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Business Strategy

3 Strategies to Make Your Business More Efficient

3 Strategies to Make Your Business More Efficient

3 Strategies to Make Your Business More Efficient
Are your employees taking more time than necessary to get tasks done? Luckily, there are things you can do to boost your business’s productivity. Read on for three strategies to make your business more efficient.

Review Your Employees’ Productivity

The idea of measuring your employees’ productivity can seem complicated and difficult to pin down. Evaluating your business’s productivity, however, can help your business become more efficient and, luckily, there are many ways to go about accomplishing this task.

Productivity does not always equal output divided by input. No, it is much more nuanced than that. You need to take quality into account, as well as the type of task being completed. You also need to account for the human element in the equation. There is no perfect way to measure productivity in a business setting—rather, there are many different options. Managers can observe employees to make sure they are maximizing time spent on meaningful work and minimizing time spent on the unnecessary. Make goals and measure progress. Try to standardize goal-setting to make progress easier to track.

Automate Feedback Processes

Automating your customer feedback processes can make your business more efficient. You can gather feedback continuously and even personalize the process for your customers. Using automated processes also makes things faster and more convenient. Automating your survey responses gives you quicker responses from customers. The added convenience improves customer satisfaction and can even win customer loyalty. In addition, sending surveys automatically rather than manually saves time for your employees and helps you catch problems faster.

Streamline Your Social Media

Social media is one of the most valuable ways to market your business, but it also can get complicated. There are so many different social media platforms out there that your social media work can easily become disorganized, chaotic, and more difficult than it needs to be.

Organize and make it easier for your business by streamlining your social media with an app. With one program, you can combine all your social media accounts onto one dashboard, making control a lot easier and posting timely a lot faster. You can also use a content calendar to plan out all your social media content on one schedule. Simplifying the process will make your social media efforts much more efficient and help you save time.

By streamlining your social media, automating feedback processes, and reviewing your employees’ productivity, you can take your business from unproductive to highly efficient. Wasting time that you don’t have? Use these strategies to make your business more efficient, fast.

We can help you to figure out a way to best use social media to help your business thrive. Contact us to get started!

Categories
Business Strategy

Why Businesses Need to Look Beyond Historical Data When Doing Forecasts

Why Businesses Need to Look Beyond Historical Data When Doing Forecasts

Why Businesses Need to Look Beyond Historical Data When Doing Forecasts

When it comes to growing and maintaining a healthy and successful business, leaders understand that it is vital to have a well-crafted prediction of their company’s financial future. This involves many factors, but one of the most important to focus on is the historical data that you may possess. The following list entails some of the most important things to keep in mind about not only the importance of historical data but how to use it properly as well.

The Value of Historical Data

Ask any successful business leader — what do they do before the end of their current quarter? More likely than not, they will reply by saying that they will be preparing their future forecast by utilizing their past data. This is because the value of historical business data is so important in determining your potential success. Historical data has been a commonly used tactic by business owners because of its almost exact prediction of your business variables. These would include an estimate on your factory overhead costs, client acquirement, and loss, etc. Historical data does have its limitations. One of the most obvious ones includes considering the current business position, such as additional locations or work-in-progress projects.

Source: http://blog.chartbeat.com/2017/09/12/the-historical-habit-when-and-how-to-use-your-historical-data/ 

Taking Current Events Into Account

Earlier the limitation of historical data was brought up. Although it provides plenty of good information, it does not consider any current events. Current environmental factors can have a significant impact on performance, so it’s wise to take those into account when forecasting for a business. On-going international business relationships such as finding new overseas factories to produce your product can greatly change the numbers on your business forecast. Implementing historical data into the equation when current events are drastically different or soon to change must be avoided or at least omitted from most of the forecast.

Source: https://www.visibleequity.com/blog/qualitative-and-environmental-qe-factors-in-cecl

The Value of Big Data

There’s a reason why businesses have, for many years, used historical data to predict their financial growth or loss, and that’s because it was a great predictor. However, we’ve now come to understand that although it does provide business leaders with good information about potential events, it is not the most accurate. Big data include information gathered from your current email subscribers, clients, and marketing team. Both new and experienced business leaders are catching up to this trend because it is a great predictor of a company’s future. It gathers both older and present information to be used for a more accurate approach to business. 

Source: https://halobi.com/blog/descriptive-predictive-and-prescriptive-analytics-explained/ 

Historical data still has its place in business, but it must not be the only medium to look at if you’re hoping to develop a well-crafted forecast for your company. Simply adhere to the list of recommendations above to begin truly looking beyond the traditional historical data.

Social media and content make a big part of marketing strategy. If your hands are too full to do it yourself, let our experts do it for you!