Establishing a successful and profitable business demands more than just an interesting idea. Though developing a high-quality product and service is the basic element of a business, the key to running it smoothly is to follow a set of practices that keeps your employees, operations, and the organization as a whole in line with your predetermined goals and objectives.
Every business is unique, but there are certain general practices that every organization can adopt. So, in this blog, we will try to build a list of 5 essential practices that your business can adopt, irrespective of its industry or area of operation.
1. Adopt technology
Organisations need to be highly responsive towards every change that takes place in their micro as well as macro environment. However, a human workforce means resistance to change.
This is why organisations need to adopt the latest technology and automate their business processes. This allows organisations to change and customize their processes and functions whenever the need arises, more effectively and efficiently as compared to training their employees time and again.
Opting for software and web-based tools like payroll management systems, course management systems, etc allows an organisation to perform its day-to-day tasks seamlessly without any human intervention. This also reduces the possibility of error and streamlines the processes throughout the organisation.
Technology and Automation hold the key to future success for business owners going forward. This is even more relevant in the post covid-19 era. The pandemic has made business landscape uncertain. Add to this data brach and cybersecurity threats. Using technology is a proper and meaningful way would differentiate between innovators and laggards.
Technology further can help business finding next ‘S’ curve for business growth through innovation. There are multiple ways to help your business using technology. Some of these are:
- Let technology take care of your routine email marketing and social media efforts.
- Use software for employee training, payroll management and more.
- Use digital marketing tools for brand enhancement.
- Explore the cloud technology and machine learning to automate non customer facing activities.
- Explore chatbots for 24 hours engagement with customers with a better customer support.
- Use technology for taking and managing feedback both internally and externally.
- Use finance software for better bookkeeping and accounting.
And the list is endless for business owners who are exploring using technology for reducing cost and improving productivity.
2. Set clear goals.
It all starts with a dream. Clarity and focus still lead the way for a sustained success for business.
Goals provide your organization with a direction. They state what the organization is striving to accomplish. They act as a measure against which the usefulness of every action and process can be analysed before contributing any of your organisational resources to it.
Thus, every organization should have specific, measurable, achievable, and time-bound goals.
This provides clarity to your employees about what they are supposed to do. Knowing how their efforts are contributing towards the achievement of organisational goals, has proven to make employees more motivated towards performing better. In addition to this, it also reduces the confusion about roles and responsibilities in the workplace.
All best businesses are able to create a vision and mission which cascades down the organisation. If you listen to the advices of top business gurus like Warren Buffett and more, you would understand why focus and goal clarity is the key.
A few of the prominent leaders and business stalwarts including Warren Buffett come up with some very useful advise for business success. Have a look!
3. Engage your workforce
With time, your employees are bound to lose their enthusiasm and interest in routine tasks. It is the responsibility of the managers to keep their workforce engaged and motivated at all times.
This is important because a disengaged workforce would only be focused on doing the bare minimum and collecting their paychecks at the end of the month.
But to be successful, you need a team that will be ready to go the extra mile to get the desired results.
In addition to this, engaged employees also start taking responsibility for their actions and become more committed to the organisation.
4. Keep an eye on competitors
Every organisation wants to serve its customers better than its competitors. However, one should never take his competitors as his sworn enemies.
As a business owner, you should also be ready to learn something new, even if it comes from your competitors. A technological innovation, a management practice, a new workplace policy or new product and service development, whatever it might be, if it can benefit you, then you should not hesitate to learn from your competitors and implement changes in your business model.
5. Reward and recognise your workforce
Your employees will always respond with improved productivity if you recognise their efforts and reward them for their achievements.
This sends out a positive message to your employees that their work is valuable and worthy of praise. This increases their job satisfaction and motivates them to perform better. Such positivity will also help in establishing a happy workplace culture to attract the right talent to the organisation.
The business environment is unstable. Therefore, organisations should also be on the lookout for best industry practices that they can adapt and implement to make their processes more smooth and seamless. These practices help not only in making business more profitable but also in keeping your workforce more motivated and productive.