“No increase in Bill Rates, employee salaries are high or high operational cost, shrinking profit margins – No room to breathe”. In the current economic situation of volatility, businesses are having a hard time managing their margins to grow. The survival of a business is a constant challenge, shaped by a myriad of factors such as market dynamics, economic conditions, competition, and internal operations. In today’s fast-paced and ever-changing business landscape, the journey of business survival is tougher than ever before. This blog explores the various dimensions of why and how the survival of businesses has become increasingly tough in recent times.
Top 3 Challenges for Business Survival:
1. No Change in Bill Rates:-
In the red ocean competition of Business Survival and getting a new client is a challenge. 10 of your competitors are reaching your client and clients are having more room to negotiate. To gain the client, there is no choice except to lower your rates. How hard you try to convince others about your USP or differentiator, final pricing matters. This leads to shrinking incomes or to increase in the number of clients is pressure on sales.
2. Increase Operational Cost:-
If your business is like IT, BPO, in people-centric businesses anything requires high skills that are less available than demand. The issue is not with the number of people available, the problem is they are not employable because of loss of skills. So, whoever is having business skills has to pay high to hire & retain them.
That brings additional costs due to economic volatility, high inflation rates, rates of other things that also increase your interest, phones, electricity, food and so on.
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3. Productivity Issues & Unhappy Clients:-
So many things are available for our human brains to consume.
Technology on one way helps & increasing convenience, On the other hand eating time of humans unknowingly.
I saw so many instances of people keeping their phone every 10 minutes, like for something they are waiting for.
Scrolling through social media posts, Instagram reels, YouTube shorts is so common that people don’t realize how many hours they spent in this, losing their money and helping content creators to get much of their time.
Business Survival, how to avoid distraction so people can work with complete focus & finish.
On the other hand, endless reasons for not delivering results are not leading a business or their own life anywhere.
Top 3 Solutions for Business Survival:
1. Honesty is Never Cheap:
- Old school saying, honesty is the best policy to gain and retain your clients.
- Business can bring one additional thing which brings transparency and peace for clients.
- Especially businesses which work in outsourcing industries like BPO, IT, Support or Service deals, if they show their performance with transparency, that makes them stand out from the competitions. Everyone knows they will not get honesty cheap.
- Tools like DeskTrack, helps you to show data of exact working hours with validation of activity logs. Automated timesheets bring more transparency. How many hours spent on which task by which resource brings more confidence in the client.
- So, Clients can get real time, they will not doubt your hard work & if there are delays or some negative conditions, they are also part of such an incident as they have been part of it since beginning. Nothing is hidden from them.
2. Work with Your Best Team & Reduce Your Ramp-Up Time:
- In any organization, retaining your right resource is a challenge. Keep trying & filtering till you get mr. work is the best way to go. However for this you must depend only on manager feedback.
- Use a system like DeskTrack to identify whether people are giving 100% & then they are facing or they are faithing without effort.
- Once you identify the efforts, you can check on their Productivity Monitoring Software.
- Lastly, co-relate their results with their efforts. Sometimes some team members are good in their skills but they are not disciplined or adhere to timings. This leads to them not available at the time of need.
- DeskTrack provides complete data analysis to identify the right resources in less time.
- So, you reduce your ramp-up time to a week instead of months. So you can find your right team in less time.
3. Identify Under Working or Burnout
- It is very important to have clear visibility whether your resources are fully utilized or our booked.
- DeskTrack provides you detailed working patterns about your team work with time.
- DeskTrack provides analysis of each team and their members whether work is properly allocated and what has been done.
- If there are technology distractions, managers can educate their members to take their activity log & time invested in them and strategy to do best of their outcome.
- Once your people identify where they perform more, the team can be motivated to achieve more and be productive.
- This makes your team assets for organization, make your people on your journey, bring awareness through data to get more from the same team with efficient use of time with DeskTrack.
Conclusion:
Business should use technology tools like DeskTrack to avoid mis-use of technology, get detail to shrink operational cost with better outputs, transparency and honesty as best we can bring more peace believers. Your own people and clients.
Such a transparent relationship helps your clients and employees to stay along with You during your business. All your stakeholders have more trust on your DeskTrack helps to play a vital role of ethical business and peace making.
