Businesses are often guilty of wasting a lot of money throughout the year. In many instances, the money is spent without even realizing that there is a better alternative. Understanding the ways that businesses waste money will allow you to see what opportunities exist within your own operations.
New technology is available to provide higher productivity, more analysis of financials, and other tasks. Much of the new fintech is causing disruption, which leads to companies not able to adapt failing. Big data, for example, is where many businesses fail to adapt. You can save a lot of time while obtaining more valuable information about trends by learning how to work with big data. Further, CRM and ERP systems can be implemented as a way of improving customer service, eliminating data redundancy, and providing access to information from any mobile device.
Poor Marketing Strategies
Marketing tends to be a black hole when it comes to spending. Businesses know that they need to market but aren’t doing so effectively. Many fail to establish a target audience, so their campaigns aren’t capturing the interest of the audience that is most likely to do business with them. Further, every campaign needs to be analyzed to see whether the desired return on investment is being achieved. By understanding marketing ROI, you can tweak campaigns so that they are more successful.
Businesses of all sizes tend to get sloppy with their finances. This is particularly true of small businesses because they take on the mindset that they can do it all. As a result, they struggle with knowing what they’re spending against their budget. They may also be unsuccessful at collecting all income that is owed because of not having the time to send out invoices and follow-up statements. Many businesses may not even realize they can get many tax breaks and credits and miss out on thousands of dollars. DIY accounting strategies simply aren’t effective for the long-term. Implementing a bookkeeper to help with all of the bookkeeping can make it easier to tighten spending and see where money is being spent on a more regular basis.
In the end, there are a lot of ways to avoid spending money where it doesn’t need to be spent. You don’t want to waste money when there are ways for you to improve your operations, explore new technology, market effectively, and tighten your spending with the help of a bookkeeper.
Looking for more financial advice? Dive into The Money Idea here!
(BPT) - Over the past decade, technology has reshaped the retail industry in profound ways. Ninety-six percent of Americans are now shopping online, according to a recent study from CPC Strategy. Which means today’s business leaders face increasing pressure to keep retail spaces relevant and engaging for customers.
One solution to captivating today’s consumer is a simple one: Build meaningful connections with local communities, says Etienne Veber, president of Field Trip Factory, a firm that helps design, schedule and promote interactive learning experiences within retail environments.
“Technology provides greater convenience and lower prices,” Veber says, "but it is not a replacement for human interactions."
The increasing lack of human connections in our daily lives represents a unique opportunity for retailers to thrive in today's environment, he says, by identifying their core values and concerns, and then expressing them through meaningful learning experiences and a deeper sense of community.
"We learn by doing, and retail environments can be incredibly powerful as teaching platforms,” Veber says.
The value of purpose
When companies express a sense of purpose to their customers, it has a profound effect on the confidence in the brand. Eighty-five percent of companies with a strong sense of purpose say they are backed by their communities, because they are seen as “good and helpful corporate citizens,” according to a survey by Deloitte.
Furthermore, 89 percent of firms with a purpose say clients and customers trust the quality of their products and services — versus the 66 percent of firms that do not have this sense of purpose.
As a way to demonstrate its commitment to its local communities, multi-format food retailer Giant Eagle, Inc. developed an interactive program that connects with local school children. “Be A Smart Shopper” helps young students and their families learn about making healthy food choices.
Over the years, it has been a very effective way for Giant Eagle’s retail Team Members to uphold the company’s common purpose to improve people’s everyday lives and well-being in a community-centered way, and so far more than 600,000 families have been reached across Pennsylvania and Ohio. Educators love the program because it supplements the classroom curriculum and gets their students really engaged. Ninety-five percent of them are planning to come back with their students next year!
“Our Be A Smart Shopper program is an important part of how we fulfill our commitments to education and health and wellness,” says Giant Eagle CEO Laura Karet. “Through the program, our retail Team Members are able to meaningfully impact how the children in our communities think about the foods they eat, and encourage involvement from the children in family meal planning.”
Expressing purpose in the retail space
A retailer can build trust and loyalty by expressing their values in innovative ways. Their stores are more than places to shop. They can build opportunities right in the towns and cities in which they serve.
Host in-store classes and events: Business leaders, store managers and longtime employees, with their industry knowledge, are community gurus. With that mindset, what better way to connect with the community than to open the doors for an on-site event? Things like hands-on demonstrations, seminars, consultations and even heading up an ongoing club are all engaging ways to share knowledge and help people solve their most common pain points.
Champion local causes: Transform company values and industry knowledge into a community asset, and direct resources to solve problems in the community. Reaching out to local nonprofits, being a major sponsor to make a local event even bigger and better, or paying employees for their time to volunteer are all ways a brand can build a meaningful community presence.
Find a partner: Most businesses do not have the in-house expertise to organize, plan and publicize in-house events and initiatives, which is why some turn to a trusted partner for expertise in that field. For example, as Giant Eagle planned its Be A Smart Shopper Program, Field Trip Factory took the lead with the curriculum (with input from educators), and created the online tool that makes it easy for teachers to discover the program and sign up their class for an event. Each participating store can easily set its availability on the Field Trip Factory platform and these educational events take place without disrupting their day-to-day business activities.
Today’s retail climate is a uniquely challenging one, due to the rise in technology. To learn more about finding opportunities to engage with customers and communities, visit fieldtripfactory.com.
Consumers today increasingly rely on connected devices to research products and services before making purchases. Here are four basics you can focus on right now to promote your business and grow your customer base online.
Digital marketing basics for businesses
(Family Features) Consumers today increasingly rely on connected devices to research products and services before making purchases – so it’s no secret that small businesses need to focus more of their marketing resources than ever before on online strategies.
As the journey from consumer query to purchase becomes more complex – incorporating multiple devices, websites, apps and offline activities – so too do the options for tracking consumer behavior and leveraging online media for targeted advertising.
There are companies today specializing in almost every aspect of online marketing, leaving business owners with a dizzying array of options. For many the question is not the value of online marketing, but rather where to start and how much they need to do to accomplish their marketing objectives.
Fortunately, there are some foundational activities that are effective, manageable and comprise an important starting point for leveraging digital media to grow your business.
Here are four basics you can focus on right now to promote your business and grow your customer base online:
If your website is difficult to navigate from a mobile device, you can lose business to your competitors – especially since mobile searches are often about more than finding information. Consumers are using their mobile phones to take action after visiting a site, including calling a business, checking store hours and mapping directions. Make sure your site is mobile-friendly and easy to use from a variety of devices so you don’t miss out on potential customers.
The time and money you invest in search marketing can be undermined if you neglect the basics such as making sure your company contact information is accurate, consistent and easy to find on your website, in online directories and anywhere else your business appears on the web. Think about what makes your life easier when you’re searching for a product or service that you need and then strive to provide that same experience on your own website.
Keep in mind that each social media channel has its own rules and user base, and not all may be a fit for your business. Find the channel(s) that makes the most sense for you and your business, and be sure to incorporate social links in all of your marketing efforts to further grow your network.
Content and character
Does a local business really need a website?
Websites are how local businesses get found via directories and search engines. It’s the “home base” for pertinent information about your business, including hours, location, products, services and more.
Remember that keeping your website information current and correct is extremely important. Inaccurate information can get picked up by other sites and directories, which, in turn, makes it harder for your potential customers to find and engage with your business.
Summit fuels growth
For more information on YP’s Local Breakthrough Summit, visit adsolutions.yp.com/breakthroughsummit.
Photos courtesy of Getty Images
Interested in Publishing on The Business IDEA?
Send your query to the Publisher today!
Interested in Publishing on The Business Idea?
Send your query to the Publisher today!
Get this business content for your website with our RSS Feed below!