16.7 C
London
Monday, October 3, 2022

Five alternative avenues to consider

Must read

Mobility-as-a-service to cut fuel costs of $10.8 billion by 2027, report says

The Mobility-as-a-service (MaaS) market is likely to grow by 282% in the coming years. MaaS platforms provide urban transportation solutions for consumers, such...

Judge Ketanji Brown Jackson wades into questioning over murky wetlands dispute as Supreme Court opens new term

WASHINGTON — The Supreme Court opened its nine-month term Monday by hearing a conservative challenge to the federal government's authority to regulate wetlands under...

Why aren’t we seeing more aggressive SaaS mergers and acquisitions? • londonbusinessblog.com

Towards 2022, it looked like we were ready for a big year in mergers and acquisitions. This was especially true for enterprise SaaS...

AT&T talks about driving innovation through collaboration at Disrupt • londonbusinessblog.com

We're just weeks away from the first personal londonbusinessblog.com Disrupt in three years. The agenda is definitely bursting with expert insight and information...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

David Cristello, Founder and CEO, Jetpack Workflowsoftware for accounting and bookkeeping firms, and host of Growing Your Firm podcast.

We’ve all heard (and seen) the negative impact of the “Great Termination”, but have you discovered its positive side yet? Looking back over the past two years gave me a new perspective on the shift in workers we’re seeing in the accounting industry and in business in general. While it’s never easy to lose a valued employee, have you ever considered that the employee relocation is an opportunity for your business to grow?

I have five ideas for you to consider:

1. Pump up your technology.

Use this time to review your technology stack and consider automation. This is something you may have left on the back burner when you were able to solve time constraints and workflow challenges with “butts in seats”. But even before the pandemic, I believe that world faded into the sunset. Smart companies need to think about which tasks they can automate. (Full disclosure: My company offers automated solutions, as do others.) Investing in an app or tool to automate tasks can help increase margins, free up employee time, and enable you to hire staff.

2. Consider the gig.

Look at hiring fractional employees versus full-time employees. Fractional roles may have been experimental before the pandemic, but now they’re here to stay as they emphasize flexibility as part of the employee experience. If you work with remote staff and have job openings, you might find just what you need from gig workers, onshore support, and freelance marketplaces like Toptal and Paro.

3. Seek wisdom from within.

Appreciate the employees you have by asking them for suggestions for improvement — and by taking steps to implement those changes. You get great ideas and build a stronger team camaraderie in the process. Collaboration can be as simple as scheduling 1-on-1 meetings or asking a third-party company to conduct “stay” interviews for you. I’ve had good results staying in touch with an app called Donut. It automatically connects you with other team members for a 20 minute chat. The premise is that it’s like having a donut or being with someone at the water cooler in the office, which can be especially useful in a remote environment.

4. View customer packages and prices.

While services and prices may not be directly related to revenue, they may very well be. Low cost, hourly customers can be a drag on the entire business, as they often put more demands and strain on relationships. Now is the time to sell your underperforming customers and review your packages to make sure you deliver strong results at a fair price.

5. Increase redundancy.

In so many companies, customers build a relationship with one person. Now is the time to make sure there is redundancy. This is important not only in case someone leaves, but also as a customer management best practice.

Here’s how: Identify a team member to train on each client; ask that person to attend a few customer conversations so they can be introduced and familiarize themselves with the account; when the contact person is absent (eg on leave, vacation, at a conference or, like me, about to go on paternity leave), communicate to the client that the backup person is their contact person. Let the backup handle routine communications with the client from time to time to build rapport.

As business owners, we are all trying to navigate the return to work, major layoffs and talent wars as we push the ball forward. An opportunity-seeking mindset can be the difference between feeling like a victim of the market or feeling in control.


londonbusinessblog.com Business Council is the leading growth and networking organization for entrepreneurs and leaders. Am I eligible?


More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Mobility-as-a-service to cut fuel costs of $10.8 billion by 2027, report says

The Mobility-as-a-service (MaaS) market is likely to grow by 282% in the coming years. MaaS platforms provide urban transportation solutions for consumers, such...

Judge Ketanji Brown Jackson wades into questioning over murky wetlands dispute as Supreme Court opens new term

WASHINGTON — The Supreme Court opened its nine-month term Monday by hearing a conservative challenge to the federal government's authority to regulate wetlands under...

Why aren’t we seeing more aggressive SaaS mergers and acquisitions? • londonbusinessblog.com

Towards 2022, it looked like we were ready for a big year in mergers and acquisitions. This was especially true for enterprise SaaS...

AT&T talks about driving innovation through collaboration at Disrupt • londonbusinessblog.com

We're just weeks away from the first personal londonbusinessblog.com Disrupt in three years. The agenda is definitely bursting with expert insight and information...

Limit reached – Join the EU Startups CLUB

€147/quarter This option is ideal for companies and investors who want to keep up to date with Europe's most promising startups, have full access...