Are you thinking of starting your business or do you already have your company, but are you lost? Effective business operations strategies are ideal for you.
We look for the best effective business operations strategies, thinking about how you can put them into practice immediately, to start seeing results in your company.
Analyze each of the possibilities and see which effective business operations strategies apply to your business. These must be tested and even adapted, taking into account your region, the amount you have to invest, among other factors.
1. Cross-sell
The first effective business operations strategies widely used is cross-selling, as it brings an immediate return to retail companies. There are several ways to put it into practice, let’s see some of the main ones:
This is a technique that most great business owners adopt! It basically consists of seeking customer loyalty. This is what happens with service providers mainly.
For example, when you find a barber you trust, you will hardly change. It can still be applied in retail, for sure you or someone around you, always buys the same product, by taste or affinity.
If you want to build customer loyalty, you should:
- Have good service: when the person is well served, the probability of them coming back is great. On the other hand, poor service, in addition to losing a customer, will lose all the potential consumers that that customer would bring;
- Sell quality products: serve well, don’t sell a bad product. It may even sell the first time, but as soon as the customer notices it as a bad product, they will not buy anymore.
- Keep in touch with your customer: When I invest time in your customer, they are likely to come back. A simple but very effective practice is to know the day of your client’s birthday and wish them well on this day. This shows how valuable it is to your business.
However, this is not the only cross-selling strategy, read on.
2. Upsell (Effective business operations strategies)
Upselling basically consists of selling several products to the same customer. There are two ways to do it:
- Growing: first it sells a cheap product, then gradually sells more expensive products.
- Decreasing: first you sell an expensive product, then one or several cheap ones
We recommend that you use the rising strategy, simply for the cost. Convincing someone to buy a cheap product is easier than a high-value product.
Still, the most important thing is that your products deliver exactly what you offer. Remember, no matter how good your marketing is, a bad product doesn’t sell!
3. Innovative product or service
Companies that do not innovate are at risk and are doomed to disappear, history has proven that. Nokia and Blockbuster are classic examples!
Innovation is not just a differential, but a necessity for survival in the market. However, many companies don’t know where to start. Here are some of the best ways to apply this effective business operations strategies.
Open innovation
Open innovation is basically sharing and absorbing information in a business environment. This allows you to leverage knowledge from other businesses. Innovations usually don’t come from something totally new, but from finding loopholes and points to be improved in existing products.
This practice is mainly for technology companies and startups, because in these fields collaboration is common thinking about constant development. By the way, the technology sector is one of the most important for those who want to innovate, so always check the tech news updates daily.
Internal development (Effective business operations strategies)
If innovation cannot come from outside, let it come from within! For this, the qualification of the team is indispensable. Ways to ensure this are:
- Invest in employee training: Methods such as Lean Six Sigma optimize processes and increase productivity, ensuring operational efficiency;
- Hire experts: If in-house training is not possible, invest in experienced professionals to come up with new ideas. In fact, this is the fastest way to innovate in the market.
Innovation does not happen by chance! Whatever strategy you follow, remember to always be aware of market demands. After all, it is not enough just to innovate, it is necessary to generate value.
4. Mergers and Acquisitions
In business, growing organically is not always enough. That’s where mergers and acquisitions come in. This process allows companies to unite or acquire competitors to expand their operations in the market in a strategic way.
More than just a move to incorporate new technologies, as we have already seen. This is one of the fastest ways to position yourself. Let’s look at the reasons why the merger is a good deal:
- Rapid knowledge accumulation: All your assets (equipment and personnel) become part of the new business. Because of this, he starts to have a broader view;
- Reduced competition: One of the most strategic points of mergers and acquisitions is that it eliminates a direct rival. Instead of competing in the market with another company, now the two become one, drastically increasing the volume of customers.
5. Pricing correct (Effective business operations strategies)
Defining a pricing strategy is not as simple as choosing a random value. The price of a product or service needs to be defined strategically, taking into account different factors to ensure competitiveness and profitability.
But how to price correctly? There are three essential pillars for an efficient strategy.
The first step in setting the price is to understand how your audience sees the value of your product or service. After all, if the customer perceives a high value, he will be willing to pay a higher price.
However, there is no point in having an excellent product if the price is completely misaligned with the market. Observing how competitors price their products can bring valuable insights. The goal is not to copy prices, but to understand how to position your brand competitively.
The last pillar and one of the most important is to ensure that the price covers all the costs of the operation and still generates profit. This includes production, logistics, taxes, and marketing expenses. An alternative to be able to price is to use spreadsheets that already have the most important metrics. There are several companies that offer this service, one of them is Smartsheet.
Conclusion: Effective business operations strategies
Effective business operations strategies help you increase your results. As you can see, most of the time the result does not come from big changes, but from small practices.
We recommend that you start by applying tie-in sales, as it is a simple and quick method to apply. Allied to this, it must always seek innovation, seeking to develop to always bring news to customers.
Another effective strategy is to merge with another company. In this way, they will have a new view of the market and will have more people thinking about the company’s growth.
