Three Winning Strategies for Diversifying Your Success

Three Tools for Diversifying Success in Business

 

diversify your company revenues

diversify your company revenues

Introduction

The State of Small Business Report surveyed 1,088 business owners and executives in 2015. The survey found that 57% anticipated revenue growth within the next coming year and that almost half had increased confidence in overall economic growth. In order for the growth to take place, though, they need to carefully consider how they can best capitalize onto their employees’ skills. This is what will best ensure that a company is properly run and with target market growth.

The thought of trekking employee skills, profits and client interactions simultaneously may seem daunting. However, it’s a necessity in order to keep any company running. Fortunately, we are past the days in which we have to do everything manually. There are numerous options for software that you can invest in and numerous other electronic avenues which you can use.

In this time of recovery from the Great Recession, businesses also can’t afford to do everything on the cheap and/or on the minimum. Your business and your employees deserve much better. You also can’t afford to submerge under your competition.

Below, we will discuss three things that you can easily do to diversify your company’s revenues. This also means increasing your company’s chances for success. Best of all, it means increasing the satisfaction of your employees and clients.

 

Improve Customer Relations

Improve Customer Relations

Managing Customer Relations

Maintaining satisfaction of clients is the key to keeping any business running. This includes staying current with trends and monitoring patterns. This is best done by applying CRM (customer relationship management) software. CRM software contains many features such as managing sales pipelines, managing sales representatives and accessing customer information.

Intelligence Tools

Spreadsheets are a good start in figuring out the big picture. However, as a company grows, so does the amount of data and it often results in confusion of what the information is saying. This is usually when intelligence tools (usually referred to as BI’s for business intelligence) are needed. These are tools that pull and aggregate the data from databases, applications and architectures. Since they can help with everything from inventory to analyzing metrics, they can better help you make more informed decisions.

 

Business intelligence tools

Business intelligence tools

 

BI’s facilitate everything from cooperative success to editing of information. As a result, BI’s also provides end-users with critical information about their customers and partners. They even help to monitor the behaviors of the two.

BI’s make it easier share information across company locations. They also eliminate any errors from manual attempts. It’s not impossible to make smart decisions from manually input data. However, it tends to be very painstaking, time-consuming and draining. About 71% of business owners and executives surveyed reported that they had not installed BI’s but that it was a top priority.

 

email marketing strategy

email marketing strategy

Marketing by e-mail

In our time of the information age, e-mail marketing has remained a key for rapid target market growth. According to the Direct Marketing Organization, e-mail marketing, on average, profits about $40 for every $1 spent. E-mail marketing is perhaps one of the least expensive avenues available and it’s easy to set up.

Sending out a newsletter tends to be one of the best ways to keep your clients updated on your information, discounts and other deals. It also helps your company to increase recognition, a large amount of new clients and to diversify your income streams.

According to the survey, over half of small businesses plan to invest less than 3% of their profits on their marketing. This is not good news as the recommendation is to spend at least 10%. Businesses who don’t throw their net wide don’t have much of a growth hope. Also, underestimating sharing your up-to-date information stunts your business’ chances of success and efficiency.

 

Critical success factors in business

Critical success factors in business

Conclusion

If you want to succeed in your business, don’t underestimate the importance of investing in the above three tools. The differing businesses may have different methods in the way that they are run. However, we are in the technological age of information and past the point at which we have to do everything manually.

These days, we can’t afford to not seek out assistance where we can. Getting ahead in business means putting more shrewdness into the methods used for marketing. It also means diversifying clientele bases and income avenues.

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Article provided by NECHES FCU, with locations in Port Neches and Beaumont Texas. Neches FCU is a texas credit union and has an attentive team of professionals ready to provide services to our members.

When their doors open at any of the 9 service outlets, the objective of “Ultimate Member Satisfaction” becomes the driving force for every employee. They are well-known for a personal, dynamic and upbeat work environment, providing a memorable service experience, and where all clients are known by their name.

Neches has about $438 Million in assets with over 45,000 members. Neches is recognized by members and the business community as one of the top credit unions in texas and an actively involved partner, helping our Family, Friends and Community!

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