Use Your Greatest Asset To Maximize Profits in The Final Quarter
At this time of the year, savvy business owners are starting to really knuckle down on the tactics that they’ll use to make the most of the opportunity that’s presented in the final quarter. Perhaps you’re rolling out special offers in your stores to entice festive spending, or maybe you have an exciting new line of products that you’re expecting to fly off the shelves.
These strategies can work, for sure, but if you’re serious about really upping the ante and ending 2021 in the best position possible, then it’s time to think about how you can leverage your best asset – your people.
Here, we’re going to share some practical hints and tips that you can start implementing right away.
Consider whether you need to roll out refresher training
At this time of the year, exemplary customer service can make a huge difference when it comes to your profits. Are your staff comfortable with talking about your products and services? Can they pinpoint opportunities to offer an up-sell? And are they really firing on all cylinders when it comes to their day-to-day work.
Take the opportunity to consider how you can offer training to drill down on key points and take performance up to that next level. You don’t necessarily have to spend a fortune on bringing in external providers. Think outside of the box when it comes to how you can deliver.
Ensure that individuals and teams have goals to be working towards
If your staff have been in their positions for a while, then they can really easily fall into a mundane routine. They turn up to work, do their bit and then go home. Could it be the case that they’re feeling complacent? If so, now’s an excellent time to get your leadership team together and ensure that everyone has realistic but stretching goals to be making progress towards.
Individuals should understand and recognize the contribution they make to the bigger picture, though it’s also sensible to think about how you can encourage staff to work together to achieve bigger things.
Work out how you’ll incentivize outstanding performance
Think that it’s enough to pay your staff the money you owe them at the end of the week, and then expect them to thank their lucky stars that they’re so generously rewarded for their work? Think again. Pay is only one part of the story here. You need to consider how you can make sure that your employees know that their contribution is valued.
Again, this doesn’t have to be something that puts a strain on your budget. There’s a ton of things that you can do to offer an attractive inventive for outstanding performance, even if you’re on a tight budget. And, of course, you should never underestimate the value of saying thank you.
The year’s speeding to an end, but if you start taking action right away on the points that we’ve outlined above, you can make a big difference to your final results. So what are you waiting for?
If you need some help with managing that final push, then pick up the phone. We’ll be looking forward to having an initial chat about how we might be able to work together, without any obligation or pressure.