How To Future Proof Your Business By Paying Less

Want to save far more than just a dollar? Future proof your business and save money!

Believe it or not, you don’t have to spend more to future proof your business. All you need is the right tools and strategy, which can actually save you money.

Every business dreams of staying competitive for decades, but many fall behind because it’s just to expensive to keep up with newer competitors.

Stop just dreaming and start making that dream a reality. It doesn’t matter how many new competitors crop up. You’re future proofing and saving money.

Embrace Automation

We’ve talked quite a bit about automation lately and even covered the different ways it saves your business money. Yet, many businesses still haven’t embraced this one simple strategy. All those repetitive manual tasks cost your business in productivity, human error and employee satisfaction.

While it might seem like you’re paying more by investing workflow automation and employee training, you’re actually saving. Plus, with all the time you’re saving, employees are able to focus more on other tasks, such as increasing customer satisfaction and bringing in more customers.

Invest In Continuous Education

This isn’t nearly as expensive as it sounds. It’s a surprising way to future proof your business by paying less. Did you know it costs upwards of $4,000 (more for management level positions) to hire a new employee? But, it costs less than half that, around $1,200, to train an existing employee for the position.

By investing in continuous education, you keep your current employees fully trained on the latest skills. Instead of trying to find someone with the background you need, you already have a business packed with skilled employees. Plus, they’ll appreciate the job security.

Continuous education is also a proven way to help you attract and retain top talent. Of course, we’ll talk a little more about that later.

Using the right tools will help you keep track of skills training and make it easier to promote from within.

Reduce Confusing Communications

If you really want to future proof your business, learn how to reduce confusing communications. We’ve covered this in the past, but here’s a quick refresher.

First, reduce your communication channels. Too many options mean too many opportunities for missed communications. Second, use collaboration tools to help employees communicate with each other easier on projects. Finally, automate communication organization to ensure employees have updated to-do lists and customer notes are placed your system automatically.

Know The Status Of Your Business

If someone asked you about the status of your business right this second, what would you say? You might say something funny like “open” or “still running.” However, those are just filler as you try to come up with the real status.

Do you know your current profit margin? What about productivity levels or customer satisfaction rates? Don’t worry if you don’t know these answers. Many business owners only have vague ideas. To future proof your business, you have to be able to see the status of your business at any given moment.

This is where business analytics quickly become your best friend. There’s a reason employees with data analytic skills are so highly sought after, even though it’s forecast to be a shortage of trained analysts.
Analytics give you deep insight into all areas of your business. The more you know, the easier it is to remain competitive for decades to come. The key is using the right tool to make this possible, while paying less.

Fully Understand Your Customers

There are two key components of any highly successful business – customers and employees. You need loyal customers who are happy to recommend you and productive employees who keep your business running smoothly.

As far as customers go, the best way to create loyal customers is to fully understand their needs. Use data from customer interactions to better understand customer needs. By utilizing the data you already have, you’re able to create in-depth buyer personas to determine what your customers want before they even realize it.

Using a tool that integrates all your customer data and notes into one system is the best way to pay less while learning more about your customers.

Retain Top Talent

Top talent always helps your business stay on top, but how do you keep them when so many other businesses are eager to poach your best employees? Easy – you make them happy where they are.

The average turnover rate is 19%, which costs your business money. Reduce this rate and hang on to your top talent by:

  • Increasing employee engagement
  • Encouraging employees to provide feedback
  • Paying competitive salaries
  • Investing in their continued education
  • Providing opportunities for growth
  • Promoting a positive work environment

It’s easier than you might think to future proof your business. The good news, you’ll even save money while you do it, making you even more competitive.

At KOI, we love being able to give you the opportunity to future proof your business while paying less. We believe every business of every size and budget deserves the right tools to automate and manage tasks, improve communications and have detailed analytics. This is why we built our all-in-one business management software, so you can do more while paying less. Consider partnering with KOI today and find out for yourself why KOI is the best and last Business Management Software you’ll ever need.

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