It’s entirely possible for small changes to have a considerable impact on small businesses in the Philippines and serve as catalysts for more substantial growth and improvement. There are plenty of modest initiatives— ones that require neither massive resources nor time—that entrepreneurs like you can implement to reduce costs, enhance customer satisfaction, or even improve employee productivity. To get started, the small adjustments listed below can collectively yield noticeable benefits for your business and prepare your organization for greater levels of success:
Open a Business Deposit Account with a High Interest Rate
One straightforward way to improve your financial standing is to open a deposit account that offers a high interest rate. This small change can significantly boost your organization's savings over time by giving you the power to enhance your cash reserves without any additional effort.
To get started, evaluate the types of deposit accounts offered by leading online business banking service providers. Businesses that use the services of Maya Business, for instance, can create a Maya Business Deposit account that earns an interest rate of 2.5%, which is 20 to 25 times higher than what the average bank offers. Designed to fast-track business banking experiences, this deposit account serves as a safe and secure settlement account that allows you to track all your transactions and pay all your suppliers via electronic fund transfer facilities like PESONet and InstaPay for free. The extra income and savings that you can earn and save from this high interest rate deposit account with free fund transfers, in turn, can be reinvested into your business. It can be used to help fund future projects or act as a buffer during challenging periods, for example.
Optimize the Use of Energy within Your Store or Facility
Reducing the use of energy in your facility can lead to noticeable savings on your utility bills. Simple practices such as switching to energy-efficient LED lights, turning off computers and other equipment when they're not in use, and regularly maintaining air conditioning units can help you make sure that electricity is used efficiently in the premises. These changes not only reduce expenses but also contribute to environmental sustainability, which can enhance your brand's reputation.
Enhance Your Business’s Online Presence and Customer Engagement
Your online presence plays a crucial role in attracting and retaining customers. Even if your business primarily operates offline, a strong online presence can drive traffic to your physical location or increase online sales. By making a consistent practice of updating your website, improving your social media profiles, and posting engaging and helpful content, you can enhance your brand visibility and customer engagement. Consider leveraging free tools like Google My Business to improve your local search rankings or using social media scheduling tools to maintain a consistent online presence.
Invest in Training Sessions or Workshops that Aim to Improve Employee Skills
Offering short training sessions, workshops, or access to online courses to your team members can help them develop new competencies that will benefit your business. This investment in employee development often results in improved job satisfaction and retention, which can then reduce turnover costs. Additionally, a well-trained staff is better equipped to handle challenges and deliver exceptional customer experiences. The presence of such an employee in your organization can further enhance your business's reputation.
Adopt and Embrace a Cashless Payment System
The use of cashless payment systems can simplify transactions for both your business and your customers. By providing a range of payment methods, such as credit cards, e-wallets, bank transfers, or installment plans, you make it easier for customers to do business with you.
Aside from offering next-level convenience to your business banking online experiences, cashless payments can reduce the risks associated with handling large amounts of cash. They can also make financial tracking easier, as electronic payments automatically generate records that can be integrated with your accounting system. Plus, accepting cashless transactions lets you improve business efficiency and appeal to tech-savvy customers who prefer to use their digital funds.
Collect and Use Customer Feedback to Make Targeted Improvements
Listening to your customers is one of the most effective ways to improve your products and services. To know what people think about your brand, set up customer feedback mechanisms such as online surveys, suggestion boxes, or follow-up emails. These will allow you to gather valuable insights into what your customers want and how they perceive your offerings. Acting on this feedback, consequently, can help you make targeted improvements that increase customer satisfaction and loyalty.
Promote a Positive Workplace Culture within Your Organization
Recognizing employee achievements and encouraging open communication can create a supportive and motivating work environment. As a result, a happy workforce is more likely to go above and beyond in their roles, leading to better service and increased customer satisfaction. A strong workplace culture can also improve employee retention and attract top talent to your organization.
Start Implementing Small Changes to Your Business by Opening a Maya Business Deposit Account
Are you ready to work on small changes that can contribute to your business success? Begin by signing up for Maya Business today to be able to open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. What’s more, you can send money to your partners and suppliers for free via InstaPay and PESONet, a capability that will allow you to save more money.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. This can serve as a convenient source of additional funding for your planned business improvements. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Make these small changes today, and start by signing up for Maya Business so that you can enjoy the many practical benefits of using Maya Business solutions.
