It’s the start of 2020 and, this time, it’s not just another new year but the beginning of a brand-new decade.
With one of the most revolutionary decades now behind us, it’s time for leaders to start thinking about how to ready their business for a fresh and even more fast-paced era of game-changing opportunities, exciting wins and new milestones.
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Here are some business basics that every company should consider – from SMEs to multinationals – as they navigate their way to greater profitability and success in 2020 and beyond.
Spend more on your employees
The business world has come a long way in its understanding of the importance of investing in employees to keep them happy and engaged.
Today, onsite gyms, flexible working practices and lunchtime yoga classes are just some of the things modern companies are implementing to attract the best and most talented people and drive productivity.
And there’s plenty of research out there to prove that it really works. According to a Deloitte study, motivated and engaged employees are 57% more effective at work and 87% less likely to leave.
With the success of your business so closely linked to its people, you should head into 2020 with a few ideas for how you can make your employees feel more appreciated, energised and comfortable every day.
After all, any investment you make to achieve these objectives is likely to lead to stronger returns in the long run.
Borrow money to earn more money
Investing in new tools and equipment, spending money on marketing, carrying out renovations or buying more stock can often lead to generating more revenue in the long-term.
But the problem for many business leaders is that they struggle to find the cash in the first place to take that all-important next step forward – investing in new revenue generating opportunities.
If you think it’s too tricky or time-consuming to get finance with a traditional financial institution, alternative lending institutions could be your solution to quickly getting your hands on the funds you need to give your business a boost when the time is right.
Diversify your marketing strategy
As consumers become increasingly digitally connected, technology has opened an array of new marketing channels that enable businesses to communicate and interact with their target audiences in the right context and at the best time.
More specifically, as we head into the next decade, it’ll become much more important to leverage an omnichannel marketing strategy that delivers improved ROI in terms of open rates and lead generation.
For example, business leaders could benefit from spending some time considering the unique role that robust social media strategies, EDMs and SMS alerts and notifications could play in winning new business and engaging with customers.
Reward your customers to reward yourself
Today, customers aren’t just looking at the price and quality of products and services when choosing a brand, they’re also driven by the desire to get something back in return for their loyalty.
Almost 80 per cent of Australians are members of at least one loyalty scheme. Typically, these schemes reward customers with points while many offer affiliate marketing schemes.
It’s important to capitalise on this trend in an age where businesses are having to do more and more to beat the competition.
So, 2020 might be the time to explore opportunities to partner with third-party loyalty programs that can act as a marketing tool and a means to reach new audiences.
Running a business is never a game of set and forget. As we make headway into a new year, all business leaders should engage in some outside-the-box thinking and re-evaluation to ensure they’re equipped and on track to embrace new opportunities in a changing environment.
Reuven Barukh is the CEO of Live group.
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