Multiplying Revenue in Small Business

Multiplying Revenue in Small Business.

Scaling is the ability to reliably duplicate or multiply a process as volume increases. The maximum potential value of a business is identified by scaling. Making your product scalable is totally dependent on the amount of human involvement that you plan to put into the process. Let’s take the sample of a weaver who specialises in handwoven carpets. He takes a week to weave one carpet. If he is able to get one customer every week, he is easily able to meet the demand. However, if he gets two customers in a week, it would be a challenge for him and the second customer will have to wait for the first order to be completed. Now, let’s assume the weaver gets an order for one thousand carpets in a week time. This target is unachievable for the weaver and it’s going to be impossible for him to keep up with the demand.

Scalability can be increased through duplication or multiplication. Via automation, brands like Starbucks increase their ability of duplication. Though human involvement is there in the automation process, it is very less because all the work is done by semi-automatic machines and human contribution is limited to operations. Automation also eliminates the chance of imperfection in the final product. Automation also helps boost production.

Force Multiplier

These are the tools that amplify the producer’s effort to increase the output of production. A simple example is the jack, used to lift a vehicle to change the wheel. It is a force multiplier, and hence, has the capability to get more work done in less time and little effort. When a company or an individual makes use of outside capital in their business, they get access to the force multipliers which are otherwise difficult to access.

The ability of a human to create and use tools to make their work easier, makes them unique. At times force multipliers can be expensive, hence they are not commonly used by small businesses, but in factories. They enable factories to enhance production and serve more customers. However, it eventually increases the cost of production, because of the added cost of force multipliers.

An ancient tactic of force multiplication was the use of stakes in the ground so the archers could be protected from mounted men. Still the force multiplies are very important in every business and are needed by all. Following are the few sources which, if used and implemented by small business, can act as effective force multipliers:

Crowdsourcing

This is a way to raise funds for your business from strangers who believe in your idea or support the cause. This unique process bypasses the professional investors and makes funds easily available for you.

Force multipliers can be used to improve the current situation and make the entrepreneur aware of the real situation. It is used to make quick and informed decisions by connecting with the right people. It gives the business a chance to know about its market image, and, if required, take measures to improve it before others know about it.

Social Media

There are various social networking sites that can be used as force multipliers, to interact, share and speed sales Traditionally, the only means to spread information was to broadcast it, but now it can be customised to suit your business need. Having a website for your business helps keep you up to date with the orders placed, on real time basis, and enables you to never fall back on delivery. Need-based-applications synchronised with your customer’s database can help you keep track of the items sold by your customer, so you know when the next order is likely to be placed. At HyperEffects, we pride ourselves in our ability to act as force multipliers in getting your business on a platform that is used and utilized by millions every day. You can also get a personalized mobile app to connect with your clients on a personal level with customized offers, push notifications and many other interactive features that will save you the hassle of constantly being on calls. Enrol today for our free one-hour session to understand our force multiplier strategies and tools. We are here to help your business grow!

Online Feedback

This technology is used by the consumers of a product or service to give their genuine feedback and reviews. User generated content is immediately made available to other users and is another force multiplier. If used effectively, this can be very helpful in improving your product or services, however, it can also work as a negative force multiplier, if your product fails to meet customer’s expectation. This is the fastest, easiest and most economical way to know the defects of your product or service.

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