How Investing in People Can Make Your Business More Profitable
MAR 22, 2018 00:23 AM
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How Investing in People Can Make Your Business More Profitable

by Ellie Martin
 
Until recently, businesses that were looking to increase their revenue often turned their attention towards increasing sales and generating investments. While these are certainly effective ways to boost revenue, businesses are also discovering the power of investing in people. 
 
From attending networking events to taking employees on a company retreat, companies that set aside time and resources that can be dedicated to the human side of their business model can create a foundation that can make them more profitable in the long run. 
 
Invest in expanding your community 
Having a community behind you is immensely beneficial. Not only will you get exposure to new potential talent, but you also generate a support system. As consumers become increasingly reliant on customer reviews and word of mouth, it’s vital that you have people who can vouch for you. 
 
An effective way to jump start community-building is to reach out to your local co-working space. Originally developed to house the self-employed and remote workers, cowrie g spaces are now home to businesses of all types looking to expand their talent pools and learn from professionals from other industries.  In addition to providing professional amenities in combination with a flexible and stimulating physical environment, co-working spaces often host events on a regular basis, which is an excellent way to boost community engagement. 
 
Diversify your team
Diversification has certainly become a buzzword, but that doesn’t mean it shouldn’t be taken seriously. Embracing new skills sets and experience helps us open up to new ideas, and in a professional setting, it has been shown to boost innovation in the workplace. A great way for businesses to recruit talent outside of conventional networking is to tap into freelancer communities, whether that’s through an online talent platform or at a networking event in a co-working space. By cultivating diversity in the workplace, your business will benefit from new knowledge resources and differing experiences can help you learn how to interact with various types of consumer profiles, thus expanding your target market and profit margins
 
Personalize your consumer relationships
Today, consumers expect business to cater to their changing needs. This may seem like an impossible task, but big data has permitted businesses the opportunity to learn more about their customers, thus they can adjust their marketing efforts and communication methods based on these needs. Utilizing data can help your business utilize targeted advertising that is more personalized and beneficial to individual consumers, letting them know you are aware of what they want and need. Overall, consumers that feel catered to are more likely to convert, so while making the most of data isn’t the same as reaching out to customers directly, it will help you learn how to change your marketing department to be more people focused. 
 
Collaborate, collaborate and collaborate some more!
Collaboration is key to success. Businesses have been collaborating for years, but as the professional landscape becomes more globalized, collaboration is now seen as a way to remain in an increasingly competitive world. Much like the digital ecosystem has created space for entrepreneurs and startups to stand on an equal playing field with corporations, it has also given businesses of all kinds the chance to reach out to like minded professionals and create partnerships. 
 
Working together has proved to be so effective, that data collected by Harvard Business Review shows that collaboration has increased by 50% over the last two decades. So, even if you just start out small, investing in working with others can help you boost brand awareness and expand your consumer base, helping you carve out new avenues for increasing profit in a more socialized way. 
 
While some businesses will need to do some major restructuring in order to become more human centric, it will certainly pay off in the long run in various ways. By personalizing your marketing efforts and diversifying your teams, you will become more appealing to a new generation of consumers who will help you grow organically, which will in turn boost profit in an organic way.
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