- Develop a recruitment strategy
One of the biggest drains on a business, both in terms of time and money, is poorly managed recruitment processes. Too often businesses hire the wrong people due to cutting corners in the recruitment process, which leads to more time being spent hiring again, as well as potentially filling the gap with temporary staff in the short term.
A well thought through recruitment strategy will also provide a much better impression of your business to prospective employers, who can often be put off by ad-hoc recruitment processes – it doesn’t look professional from the outside.
- Invest in training
Training your employees is vital for business success. If a member of your team does not have the proficient training to do their job properly, you will not be getting as much out of them as you can – not nearly as much. Whatever their role, investing in staff training will almost immediately yield positive results, and it will also keep your employees happy.
Whatever the role, there is always room for improvement. Whether it is upskilling in a particular area, such as marketing or sales, or learning a new coding language for a more technical member of the team. Employees who know more about their area will become more valued members of the business, and in turn offer more value to the business.
- Save time with business software
Investing in business software allows your teams to free-up time otherwise spent doing manual repetitive work, such as filling in spreadsheets, when they could actually be focusing on more important things, such as revenue-driving activity. Investing in marketing software or HRIS, could free up hundreds of hours per year, and get much more out of your teams.
Allowing employees to do less manual work is also much better for employee engagement (point 4 on this list), which results in a happier and more productive workforce.
- Focus on employee engagement
One of the biggest ways businesses lose money is through teams simply not being engaged within their roles. An employee who is not engaged will almost always deliver less compared with someone who truly loves their job and does their best.
Ensure your managers and team leaders make time for their members of staff, making sure they are happy within their roles and have everything they need to succeed and be fully engaged at work. Sometimes this may require additional training, resources and attention – whatever it is, it is almost always an investment that is worthwhile.
- Do something good
A lot of businesses have a dedicated charity which they choose to support, usually something which is closely (or perhaps not so closely) aligned with the business’s product, service or values. This is clearly not a revenue driving exercise, but it can help to paint your business in a very positive light, be good for PR, and also show your employees that the business and brand is a force for good, and help to improve their perception of the business.