If all your cash flow is tied up in day-to-day operations, growing your business by spending more on hiring new staff, creating new products or services, or investing in marketing to attract more customers, can feel far beyond your reach. At the same time, you want to develop the business. You have products or services your customers love, but you know you can achieve more. What are your options?
Yes, you could always speak to your friendly bank manager and increase your financing. But there is a different way which doesn’t involve getting into debt! Read on …
How some businesses did it:
Consider the events company which doubled the speed of its events planning process. Or the removals company that saved £17,000 a year on their operations. Or the customer services team that reduced their overheads by 20%. These savings meant they had more time for growing their businesses without investing in extra people, marketing or product development.
They took a forensic look at their businesses and identified how they could do things better.
Any type of business can do this. Ikea are famous for their continuous improvement approach. They make small, incremental improvements which all add up to deliver big benefits. After redesigning their best-selling Bang mug over the years, they eventually doubled the number they can fit on a single pallet – halving their shipping and storage costs.
The events planning company mentioned above reviewed how they plan their many events each year. By getting things right at the beginning and streamlining systems, they reduced the need for retrospective quality checking and approvals. By integrating their CRM system with Trello and Eventbrite, information can flow and tasks are automatically triggered; removing errors, speeding things up and improving communications so everyone can see the status of each event in real time.
The removals company focused on how they respond to customer quote requests. They were able to speed this up, reducing the number of lost enquiries and improving the accuracy of their pricing. This eliminated errors, made things run more smoothly and improved customer satisfaction ratings. These small changes all added up to a significant saving over the year – likely the equivalent of a new full-time member of staff. They are using this extra capacity to create new sales channels, and have set a new plan to achieve growth targets of 30% for the year!
So yes, you really can grow your business without spending more money .
Making small improvements to how you run your business can add up to big savings and new growth.
Veriteam works with you to rationalise, streamline and improve your processes and project management. By having an independent, external expert looking afresh at your systems, we can identify areas for improvement – where the business can work smarter, quicker, cheaper, and ultimately, more profitably.
Call us now on 01273 232 934 and let’s talk about how we can help your business be even better than it already is.