1. Reach customers in more ways than one
If you are a retailer with no online presence, consider setting up a web store as another way to capture sales. Once you have captured enough customer emails, consider an email campaign to keep your message in front of your customer base. And don’t forget about social media.
If you’re an online-only business, consider a direct mail campaign, including a catalog featuring your best sellers for prospecting to new potential buyers. After testing a multichannel approach, you will be able to determine how to best spend your marketing dollars based on which channels were most effective in reaching your sales goals.
2. Find employees eager for a second chance
Often, we hear that businesses want to go to the next level, but can’t for lack of workforce. Explore opportunities such as “justice involved” individuals, who often have received some training and/or certification while they were incarcerated. They expect entry-level positions, are eager to work, and may have extra motivation to “show up and deliver” due to reporting to probation/parole officers. For businesses, there may be extra incentives for hiring these individuals, such as tax credits, and there are assistance programs to further develop these new workers.
3. Use a 60/20/20 approach to time management
Instead of spending 100% of your time knocking out tasks via the “Whack-a-Mole” method, I suggest a strategic approach to time management. First, use 60% of your time to proactively focus on tasks that truly add value to your business or cannot be done by others. The other 40% of your time should be divided into two categories: 20% on planning and 20% on strategizing. Planning is dedicating time to resources and schedules for the operation of the business; strategizing is time evaluating how you can improve your business performance, your customer experience, or your profit model.
4. Dig deep into your numbers
As an established business, you should be using accounting software. Once you understand the basics, what else can you measure? Understand your inventory turns and dive into your cash flow. Now is the time to start to measure your business and use metrics to take your business to the next level.
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