The end of the year is an exciting time when companies can celebrate their successes and make plans and goals for the future. That said, you must plan carefully to ensure that your business gets the most out of the coming year. Luckily, there are loads of ways to improve the efficiency of your operations, maximise productivity, and boost your bottom line. Here are some of the top ways to prepare your London business for 2021.
Create a greener business
Making your business greener can bring about a wealth of amazing benefits. One of the biggest advantages of becoming more sustainable is that it can help you attract new customers and clients. People are becoming increasingly eco-conscious and seeking to reduce their environmental footprint by supporting green companies and brands. Going green may also help you attract and retain top talent. In fact, a recent survey found that most millennials would take a pay cut to work at an environmentally responsible company. On top of boosting the reputation of your company, going green could save you heaps of money through the energy-saving benefits. The best part is there are likely to be plenty of ways to make your London business greener in 2021. Here are a few ideas to get you started:
- Have an up to date commercial EPC (energy performance certificate) from our EPC London team to assess the energy performance of your commercial property. Complete the recommended upgrades to make your workplace more energy-efficient and save money on utility bills.
- Implement new recycling policies to make your waste management more sustainable. You could also invest in a recycling machine like a cardboard baler or a shredder.
- Switch to digital processes to reduce office waste.
- Encourage employees to adopt energy-saving habits, i.e., to switch computers and lights off at the end of the day or whenever they are not in use.
Streamline operations using technology
Modern businesses have a wealth of technology at their disposal that can streamline operations and save valuable resources. For example, automation software can improve efficiency, reduce errors, and lower labour costs. Automating certain tasks will also improve productivity as your employees won’t be required to perform mundane or repetitive tasks. This means they can focus on key business areas that will drive performance and profits. Some business tasks that can be automated include social media, customer support, employee payroll, and job recruitment. Every company should utilise business technology and leverage software to improve productivity levels and maximise profitability.
Focus on your existing customers
A research study by Fred Reichheld of Bain & Company found that increasing customer retention rates by 5% increases profits by more than 25%. This shows that your existing customers are your most valuable asset when it comes to increasing sales and revenue. With that in mind, you should focus on nurturing your existing customers and improving customer retention now and in the new year. Loyal customers are likely to spend more money with you in the future and choose your business over similar companies. They are also more likely to recommend your products and services to their family and friends which will boost your number of referrals. You can build meaningful relationships with your customers by connecting with them on social media platforms and staying in touch using communication like email marketing. Offering a customer loyalty program is another great way to reward your customers, enhance the customer experience, and increase profits.
Plan strong marketing campaigns
Nurturing your existing customer base is important, but you must also focus on attracting new customers through quality advertising and marketing campaigns. The new year is the ideal time to launch exciting marketing campaigns that will attract potential customers and increase brand visibility. Social media is one of the most powerful marketing tools available to modern businesses. Leverage social platforms like Facebook and Twitter to connect with your audience and promote your products and services. You could even run a new year’s competition or sale to create excitement around your brand and increase sales and revenue in 2021. If you would like to give your marketing efforts a serious boost in the new year, then you should consider hiring a marketing expert. Outsourcing your marketing activities will improve your brand advertising and maxmise your overall marketing results. It will also give you more time to focus on developing core elements of your business that will drive growth and profits.
The new year is an exciting time for businesses that is full of opportunities to increase profitability. There is high competition between London businesses, and you must identify ways to build a positive brand image and gain a competitive edge over similar companies. Try implementing the above strategies to increase the efficiency of your business operations, improve your brand image, and maximise your earning potential in 2021.