POST CATEGORY : Management

Effective Ways to Reduce Customer Churn

Every day, companies lose customers. The average business loses about 20% of its customer base each year. However, there are effective ways to reduce customer churn and retain as many valuable customers as possible. Here’s a look at the benefits of managing churn.

Long time customer meeting

Increase Customer Lifetime Value (CLV)

A company’s CLV is the amount of money a business expects to earn from each customer throughout their relationship together. If you can increase your average customer lifetime, then you are increasing your chance for revenue growth.

According to Harvard Business Review, you should aim for an average customer lifetime that exceeds the industry average by at least 50%.…

Continue reading →

How to Make the Most of Small Business Success

Many businesses naturally undergo ups and downs. There will be episodes of a great boom while others will be sluggish. This is usually precipitated by various factors such as prevailing economic conditions, changing consumption patterns, and internal factors, among others.

Small business success

If your business is making a killing and enjoying a period of tremendous success, you should take advantage of such times to compensate for low periods. Here are five tips on how you can make the most of small business success.

Manage Your Personal Debts Better

Personal debts can cripple your progress if there is a huge cash outlay to settle personal debts such as a mortgage or student loan.…

Continue reading →

8 Essentials For Remote Working

Remote working is becoming the norm and that means more people will need to learn how to work from home. While some workers may have spent time working from home on occasion, full-time work from home roles are becoming more popular for employers. There are a lot of benefits both for the employee and the employer when they leverage the power of a work from home base.

Remote working

When you’re the one working from home for the first time, it’s critical to think about the following essentials. They’ll help set you up for success.

1. Dedicated Office Space

Working from home comes with a lot of distractions.…

Continue reading →

Maximizing Success of Large-Scale Business

If there’s one thing the previous year and a half has taught us, it’s that nothing is certain. The spread of the COVID-19 pandemic impacted businesses and industries worldwide, crippling some industries, shutting the doors of various companies, and changing lives forever. Not only were small businesses and startups impacted, but large, international brands felt the pinch of 2020 and the restrictions on trade.

Large-scale business meeting

Companies and brands globally had to scramble to adjust their business and strategies to cater to a new type of customer and to remain relevant in the unfamiliar landscape. Companies not only had to alter their offerings, operations, and processes but had to also shift employee management and overall infrastructure within the company.…

Continue reading →

How to Manage your Debt

Just came across a friend, and she told me she had gotten into a debt of $100K! I was stunned, and I supposedly believe anyone would. Someone who lives the same life as me has gotten into such a web, and how is that possible. I am guessing a lot of us get caught in it, and somehow it just happens. Everyone has a high probability to fall here, be it someone who earns thousands or billions.

Paying personal debt

Why Do People Get Caught in the Debt Cycle?

What triggers this situation in people’s lives? I am pretty sure no one wants to purposely get into it, but it happens anyway.…

Continue reading →

How to Deal with a Toxic Co-worker

You come across different types of people throughout your career. You might connect to some individuals on a deep level, making them your work best friend. On the other hand, you might also meet some people that make your workplace a living hell. When you’re bothered about a co-worker that has a significant impact on your mental health, you might be dealing with someone toxic.

Coworkers serious conversation

Credit: SHVETS production Via Pexels

Whether your co-worker is being toxic on purpose or unknowingly, it can alter how you feel at work. There are six types of toxic employees, including the slacker, gossip, lone wolf, emotional mess, and close-minded know-it-all.…

Continue reading →

Creating a Workplace Health Model

In recent months, you might be up at night, thinking about the biggest mistakes you can make as a business owner.

It turns out that many mistakes are entirely preventable.

Workplace health model

If you’ve been grappling with these concerns, now is a good time to set your course in a more positive direction. In the process, you could just help yourself to some restful nights and rejuvenating sleep.

Set Up a Company-Wide Health Priority

Even if you are a small business owner, keep your eye on the health and welfare of your employees. You don’t have to be a major company to offer health education classes, set up a workplace health model.…

Continue reading →

Who Should Use Six Sigma?

Every business owner wants greater efficiency. With Six Sigma, business owners can streamline business procedures to improve outcomes and reduce operational errors. Six Sigma has gained significant popularity over the past few decades and has even been used by the United States government.

Six Sigma

image credit: Six Sigma Institute / CIO Wiki

The methodology can be applied to a wide variety of industries and is often considered a business initiative that improves quality and lowers costs.

Let’s look at some of the benefits you can reap when you use Six Sigma with your organization.

Customer Retention

6 Sigma has been used by people in the banking world to streamline customer banking services and optimize business processes that were causing customer dissatisfaction and lost accounts.…

Continue reading →

Route Planning Vs. Optimization: 4 Ways to Identify The Right Strategy to Maximize Efficiency

Delivery and dispatch logistics can be a pain to deal with, especially in retail and the field service industry. And you know how much your business will benefit once you figure out how to optimize and make it efficient.

Logistics in field service business

You know that you need to ensure you can accomplish three crucial things:

  • First, deliver the goods and services to each customer as soon as possible.
  • Second, finish more job orders every single day.
  • Third, reduce overhead costs such as filling up your fleet of vehicles with gas, which typically make up around 59.8% of your operational costs per mile. (1)

Achieving all three equates to efficiency, fewer expenses, and more profit.…

Continue reading →

Becoming a Freelance Consultant: 5 Specializations to Consider

Not every business owner has the knowledge to manage all departments effectively. This is why so many small businesses now look to outsource certain jobs or depend on freelance consultants to help them master managing their business.

Freelance consulting

Professional consultants are in high demand, and if you’re knowledgeable enough to launch your own consultancy, there’s plenty of money to be made.

Despite often costing a pretty penny, consultants can be hired for as little or as long as needed. That means it’s usually a lot more cost-efficient for small businesses than hiring a specialist to work full time.

If you are interested in helping businesses across the globe work more efficiently and effectively, your knowledge could be your secret superpower.…

Continue reading →