry and, therefore, more likely to follow through and become a new customer. You and your employees will also benefit from the advice available from like-minded industry peers, and it is important to are prepared to receive constructive criticism rather than shutting down and walking away. Furthermore, there is a distinct possibility that advantageous strategic partnerships could be formed from the event and to host with an open mind.

  1. Boost Your Search Engine Optimization

There are a plethora of ways to simultaneously boost your business’s presence when a potential or existing customer searches for similar businesses and service providers, and boosting your search engine optimization is an incredibly profitable and extremely cost-effective way of growing your company.

Ways to boost your company’s search engine optimization include, but are in no way limited to:

  • Ensure your online content is consistent, highly relevant, and, most importantly, directly embedded with your brand, logo, and slogan.
  • Use keywords cleverly and succinctly and specifically in all your headings, page titles, and URLs.
  • Update all your social media and your business’s website regularly and professionally and ensure your grammar, spelling, and punctuation are all on point.
  • Use online services to help improve and increase your website’s loading speed and corresponding links.
  • Ensure your website is compatible with being used effectively on a mobile phone, as, from a study conducted in 2000, almost sixty percent of internet searches are initiated from a smartphone rather than a tablet or desktop.

Additionally, it would be pertinent to note that, as with everything else regarding technology, trends and searches continue to evolve, and therefore it is important to regularly check in with your search engine optimization to ensure it is operating as effectively as it can be within your business model.

  1. Restructure Your Job Descriptions and Workforce

By no means is this a suggestion to make half of your employees quite unnecessarily redundant, but rather the encouragement to take a detailed look at your workforce hierarchy in general and see if there are areas where you can save on money and improve efficiency.

Often within a business structure, there are multiples of roles which, inevitably, get combined and muddled with smaller jobs and eventually, it becomes unclear whose role is whose. It is incredibly beneficial to look at restructuring your team, especially if it has been a significant amount of time since changes were made. Remember that restructuring within a business takes time to perfect, and the more time and effort you expend on such a task, the more fruitful and ultimately more profitable the results.

  1. Introduce a Rewarding Customer Loyalty Program

One of the most lucrative ways of affordably introducing new schemes and plans to increase your business’s profitability is to introduce a customer loyalty program. These days, with such a large amount of competition, no matter what industry you specialize in, there is always a significant level of competition, and simply, your business should be as appealing as possible without compromising the quality and profit margin.

Customer loyalty programs are proven to improve customer retention for quite obvious reasons and increase customer satisfaction for both new and existing customers. Implementing such a program is the proverbial ‘win-win’ for both your company and your customers, and when a person is devoted to a specific business, they are generally not affected by an increase in price or a temporary decrease in availability. Customer loyalty programs create a much-needed ‘buzz’ around your business and the services and products it provides.