Companies have experienced explosive growth overall in recent years, as evidenced by the increasing amount of payrolls reported in the US last month. But, this growth is a two-edged sword. What’s the danger?
Sometimes companies get overconfident when they see a growing bank account and an impressive list of partners. These feelings of invincibility can make you overlook your bottom line.
Whether your company is growing slowly or quickly, you need to stay out of the red. How can you do it? Here’s 3 ways for you to reduce your bottom line and keep your balance sheet healthy.
1. Attract and Retain the Right Staff
WIth the labor market experiencing some of the tightest conditions in decades, the "power" is in the hands of the workers. Along with job-hopping culture and a lack of employee loyalty, hiring the right staff is more important now more than ever. But what employee retention strategies can you adopt to improve your retention rate?
First you need to understand why your staff leaves. The main reason is obvious; it’s money. 1 in 4 employees would be willing to leave their current job to get a 10% raise. Another issue is the effect of churn and burn practices that exist in many companies. Many employees simply can’t keep meeting the high demands of their role and decide to leave. Finally, there’s always a possibility of your competition swooping in to steal your best and brightest.
To avoid these issues from affecting your retention rates, try some of the following employee engagement ideas:
- Promote a healthy work-life balance within your company. Give people the free time they need to relax and enjoy life. If necessary, ease up your requirements. Your employees will be happier and more productive as a result.
- Compare your pay and benefits packages with the competition. Are they in line with what your employees expect? Should they be increased?
- Offer an environment that’s different from the industry standard. If the standard is churn and burn, then build a company culture that promotes the long-term growth of your employees.
- Try using DailyPay. On average, our partners reduce their turnover rate by 41%. It can be just the boost your company need.
2. Create a Brand Voice
A brand voice is the unique way your company communicates using words. The important thing is that it’s a consistent communication style that sets you apart on the market. Having brand voice guidelines gives direction to your marketing efforts, improves your social media visibility, and makes it easier to write blog posts and other online content. This can boost sales and improve your bottom line.
Why does this all matter though? A study by Motista found that consumers were 4 times more likely to buy from brands they felt an emotional connection with. A brand voice helps you foster this emotional connection with your audience since it will help you communicate in a way that they find appealing.
If you want your marketing to succeed long-term, you need to learn how to create a brand voice.
Here are the basic steps for creating your own brand voice:
- Research your market. Talk to the people who use your products and understand their needs, challenges, and wants. Then turn this information into buyer personas.
- Choose a brand avatar and start defining how they’ll communicate. The best way to do this is by creating a style guide that you can distribute to everyone that writes on behalf of your company.
- Implement the guidelines on your website, blog, social media, and print materials. Show people that you’re unique and that you understand their needs.
- Distribute the guidelines to everyone who writes for your company and implement a QA process to make sure they’re applied correctly.
3. Work on Your Customer Service
Bad customer service is one of the fastest ways to damage your bottom line. Currently, bad customer service costs businesses $62 billion each year. This can cripple your business, especially at the beginning.
Overcoming poor customer takes a lot of work. You need to create guidelines that your employees can apply to create a consistent customer experience. Employee training and reminders are the best ways to improve your customer service. But, there are also many easy things you can do to make your customer service work better and look better.
Here are a few simple ways to improve your customer service:
- Create a knowledgebase to help client resolve issues on their own. This can reduce the frequency of support requests.
- Provide helpful guides and information through your company blog, lead magnets, YouTube videos, and social media. This can help your users gain a better understanding of your product and stop problems from coming up in the first place.
- Build a community where your users can support each other. This can take the shape of a forum on your site, a Slack community, or even a sub-reddit. Let your users support each other.
Profits Are the Key to Stability
“In the end, all business operations can be reduced to three words: people, product, and profits.”
- Lee Iacocca
For your company to survive long-term, it has to stay profitable. While increasing your sales is a good idea, it’s also possible to safely reduce your bottom line spending to increase your profits. If you need to boost your profits, then focus on three things: retaining the right team, creating a brand voice, and improving your customer service.
|Alex Hughes takes complex ideas and breaks them into simple, relatable concepts. He is co-founder and content strategist at The Content Reactor. Alex’s quick wit and simple style bring a refreshing quality to his creative works. While working with companies like Samsung and the Mayo Clinic, he’s helped them convert complicated jargon into human conversation. In fact if you’ve used a Samsung device recently, you’ve seen his work.|