Three Less Obvious Things Impacting Your Business’s Bottom Line

When it comes to running a small or medium-sized business, countless factors could impact your bottom line. Some of the things that can affect this figure are efficiency, sales, waste, and cash flow. Not to mention the state of the current economy, political climate, and macroeconomic factors well beyond your control.

But what about the less obvious elements you can control? The factors that could be stealing improvements from your bottom line without you knowing it? Those elements are overlooked but easy targets to hit. Keep reading as we share three less obvious factors that every savvy business owner should be aware of.

Three Factors Impacting Your Business Profits

Though these factors are not the first place businesses look to for month-over-month profit improvements, they matter. If taken seriously, improving the three non-obvious profit-hitters below can lead to overall improved financial performance.

P.S. If you’re thinking about reducing your IT costs, see how much money you could be saving with Fuse.Cloud.

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 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 within the business has the perspective to understand the unique challenges of 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 from business to business. A good place to start is ensuring you have avenues for your customers 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 Global Workplace report, actively disengaged employees cost the global economy $8.8 trillion 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 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. Access to resources can empower your employees to not only do their best work but also feel valued and engaged.

Even something as simple as a standard operating procedure can relieve employee stress and confusion. Ask yourself: when was the last time you updated your SOPs? What are my employees consistently asking for or needing in order to do their jobs? Your answer to those questions reveals a prime resource gap you can fill immediately.

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. 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.

Achieve Long-Term Success

By focusing on these controllable factors, businesses can strategically position themselves for success and achieve their bottom-line goals. However, you don’t have to try and do it all alone.

Fuse.Cloud helps businesses regain their focus by delivering customized business IT solutions with 24/7 support for an exceptional personal experience. We offer a comprehensive cloud-based portfolio that includes VoIP, fast fiber internet, and fully managed IT services that enhance and support future growth for businesses across the country.

With over 1,700 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.

Choose Fuse.Cloud as your IT partner for the future and control the controllable. Contact us today to get a free quote.

June 22, 2022

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