Investing in your business is essential if you ever want to see any real growth, especially following uncertain economic times. From investing in market research and CRM software to developing a comprehensive employee training program to using high-quality suppliers, making sure your business can operate in a productive and efficient manner is fundamental to its success. Here are five of the best investments for your business in 2020.
Before you invest in anything, think about investing in market research. In order to sell anything to anyone, you’ll need to know who your target audience is and what their motivations are for buying. There are plenty of ways to conduct market research so you can learn more about your potential customers and make selling to them easier and more efficient. Some of those ways might include adding a survey form to your website, looking up Facebook groups related to your target market, and simply talking to people who fit the demographic you’re aiming for. Ask them about their challenges and the difficulties they’re facing and think of ways to address them with your products or services.
Once you know who your target customers are and what their motivations are for buying, you can plug all of that data into a customer relationship management (CRM) software program. The right CRM program is one that’s agile and can quickly and easily adapt to the changing demands of your business.
Creatio, formerly known as BPM Online, can help identify strengths and weaknesses in the sales process and help you find areas of opportunity to increase sales and revenue. Investing in a quality CRM software program gives you access to tools and features like interactive dashboards, intelligent business processes, analytics, and a modern user interface that makes everything easy to navigate.
Your employees are the backbone of your business and if they’re not properly trained, you risk losing a lot of business. The first thing you should do is create a plan that outlines exactly what you want your employees to learn. Think about what information they should know and what skills they need to learn before you start developing your training materials. Once you’ve created a training program, try to identify any gaps in information so that your training doesn’t leave anything out. Once you’ve got a nice, comprehensive training program, have your seasoned employees train your newer employees. Then, set some training goals for each employee to ensure they’re learning what they need to learn to perform well on the job.
Technology has made it increasingly easy to run a business from pretty much anywhere. From handheld card readers that work with your smartphones (so you can accept payments anytime, anyplace) to cloud computing (that allows you to store data without any hardware), technology is changing how we do business no matter the industry. Figure out what kind of technology would help you better serve your customers and improve overall operations so that you can be as productive and efficient as possible, increasing your revenue and your chances of seeing real business growth.
Investing in high-quality suppliers can make your life a whole lot easier by reducing the number of refunds and complaints you receive from customers. Finding the right suppliers for your business means doing thorough research on your suppliers online, looking through trade publications, or asking your peers for recommendations. Once you’ve found the suppliers you think might be a good fit for your business, start the negotiation process. Make sure you understand the terms of the agreement before you sign anything. Consider things like what the shipment terms are, how quickly each supplier can ship out your products, and how much credit they’re willing to give you.
Investing in your business right from the beginning is a wise decision. As your business grows, you’ll want the technology and tools you need to keep up with demand and see your business grow. Figure out what your business needs and start investing in it so you can make 2020 your most successful year yet.