The global economy has been in a rough patch for years. Sure, there was that wild pandemic rebound in the stock market. But all things considered, companies have remained in survival mode since 2020.
I've found that a lot of leaders are under pressure to get the most value out of every business investment, and I want to provide a few suggestions that I think can help. Here are three key value-driven techniques that can help you squeeze a little more value from your business investments.
1. Increase Operational Efficiency
When you're talking about increasing the value of existing business investments, there are typically two ways to approach the problem.
The first option is to look for hidden additional value within your existing resources. This is a strategic, growth-oriented method.
The other option is to improve efficiency with existing investments and activities. This addresses the problem by reducing overhead and expenses rather than growing value. One way to do this is through consolidation, which we'll address in the next section.
There are many other ways you can increase operational efficiencies, too. For instance, you can look for bottlenecks in your business processes. Where are individuals, applications, or activities slowing your team down?
Are skill gaps or educational shortcomings a factor? If so, you may want to invest in employee training to improve productivity.
One of the easiest ways to improve efficiency is to integrate automation wherever possible. Solutions360 lists several ways you can automate basic business activities, including:
Sending emails.
Tracking and recording data.
Interacting with customers.
Running reports.
The business automation brand adds that automating these basic activities frees your staff up. As they spend less time on monotonous or low-skill activities, they can focus their efforts on mission-critical initiatives.
Take the time to assess what your staff (and yourself) are doing on a daily basis. Identify the activities that are unique, skill-based, and essential. Try to automate everything else.
2. Consolidate Your Tech Stack
Note the use of the word "consolidate" in this section title. This isn't a plea to start eliminating programs your company is paying for with ruthless abandon.
We're talking about efficiency and value here. That's where consolidation comes into play.
I've found that a lot of companies have a ridiculous number of applications that they pay for to accomplish a single goal. Five or ten years ago, this made sense. Each vendor offered a unique solution that improved an otherwise impractical process.
In 2023, the game has changed. The app market is fractionalized and saturated. In response, many third-party applications aren't just innovating. They're consolidating.
Take a business podcast as an example. Companies can easily spend thousands of dollars a year on a branded show, using individual tools to create, edit, market, and monetize a podcast.
According to the all-in-one podcasting platform PodUp, when you consolidate different tools available to podcasters into a single platform, you can save an eye-popping $8,143 per year -- without losing a single technical capability. Consolidating makes the process both more affordable and more time-efficient.
I encourage you to challenge the concept that every tech tool you have is equally important. Look for platforms that can consolidate your existing apps into centralized, efficient, and above all, cost-effective alternatives.
3. Actively Encourage Innovation
Finally, I wanted to spend a minute talking about the impact that creativity can have on improving the value of investments. I want to use a slightly off-beat example for this one, and it comes from NBC's sitcom "The Office."
There is a point in the Season 7 episode "Costume Contest" where the Dunder Mifflin Paper Company adopts a new policy: delivery drivers will be able to suggest additional products to customers as they deliver to them.
As the episode plays out, it becomes clear that this isn't an idea from "higher up." The warehouse manager Darryl Philbin suggested it as a way to capitalize on existing resources and activity.
While that specific situation may be fictional, this is a good example of how a brand can improve value from existing operational activity. To apply it in real life, start by considering your situation -- and not just you. Invite your team to get in on the brainstorming process.
Do you have warehouse space you can rent? Can you repurpose unused data to improve your marketing performance? Can you train your customer service team to facilitate marketing and sales with existing customers?
If you approach your run-of-the-mill business operation with an eye toward innovation, you never know what kind of value-driven activities will present themselves. The key is looking in the first place.
There is plenty of potential value in a business's investments. From automation to consolidation to innovation, never be afraid to look for ways to squeeze a little more value from your existing activities.
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