Let’s look at your company’s largest expenditures and sources of revenue
Even if you company has only a few employees, they are very likely your single highest cost. The larger the business, the larger is the percentage of employee costs of the overall costs of running the business.
How do you generate revenue? If you’re like most businesses, it’s by selling your products. But is that really how you make money? Unless yours is a highly specialized product, chances are your customers can get products similar to yours elsewhere. But they have found something they like about working with you, something that sets you apart from the rest.
So, in a way, the thing that sets you apart from your competition is really what’s driving your revenue. But what sets you apart?
Whether its low prices, your location or you provide the best service, the experience your customers get, that they can’t get elsewhere, is what keeps them coming back.
Considering that price competition is a rarely winnable game, and anyone can duplicate your location, your customers’ experience comes down to how well treated they feel – the customer service they’ve received.
Every company is driven by the profit motive. In simple terms, the best ways to improve profit is to decrease costs and increase revenues.
If employees are your single biggest cost, you can’t really reduce that cost without affecting your ability to produce your product. So you’re sort of stuck on that one.
Unless you can find ways to increase productivity. When you do you’re actually reducing costs relative to the amount of product you can create.
It’s difficult to imagine that any company truly knows the cost of lost productivity to their document management processes. Digital documents are found and shared in seconds, versus hour or days. And they never have to be re-stored.
If customer experience is really what sets you company apart from your competition, and the reason why your clients keep coming back for more, then if you improve that experience, it’s reasonable expect that your revenues will improve.
It’s not as difficult as you think. Many businesses avoid the shift to digital documents because of the perceived costs and difficulty in getting the new system up and running. Neither one is a difficult as you imagine – and the cost of not doing so is higher than you think.