How CRM Software for small business can expand their revenue
Are you thinking about increasing your business profits?
Well, I have a simple solution!
Imagine that your business currently serves around 25 people. Now imagine that you are able to increase the number of customers to around 40 people/ day. Simple mathematics tells you that you have an immediate rise of revenue by 70%.
If you follow this logic, you could increase your business profits by simply doing more. But this would possibly see your work quality and best employees, walking out of the door. Instead, you should focus on improving the efficiency of your business operations.
The CRM software for small business lets you manage and combine your daily operations. This also enables you to combine different operations that improve your efficiency.
In this sense, the operational efficiency becomes the critical factor that determines your business success or failure.
In this blog, I’ll try to explain the different factors that could undermine or improve the operational efficiency of your businesses. I’ll also try to come through with explaining the impact of a CRM software at deciding the efficiency of your business.
Develop and manage a central business Hub
The concept of a central hub was essentially introduced into the mass market by Steve Jobs through the Apple iTunes software. The concept of iTunes was to manage your entire music experience on a centralized platform. Since then, iTunes has grown into the world’s most popular music platform. Similarly, businesses, today, critically require a central hub for their business activities.
Whether an entrepreneur or a businessman, you are surely expected to make multiple decisions or multi-task between different tasks, on a daily basis. Now, these activities could have a conflicting nature, requiring you to constantly switch between different operations.
A CRM software can help you manage all your business operations from a single platform. This helps you streamline and manage the different aspects of your business activities.
Well, you are likely to ask a simple question in this situation.
Why can’t I just let multiple systems be connected with each other? What makes a CRM system to be more complete and concise?
Measure everything and anything for your business
It’s a common adage that if you can actually measure something, you could obtain the insights, that would lead to improved results.
This is most true when you are running your business operations. As per Pareto principle,20% of your actions contribute towards 80% of your success. By recognizing this limited 20 % of your actions, you can work towards reinforcing and expanding on this 20% of your activities that carry the greatest impact.
You can normally describe the process through a cyclic chain.
- Extracting reports
- Collecting data
- Making insights
- Applying into process
- Back again to the first step….
A more complex and detailed form of this process is described by Karvy Insights
Image Courtesy: Karvy Insights
Unlike Google Analytics and other 3rd party analytics tool, the CRM platform is integrated into your live business operations. This helps you receive more up-to-date and accurate data. It also gives you a complete picture of your entire business operations.
Design a workflow based on existing process
Imagine a business that blindly depends on customers coming and knocking on to one’s door? Now imagine a system that can deliberately attune the footfall within a store.
Compared to the two systems, the first system is likely to rapidly run into bottlenecks and friction points. As a result, this business will also likely get a sporadic revenue.
The solution for this dichotomy is that a business should operate based on a definite workflow. This allows the businesses to optimize the activities to generate higher revenue.
All successful businessmen are aware that the secret to scalability is to automate the repeating activities. This involves understanding each part of your business operations. With this information, you can create a workflow that takes care of these different processes.
For this, you need to first understand the actual undertaken activities. Based on CRM analysis, you can separate the entire business chain into pre-sales, sales, post sales and customer service activity.
Based on this data, the CRM system lets you segregate each process into a set of connected activities.
In a razor-sharp competitive arena, all businesses are constantly trying to up-end each other based on prices. Usually, this leads to sporadic fluctuations in the product quality.
It’s an obvious but a difficult solution to improve your customer service through managing the different aspects of your customer management. A CRM system enables you to control the multiple aspects of business operations through a unified platform. This helps you to consistently improve the quality of your business.