The Sure Shot Plan for Better Productivity

The Sure Shot Plan for Better Productivity

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The advent of technology and consumer demands has increased the need for productivity. Businessmen are looking for ways to improve productivity so that they can face the increasing the competition.

Bettering productivity means working smarter. It also includes being efficient in how you convert inputs to the final product. Look for ways and opportunities through which you can improve the overall efficiency of your company.

Here are some areas you can focus on to improve productivity:

Use technology

Using technology is one of the best ways to improve how you run your business. You can easily increase your market share, reduce cost and quickly address customer related problems through the use of technology.

You can purchase required materials from suppliers online. This way you have more access to other suppliers and you can quickly compare the prices.

Using an inventory management system will help you keep track of the inventory levels and also increase profitability. By integrating it with your organization’s purchasing system and accounting software, you can now track all the orders and also check inventory movement.

Always watch out for the latest technological innovation which can drastically improve productivity. Scour the internet or attend trade shows to get acquainted to the newer technologies. Find out what systems or tools other companies in your sector use.

Improve the current setup

Study your current production process while keeping your business vision in mind. Have a clear idea of each process and how the various elements are connected when creating a final product.

Through this technique you will be able to identify unwanted procedures and wasteful methods. You can easily eliminate these steps. Identify ways by which you can reduce the cost of a process while still maintaining the quality of the product. This is a great way to improve the overall efficiency of your company.

Make a continuous improvement plan

Create and implement a continuous improvement plan. First assess your competitions and other companies from your sector and create a benchmark.  Identify your business weakness and strengths. Start slow and focus on one particular goal. Create and assign teams to deal with specific problems.

Always be open to suggestions from employees. Small improvements and changes made here and there can have a huge impact on the business. Measure and re-evaluate your progress and update your plan accordingly.

Outsourcing is one by which you can focus on improving the productivity of your company. Look into your expenditure and other necessary factors before deciding to outsource a particular procedure.

Another way to better productivity is by forming alliance with other companies. The right alliance will help you expand your business without incurring more costs. With proper research and investment you can quickly expand your business.

Strategy to Build an Effective Sales Plan

Strategy to Build an Effective Sales Plan

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The success of any company is hugely depended on the management and implementation of sales. Therefore, having a simple and clear plan for sales activities is essential. 

If you have never written a sales plan before, the task might seem daunting. Fortunately, it is not complicated. If done right, it can help you take a more strategic, big-picture approach to growing your business

A sales plan can be made effective by understanding 4 key points. 

Goals 

Start by deciding what you want to achieve. The targets can be anything, jot down whatever that comes to your mind. Dream big at this stage. 

It is important when writing a sales plan to have a clear image of where you are as an organization and where you would like to be at the end of the year. 

Allocate resources 

With goals and targets in place, you now need to consider what is feasible. Consider various options and choose the best. Also, take stock of your tools and systems. You need to invest in a customer relationship management (CRM) system and in other kinds of marketing materials you need to support your sales team. 

Communicating your sales plan 

i)With the sales team 

The success of your sales plan rests on your sales team. Your sales team cannot accomplish your sales plan targets unless they totally understand the plan. Your sales plan ought to describe how you will communicate the plan to your employees and the way you will train them to implement your plan’s actions. 

ii)With the customers and suppliers 

It is also necessary to consider any impacts your tactics can have on your customers or suppliers. Understand the shopping patterns of your customers, supplier’s delivery and production methods and make a plan that helps you in communicating the changes to them.  

Monitoring sales plan 

Your sales plan will assist you to monitor your sales performance and make improvements. List your marketing objectives and establish the results you expect you are promoting to attain. These results are measures will act as indicators of whether you achieved your goals or not. For example: 

After listing your objectives and measures, establish in your sales plan how you’ll monitor sales results, who will record and check results and how frequently. This data will enable you to visualize your sales performance over time and modify your techniques to improve your sales. 

Planning is often an activity that happens on top of regular business. To keep moving forward, spread the planning process across a week or so, focusing on one section of your plan at a time. The key is to just keep working. Start off small and build a concrete plan eventually.  

Tips to Build Good Customer Relationships

Tips to Build Good Customer Relationships

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Building relationships is key to learning your customers’ needs. You can gain more returning customers, referrals and net income in the process. If a business does not know the likes and dislikes of their customers it becomes a tedious task to grow your business. 

Here we will describe a few ways by which you can improve your relationship with your customers

Connect with your customers 

An age-old way of making human contact has been to find a common ground, a shared interest, or anything that shows you can empathize with them in some way. This helps you to build trust with the customers. 

Communicate 

Like any good relationship, communication has a major role in building customer relationships. Communication is not just a series of emails. Try to analyse the customer and understand how you can customize and create a personalized message for your customer. Example: From a bit of analysis from past data you can know what products the customer is interested in and then customize your messages to that. 

Not all of your communication should be about your company trying to sell something. Have communications reminding customers about special features that you have noticed which they are not utilizing. Let them know about developments in your industry. Create a personal relationship. 

Exceed Expectations 

The key to a better and stronger relationship with the customer lies is going above and beyond their expectations. Giving customers more than what they expect will delight them and make them come back to you. Make sure they walk away fully satisfied. Listen to your customers, acknowledge their concerns and resolve any problems they encounter. 

Feedback 

Feedback is a great way to understand your customers. Invite customers for surveys and ask them to share their opinion. You can identify the specific needs of your customer and find the best solutions to their problems.  Offering unique and personalized solutions will ultimately help your business prosper. Always pay attention to the comments and feedback and respond promptly.  

Show appreciation 

Reward loyal customers with special discounts and offers. Retaining customers is the best way to boost revenue. Build a business that offers the best customer service. Make sure that your products and services are always available.  

Customer relationships are more important than ever in today’s digital age. In an era where customers can easily give their views and opinions it becomes highly important that a company maintains a good relationship with its customers. Just like any relationship, strong customer relationships require work but the payoff to your businesses’ bottom line is worth the efforts. 

Mistakes to avoid when taking a Business Loan

Mistakes to avoid when taking a Business Loan

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Taking a loan is one of the quickest ways to propel your business forward. But make sure that you look into a few things before applying for a loan.  

Given below are eight common mistakes that entrepreneurs must avoid when taking a loan: 

1. Not looking into the credit score 

One of the important factors that determine the approval of your loan is your credit score. Knowing your credit rating will show your where you stand. Get your credit score from several credit bureaus. 

2. Not having a business plan 

A concrete business plan is important to show the lender your future business goals. Specifically how you plan on achieving these goals. A plan helps convince the lender to invest in your business. A well written business plan will have information about past performance, competitive advantages and proposed project. When starting a new business, a detailed plan will determine the approval of the loan.  

3. Not providing adequate collateral 

Providing collateral is important should there be a default in payment. Collateral acts as the lender’s insurance policy. Use your property and assets as collateral and it will increase your chances of getting a loan. 

4. Not explaining what the loan is for 

When applying for a loan make sure that you explain what exactly the money will be used for. Lender will need to know how the money will be put to use and how it fulfils your wants and needs. 

5. Not prepared with financial documents 

You should always apply for a loan with the proper financial documentation. Apart from your credit score lenders look into your cash flow statement, six months of bank statements, tax returns, the most recent balance sheet and profit & loss statements. Therefore, always maintain a record of your financial statements and documents. Make sure it is up-to-date.  

6. Only focusing on the interest rate 

Interest rates keep fluctuating. Make sure you lock in on a rate you are comfortable with instead of waiting for the rate to change. Focus on other aspects of the loan like the term, lender’s flexibility on repayment and the amount needed for collateral.  

7. Not reading the contract 

Do not hastily sign any contract. Before you put your sign over the dotted lines make sure you fully understand the terms and conditions of the transaction. Once you sign there is not going back. Therefore, clarify any queries and do not assume anything. 

8. Depending on one lender 

Being fully dependent on one financial institution can make your business vulnerable. Instead focus on meeting other lenders and consider other financing options before you make a decision.  

Strategies for Growth in a Sluggish Market

Strategies for Growth in a Sluggish Market

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It is extremely difficult to keep up in a changing economy. Business trends and markets are changing slowly. People are becoming more frugal and are changing their lifestyle and spending habits. How do you survive in such a market?

Given below are some strategies on how to thrive and grow even in a sluggish market:

Stand apart

When there is a diminishing customer base it is highly important to find ways through which you can distinguish yourself from your competitors. Make sure that you offer unique products and service. Consider your competition’s products and ensure that you are better than them. To stand apart from your competition make sure that your product is better, marketing is better and your customer service is the best that you can offer.

Marketing

Usually when things get tight most businessmen immediately reduce their marketing expenditure. This is a wrong move. The best way to survive in a bad economy is to invest more in marketing. The idea is to attract more customers. Spend more money on advertising and evaluate how you can improve your current marketing plan. This way you can attract more customers.

Introduce new products

Most businesses derive 80% of their profits from the sales of a main product. During hard times this dependency on a single product can make your business vulnerable. It is necessary to branch out and create stability. Here are some ways you can expand your business:

  • Entering a new market through a new product.
  • Offering a new product related to the old one and persuading customers to buy it.
  • Making a plan to build continuity revenue.
  • Taking on clients who are from a different market base.

Customer loyalty

During hard times it is easy to fall into quick fix schemes. Remember that these remedies are only temporary solutions. To stay strong in a market it’s important to have a strong customer base. Focus on building customer loyalty and trust. Offer the best possible customer services. Provide innovative and affordable solutions and products. Always keep your clients’ best interests in mind. This will greatly benefit the business in the long run.

Leverage

There are three primary forms of leverage available to entrepreneurs: automation, systems, and people. The key to success is to apply leverage on the well-established business processes. Consider how well you can utilize the available resources and how you will benefit from it. Leverage correctly applied can work miracles for almost any business. So determine how you can use leverage to get more results out of business processes that are already working well.

It might seem scary and hopeless surviving in a sluggish market. By applying these strategies any business can grow and proposer even in the most unsure market conditions.