January 30th, 2016
January can offer the perfect time to stand back for a moment and look at what you hope to achieve over the coming 12 months, and any problems you need to address. Here leading office space hire company Basepoint looks at some of the resolutions which owners of small businesses should consider making.
Often entrepreneurs are too busy coping with the many urgent immediate tasks that come up each day to stop and take an overview of the business. But it’s essential to make the time to plan for the future, ensuring you continue to grow and are well-poised to take full advantage of any business opportunities.
1. Keep the Customers Satisfied – While most businesses will already be putting resources into trying to woo new customers, it’s all too easy to take those you already have for granted. However, this can be dangerous, so make a resolution to think about strategies to retain existing customers. The most important element of this is to get the basics right and give a good, personal service, while well thought-out loyalty schemes can also help to make your customers feel appreciated.
Make sure your clients can easily get in touch with you when needed, and regularly call or meet up with them to get their feedback and suggestions. Satisfying existing customers can often lead to getting new ones, as they recommend you to friends and contacts.
2. Keep on Top of Finances – There is a danger that everyday book-keeping can get overlooked, as you concentrate on doing the work which brings in the money. But it is essential for all small businesses to keep up-to-date with accounting, so that you have a proper view of how your company stands and can also provide clear information to HMRC and any other regulators.
This means making sure your books are in proper order and doing tax returns in good time. Cashflow can also often be improved by stating clear payment terms and chasing up late payers, for instance by introducing a system of automated email reminders. If you are having problems in keeping on top of financial tasks, this could be an area where you should consider delegating.
3. Improve Efficiency – January is a good time to examine whether there is anywhere that your company is wasting money or operating inefficiently. Are there time-consuming routine tasks which you are undertaking yourself or giving to your key staff? Often this type of work could be delegated or outsourced, so that you and they can concentrate on more business-critical tasks.
It’s also worth examining your use of equipment and resources, to see where waste is occurring, and looking at ordering procedures. For instance, sometimes joining forces with other small companies to order in bulk could lead to savings. Being better organised can also help to improve efficiency. Often planning ahead can boost staff productivity and make sure time isn’t lost having to rearrange and reschedule at the last minute. Training staff effectively is yet another way to make your company’s operations more efficient.
4. Keep Up with Technology – Many small businesses are suspicious of investing in new technological advances, and concerned about the training time needed to introduce fresh systems. But sticking with slower older systems and methods can be a false economy, because new software innovations can often streamline processes and therefore boost productivity once they have bedded in. State-of-the-art technology, a good-looking website and a social media presence will send out all the right messages to your clients, showing that you are an up-to-the-minute business.
5. Take the Time to Network – If you think you’re too busy to touch base with clients and colleagues, think again. In the fast-moving modern world, networking is more essential than ever for all businesses, both locally and within the wider business community. Even if a networking session doesn’t have an instant pay-off, the likelihood is that it will prove to be worthwhile in the long run, by building relationships and contacts which will be useful for the future. Mentoring and collaborative working are also very important for small businesses, helping them to embrace opportunities for growth.
6. If Your Current Office Space Isn’t Right, Consider a Move. Perhaps your office is in an area which it’s hard for clients to get to, or you are working from a cramped front room. Arranging office space hire at a business centre could prove to be the solution. Basepoint’s centres are all in great locations for small businesses, in towns including Folkestone, Waterlooville and Dartford. You will be offered flexible terms and invited to networking events and seminars. The on-site centre management means you don’t have to spend a lot of time on building admin and there is back-up on hand when you need it. There are also excellent low cost virtual office options available.
Office Space Hire – Follow the link for more details of Basepoint’s workspace and facilities.
