When it comes to running a small or medium-sized business, there are countless factors that could impact your bottom line, which is simply your net income once all expenses are deducted from revenues. Some of the things that can impact this figure are obvious factors such as efficiency, sales, waste, and cash flow.
But what about the less obvious elements? The ones that could be stealing improvements from your bottom line? Keep reading as we share three less obvious factors that every savvy business owner should be aware of.
1. Poor customer service
Customer service is the direct connection between your business and your customers, enabling you to retain customers and earn more value from them. After all, repeat customers are 300% more likely to spend more money with your brand, which helps you drive revenue without spending significantly more on marketing, sales, or operational costs. By providing amazing customer service, your business can not only see a return on customer acquisition costs but also earn a loyal following that refers customers and supports marketing efforts through case studies, testimonials, and reviews.
While most of us know what poor customer service feels like, not everyone has the perspective from within the business to understand their unique challenges to providing top-notch customer service. Regardless of those challenges, a seamless customer experience comes down to understanding your customers’ wants and needs as well as having the resources to support them. This will look different business to business, but a good place to start is ensuring you have avenues for your customer to provide honest feedback and the headcount to be ready to help them at a moment’s notice.
2. Unhappy employees
Unhappy employees or a negative work culture are huge money burners. From unengaged employees who are essentially checked out to actively disengaged employees who may be dragging the whole organization down, unhappy workers can hurt your business’s overall profits, productivity, customer engagement, turnover, and more—all of which have troubling consequences for your bottom line.
In fact, according to Gallup’s State of the American Workplace report, actively disengaged employees cost the U.S. $483 billion to $605 billion each year in lost productivity. Meanwhile, organizations with high employee engagement experience 22% higher profitability, 21% higher productivity, 10% higher customer engagement, up to 65% lower turnover, 37% lower absenteeism, and 28% lower shrinkage (theft).
3. Lack of the right resources
Another less obvious factor that can impact your business’s bottom line is a lack of the right resources. From an effective learning management system and ongoing training to the right equipment and facilities, putting the right resources at your employee’s fingertips can make a huge improvement to your bottom line. These resources can empower your employees to not only do their best work but also feel valued and engaged,.
One resource that can especially impact your net income is fiber Internet. This is an alternative to cable Internet that many small business owners are switching to since fiber-optic Internet is several times faster and more reliable than even the best-performing copper cable Internet connections even when there’s a surge in Internet access. Unlike cable, fiber relies on light instead of electricity to transmit data. Furthermore, fiber is physically stronger than copper, making it more resilient to difficult weather conditions or human and electrical interference.
Fuse.Cloud helps businesses regain their focus by delivering customized business solutions with support that provides an exceptional personal experience. The company offers a comprehensive cloud-based portfolio that includes VoIP, fiber internet and managed IT services that enhance and support future growth for businesses across the country. With over 2,500 customers throughout the United States, Fuse.Cloud is committed to increasing its portfolio to include flexible technology options that will help prepare businesses today for advanced applications to come in the future. For more information, visit www.fuse.cloud.