World giant companies like Apple Inc., Google Inc., Facebook, etc operate a work-from-home culture to prevent employees from infection and reduce the expenses of a business.
1) 28,000 registered patents
2) 2.5 lakh registered trademarks
3) 42 unicorn startups valued at over $ 1 billion
4) Global innovation index from 81 to 46
The data is the only single year 2020-2021 but this first time in India and hope will continue.
We have seen dramatic innovation and how the automobile industry shifted a decade ahead with the emergence of Tesla Inc in terms of electric vehicles.
Making business profitable is not an easy job, it requires experience, expertise, effective management, efficiency, uniqueness, strong relationships, quality products or services,s and change management.
1) Shift fixed cost to variable cost
Shifting fixed cost to variable cost means you must focus on sales-based expenses or expenses that increase sales.
Minimize the establishment expenses and reduce the number of salaried employees on staff.
Shift your business to a lower rent area, pay expenses on a labor-hours basis, paperless documentation, and work from home.
2) Incremental improvement in the process
Process improvement can make big differences in business profitability and reduce the cost of operation.
A more efficient and precise process can create more customers, increase profit margin, and reduce the cost of operation.
Incremental improvement is not performed in a single day but it goes on daily and achieves the set target.
Incremental improvement means small or tinny habits towards achieving quality and you can start from very small.
3) Embrace remote working
The last couple of years have been a big learning for us the pandemic shifted offices to home and most companies practiced working from home which gave us an idea of how to reduce the cost.
Remote working can increase the profitability of the business and reduce the cost of business operations.
Businesses can be small or big but each has some common definite process like billing, accounting, data entry, etc and these can be possible to perform from remote working.
Now the world has been crazy for digital media and its platforms, individual branding, business branding, professional branding, political branding, and other business development and growth activities performed with the help of digital media platforms.
Google Maps, Google Startup School, and Google business now driving traffic for businesses and accelerating businesses to grow and increase in size.
5) Focus on no credit policy
No credit policy is one of the winning strategies for businesses and it gives businesses stability and financial strength.
Credit policy always creates an additional fund burden on business and no credit policy smooths the payment cycle, maintains the cash flow, and improves the business profitability.
6) Focus on building strong customer relationship
Customer relationship is the key to success and generating business.
Focus on building strong customer relationships will generate more sales, and build the business image and profitability of the business.
Building customers through creative emails, feedback from customers, consistent interaction with customers, establishing trust, loyalty programs, understanding customer expectations or psychology, multichannel communication, and using customer relationship management tools.
7) Time management
Develop time management skills through proper planning, decision-making, and prioritization, setting limitations, delegating outsourcing tasks, establishing a system, and strictly following up.
Time management is vital for every business and time management can create big differences in business overall performance.
8) Premium price
The premium price of the product or service will generate high profitability in business but you have to invest more in product or service innovation and quality.
Apple Inc. focuses on high pricing but the company has unique product quality, working on a product differentiation strategy and offering innovative products.
Create a unique product, differentiate the product from competitors, and focus on sustainable development.
9) Focus on affiliate sales
Affiliate sales are a very less expensive business development process and they generate more sales.
You need to pay a commission when sales mature and most companies are performing this method to generate sales in less expensive ways.
This is performance-based marketing and affiliates’ own efforts generate traffic for business and business rewards affiliates.
10) Improve your salesmanship
Salesmanship is in your hands and helps you to achieve more for your business and also for your personal and professional development.
Your salesmanship counts a lot and you should work hard to develop a unique selling approach that is costless with high profitability.
Read a good book, watch videos of global sales leaders, learn from the market, and keep developing your salesmanship skills.
The development of your skills can transform your business create new milestones and change your ways of doing business.
11) Increase leads
More leads, more customers, more customers more sales so keep building or adding leads in your tracker.
Lead generation is a never-ending process in business and your visits, phone calls, network, discussion, relationships, and social media interaction on your business page will grow your leads.
Do your business online promotion with the help of Google ads, Facebook ads, and Instagram ads and increase your business reach so that leads can be increased.
Offers like discounts, free delivery, gift vouchers, loyalty cards, a guarantee, package deals, better payment terms, free consultations, and free trials before the buy boost sales and generate more business
13) Quality presentation
Your introduction and explanation count much in business and it creates engagement and interest of customers in your business.
Do smart homework before going for a presentation or presenting your business online so that users’ or customers’ maximum engagement can be built.
14) Sales on e-commerce platforms
E-commerce platforms are now the most demanding platforms and every business is looking to sell its products and services online.
The popularity of Amazon, Flipkart, E-bay, and Alibaba, and the pandemic has dramatically hiked the sales of online companies in the past couple of years.
15) Build a winning team
7 C’S to build a winning team coaching, character, communication, commitment, contagious energy, caring, and consistency.
You can achieve any target if you have a strong and committed team
Your team members are your asset so be serious while selecting your team and put more effort into the development of a team.
As you have seen your own skills develop, adopting new technology, and the unique selling process can reduce your business expenses and make your business profitable.
Now businesses have been badly affected due to pandemics so your innovation in process, uniqueness of product and service, and focus work can build your business.
Time management, social media promotion, technology adaptation, and effective presentation give you a good result.