Business Tips

Workplaces around the world are changing every day and one of the most glaring changes we’re seeing is in the flexibility companies are increasingly giving to workers. Remote work is becoming more popular by the day and it shouldn’t be a surprising development, considering how flexible it can make a business. Are you interested in how hiring remote workers can improve your business? Read on.

Boost productivity

Some may argue that remote workers and part-time employees aren’t so productive, but according to Richard Branson, this is not the case at all as these kinds of workers still have high engagement and productivity levels. Other executives and entrepreneurs have discovered this as well, including Peter Hirst of MIT who noted that his flexible work policy created passionate, fulfilled and motivated employees.

Save costs

Any business would be interested in cutting costs as much as possible and that’s exactly what hiring remote workers helps you do. Apart from essentials like health insurance and professional indemnity insurance (if you run a firm of professionals), you won’t have to pay for much else per staff, except salaries, of course.

You’ll be able to employ as many people as you need without having to use a large office space. You would also reduce the carbon footprint of your company since you’ll use less power and dozens of people won’t have to get in their cars to go to and from work.

Better satisfaction

Not only will your employees be more satisfied if they can work remotely, but your customers will be too. Working on flexible terms can make employees more productive and improve their mental health and morale. Given that your employees are the contact point between your business and your customers, you can expect their attitudes to spill over to your clients. Grumpy or dissatisfied employees are likely to cause your customers to be less satisfied and this is more applicable in certain sectors more than others.

You’ll benefit from a bigger hiring pool

One of the most crucial ways a business can remain flexible is to have more options to choose from when hiring. Hiring remote workers helps you do that since you won’t be limited by factors such as geographic location. That means you can hire top talent even if they live halfway across the world. This can be particularly important for business in locations that aren’t major cities where top talent is typically found.

You’ll be free from chasing down staff

With remote workers, you are freed of the necessity of having workers being perpetually present in the office. You are less likely to deal with cases of absenteeism where a worker simply goes AWOL. While that can also happen with remote workers, there’s a slimmer chance since workers aren’t mandated to be in the office anyway.

Conclusion

If you’ve ever thought remote workers get to have all the fun, we hope you now see how flexibility can be good for your business as well.

Every business owner wants their business to be as profitable and healthy as possible, but what are the most effective methods of achieving this? Let’s take a look at five of them.

Invest Profits Wisely

Your business will never be able to improve its profitability if you aren’t able to make good use of the profits you are generating now. To invest your profits wisely, you will need to focus on ensuring that you are always making the most informed and considered decisions possible when it comes to investing your money. Achieving appreciable and sustainable business growth needs to be built on solid foundations. Therefore, the first thing you should do is to ensure that you have an accurate overview of your current financial situation.

Adding enterprise resource planning (ERP) software to your business’ infrastructure will allow the different departments that comprise your business to share data directly with one another. This means that all your departments will be able to work together with maximum efficiency and harmony. With the most accurate financial data possible available to you, you will be able to formulate detailed corporate strategies.

Look for Ways to Cut Costs

In business, you should always be on the lookout for ways that you can bring your costs down. There is a multitude of approaches you can take to reducing costs, depending upon the individual circumstances of your business. One of the most common ways that modern businesses can save themselves money is by introducing automation into their supply lines.

The opportunities for automation are growing by the day. As well as allowing repetitive and tedious administrative tasks, such as completing payroll, to be handled automatically, automation is also finding a growing number of uses in other areas of business. Any business looking for an immediate way to bring their costs down should investigate the potential to introduce automation to some of their everyday business processes.

If your business uses any specialised services, such as payment processing services, investigate whether switching to another provider could be an effective cost-cutting measure. For example, if your business needs to make regular international payments, look for a payment processor who will be able to handle those payments for a reduced cost. Look to services such as SWIFT GPI, which you can access through AccessPay.

Make Smarter Marketing Decisions

Many businesses make the mistake of thinking that by simply throwing money at their marketing campaigns, they can generate appreciable increases in both awareness and profitability. In actual fact, to receive the best ROI on their marketing campaigns, businesses should look to make smarter marketing decisions. Often, embracing the seemingly more rudimentary and low-tech marketing techniques out there can save a business a considerable amount of money while achieving their desired goal of increased profitability.

Instead of building your next marketing drive around a sophisticated digital advertising campaign, why not embrace a more guerrilla approach? Guerrilla marketing encourages businesses to look for more cost-effective ways of getting their marketing message out to as wide an audience as possible. There are a variety of techniques utilised in guerrilla marketing. Generally, they involve incorporating the local environment into the marketing, for example, by putting up stickers and other homemade media.

Seek Additional Funding

If you need a quick injection of cash into your business to enhance its profitability, you might want to look at generating some additional funding. There are many ways of going about this. If your business is in a secure state financially, you might want to approach private equity and venture capital firms about potential investments. However, in today’s world, there is an endless number of ways you can go about funding your business.

Focus on Customer Loyalty

It is much more expensive to acquire a new customer than it is to retain an old one. You should, therefore, make sure that you invest properly in maintaining customer loyalty, whether through some kind of rewards program or through general customer outreach. However, you go about it, improving customer loyalty is a crucial step in creating a more profitable business.

A businesses profits are often the best indicator of its overall health. A business that isn’t profitable is one that is clearly in danger. Enhancing your profitability requires a long-term commitment. It is no good taking short-term measures unless they lead to long-term change in your corporate structure.

When it comes to obtaining or entering an IRS-EIN-Tax-ID, not just anyone can begin the process. You have to have a qualifying reason to obtain a tax ID. You can always utilize the Tax ID lookup to find out if your business already has a number in place or might need one, but chances are if you are not sure, then you probably do not already have a number. Here are a few examples of someone who is lawfully able to enter an IRS-EIN-Tax-ID.

Partners and Corporations

Anyone who is a partner or owner of a corporation can obtain a Federal Tax ID number. These types of business most definitely need a tax ID number in order to be in compliance with state and federal guidelines. Obtaining a Tax ID means that you can file your taxes under this number so that they are kept separate from your personal taxes. Other businesses that fall under this category include real estate companies, investment brokers, nonprofit organizations, etc.

Contractors

Independent contractors are sometimes lawfully obligated to obtain a tax ID number, but not always. If you are an independent contractor, it will depend on a number of things in determining whether or not you need a tax ID. For example, if you were to become incorporated as a business or hire employees, you might need a tax ID. Otherwise, you are likely not required to obtain one.

If you fall into any of these categories, visit our website to start your application process. We offer same day distribution of EIN numbers and we work quickly to get the process underway. IRS-EIN-Tax-ID is a quick and easy way to process your EIN number and get you well on your way to what you need to comply with guidelines.

 

The growth of the internet and comparison websites means that consumers can now quickly and easily find the cheapest and best deals for products. While this is good for consumers, it often means that businesses need to consistently find new ways to stand out and attract customers with imaginative products, enticing deals and sometimes cheaper prices.

Loyalty Program Types

Loyalty programs, however, are a popular method of attracting and maintaining customers. According to a Harris Interactive Poll performed for Transera, there are 2.6 billion loyalty program memberships in the U.S. There are different types of loyalty programs, but in general, they are a marketing system that offers rewards to customers for buying products. From the classic loyalty cards, popular with companies like Starbucks, which offer a free drink for a full set of stamps on a card, to niche-specific methods like online casinos’ no deposit bonus scheme, wherein you sign up at a new casino and you get an automatic bonus without paying anything at all, as shown on NoDeposit.ca.

But no matter what your sector, customer loyalty schemes are a very helpful marketing strategy to consider. There are many benefits to programs, and we’re going to look into some of them today.

Increase Customer Retention

Once a customer starts collecting loyalty points, for example, there is a strong incentive for them to return. If the customer is promised something free at the end of a circle of purchases, then they will likely consider that it is worthwhile to keep going back. If they go somewhere else, they risk being unsatisfied with the other product as well as missing out on a loyalty reward.  Customer retention is one of the most difficult tasks for businesses and therefore if a customer feels like there is a reward for going back, it increases their likelihood of doing so.

Once you’ve got your loyalty programs set up it’s crucial to advertise and catch the eye of customers. A simple yet effective way of doing this is by using digital signage for retail stores. Bespoke templates for retail are the easiest way to get set up with a very little cost to your business.

A Well-Known Success Rate

Customer loyalty schemes are a tried and tested method. Many companies provide it and it is incredibly popular. A 2016 study found that customers who are members of loyalty programs, garner between 12 and 18 percent more revenue than non-members. Even if a customer doesn’t return for a while, they may find their loyalty card in their purse or receive a customer email, which can remind them of the scheme and make a spontaneous decision to utilize it. Although the initial set-up can be difficult, there is a reason why it is popular – because it works.

The Feel-Good Factor

A study for KiteWheel reported that one in four consumers are frustrated when a company fails to recognize them as a past or current customer. When the customer has received their reward, it is often a very satisfying feeling, especially if the reward is worthwhile. By have a loyalty program, you are demonstrating that you are not just solely interested in making money, you want customers to feel valued and appreciated. This boosts the reputation of the company, builds a repour with the customer, which in turn, further increases the likelihood that the customer will come again and even spread the word to other people.

Once they are Set up, You Can Relax

Setting up such a system initially can sometimes be time-consuming because you need to undertake research into what type of scheme best suits your business and customers. But this is normal for any new feature of a business and is insignificant compared to the potential benefits, and thus, once it is set up, you can relax and watch the rewards come in.

Therefore, there are clearly numerous reasons to adopt a loyalty scheme. Boosting customer retention, building strong customer relations, strengthening your company’s reputation and standing out from the crowd. A great way all around.

Lax

Setting up such a system initially can sometimes be time-consuming because you need to undertake research into what type of scheme best suits your business and customers. But this is normal for any new feature of a business and is insignificant compared to the potential benefits, and thus, once it is set up, you can relax and watch the rewards come in.

Therefore, there are clearly numerous reasons to adopt a loyalty scheme. Boosting customer retention, building strong customer relations, strengthening your company’s reputation and standing out from the crowd. A great way all around.