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Blog Business Managing Your Business

Top 5 Tips to Improve Work Efficiency

Time is a precious resource for small business owners. Most business owners find it challenging to find a good work/life balance; so using time efficiently is essential. The good news is that you can learn better time-management skills, which will lead to improved business productivity and more free time to spend with family and friends.

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Here are our Top 5 Tips to Improve Work Efficiency:

Get Organized!

Before you begin your workday, make a plan. Some people choose to do this the night before, while others find it easier to make this the first task of their day. Regardless, spend 5–10 minutes going through your calendar, looking at your notes, and scanning your email. Identify the most critical tasks and write them down. Keeping a list of to-do items will help you to stay focused and limit the effects of distractions like email, phone calls, etc. And speaking of distractions …

Keep a Distraction List

Distractions are inevitable. You’re deep into a project, and you think, “I’ve got to remember to buy bread!” Instead of letting that thought pop up repeatedly, flip to your distraction list and jot down ‘buy bread.’ When work is finished, you can flip to your distraction list and knock it out.

Empower Your Employees

You hired them for a reason! Your employees can be an incredible time-saving resource. Identify the strengths of an employee and give them work that both fits their abilities and takes things off of your list.

Don’t Multitask

Research shows that people aren’t very good at concentrating on multiple tasks at once. Let us clarify: Vacuuming the living room while listening to a podcast is not multitasking because these two tasks use different mental resources. But trying to write an email while listening to a podcast does use the same resources.

Multitasking should be called multi-focusing because, when you multitask, you are rapidly switching focus between two or more things, which is inefficient and tiring to the brain.

Easy ways to prevent yourself from slipping into multitasking include:

  • Muting text, social media, and calendar notifications
  • Installing an app on your computer that blocks all notifications
  • Only checking your email and voicemail twice a day during designated times

Invest in Time-saving Tools

High-speed internet connections, smartphones, and laptops can save you time. Finding apps that complement your business can also be a huge timesaver. And, of course, you should always take advantage of Pinnacle Bank’s services such as business checking which includes free online banking and bill pay. (LINK)

Smart time management means efficiency at work and fewer hours on the job, freeing up precious hours to spend with loved ones, on a hobby, or even taking a nap!

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Blog Business Managing Your Business

4 Signs You’re Ready to Spend Money to Grow Your Business

You have to spend money to make money. But how do you know when your business is ready to invest in future growth? You’ll know you’re on the right path when you’ve completed the following tasks:

Prioritize Productivity

Investments in human capital and research and development can increase both productivity and growth. Measuring and rewarding productivity gains can also benefit your business.

Plan for the Short, Mid, and Long Term

Many businesses are adept at planning for the short and long term. However, to promote sustainable growth, you must also be prepared for the midterm as well. Today’s market changes faster than any before, and businesses must keep pace by anticipating needs and producing profitable products and services.

By investing in emerging business lines, you can ward off competitors that may otherwise capture new markets.

Drive Expansion

Make a plan for how you will enter new markets and promote new products or services to your existing customers. Analyze your data to segment customers and identify what they need. You may also refocus your sales team to emphasize group performance over individual performance.

Boost Value and Volume

Want to increase profitability? It’s not all about cutting costs. Companies may want to compete on value rather than price and drive revenue through higher prices or volume.

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Blog Business Growth & Capital Managing Your Business

How to Keep Customers Happy While Growing Your Business

Did you know that is costs more to acquire new customers than it does to keep existing ones? But growth is also essential for the health of your business. In an ideal situation, you can grow your business while keeping current customers happy.

Provide Red-Carpet Customer Service

Customer service expert, Donna Cutting, (LINK http://redcarpetlearning.com/) says that to stand out from your competition, you must provide red-carpet customer service. Imagine if George Clooney walked into your place of business. How would you and your employees treat him? Like a star, of course! Now, imagine if you treated your customers as if they were stars worthy of special care and attention. Wouldn’t that make an impact on how your customers feel about your business, and in the long run, your bottom line?

Some other tips from Cutting include:

  • Call your customers by name
  • Remember unique details—such as their favorite hobby—and refer to them
  • Cater to their special preferences
  • Respond immediately when an issue arises
  • Always be on the lookout for little ways that you can make your customer feel like a celebrity

Resolve New Problems

When you first started your business, you identified a need or a problem that customers had, and then you solved it. Now, you help your customers solve this problem again and again. That’s great! But chances are, you can help your customers with other issues as well. So, keep your ears open. Listen to your customers, and if you notice a problem that continually arises, find a way that your business can solve it.

Surveys and social media are great ways to get information on your customers’ evolving needs, but so is listening every day. Talk to your employees about what they are hearing from customers. And don’t hesitate to have one-on-one conversations with your customers to get feedback on how your business can make their lives easier.

Be Transparent, No Matter What

Never lie to a customer, or they won’t be a customer for long! It’s a huge mistake to overpromise and then underdeliver. If you can’t provide something a customer is asking for, tell them. If you make a mistake, apologize and make it right. Above all, communicate clearly with your customers at all times and be honest about your capabilities.

Start a Rewards Program

Does your local sandwich shop offer a free sub after you buy ten sandwiches? Doesn’t it feel great when you finally get that free sandwich? You can do the same thing for your customers even if you don’t serve food. You can offer a discount, freebie, or bonus after a customer makes a certain number of purchases, or if they refer someone new to your business. Make your rewards program attractive to your customers and easy for you to track.

Keep in Touch

How often do you communicate with your customers? If the answer is only when they frequent your business, then you have some work to do. Social media is a wonderful way to communicate with your clients. Remember, it’s SOCIAL. You must respond to comments and questions for your social media presence to be effective. Monthly newsletters keep your customers informed on sales, events, and what’s going on with your business. And don’t be afraid to show your personality in your newsletter! You want your customers to feel connected to you. Want to really wow a customer? Send a card via old-fashioned snail mail to wish them a happy birthday or to recognize other milestones in their lives, such as a graduation or anniversary.

You can grow while keeping current customers happy! It just takes a little planning and a lot of customer care.