When focusing your plans and goals on expanding your company, both in terms of raising the average price value of an order and taking on more and more new customers, the use of perks and incentives for both employees and customers is always an excellent tool.
So, with this in mind, here are four key incentive ideas for companies focused on expansion.
1. A Waste Reduction Scheme
Incentivizing your employees to work towards a common goal, as either part of their daily tasks and responsibilities or as an additional target, is an excellent and highly effective method of ‘rallying the troops’.
If your company is in the manufacturing industry and therefore produces an inordinate amount of waste product each and every month, you could initiate an incentive scheme to reduce the amount of waste.
This particular example fits squarely into what is referred to as an internal growth strategy, as changing actions can result in a higher level of profit, which can then be plowed into a new project or advertising strategy.
2. Invest in the Physical & Emotional Health of Your Workers
Another fundamentally excellent way of both showing your team members how much you appreciate and value them and indeed ensuring that no falls in efficiency and productivity occur due to too many sick days and paid time off is to invest in their physical and emotional health.
Providing assistance, and helping to aid members who want to quit smoking, for example, serves a dual purpose. Most importantly of all, individual employees will save money and have a healthier and longer life, and you will stop losing time they could be working when they are sneaking a cigarette break in.
3. Strategic Growth Aimed at Customers
Not only do incentives and benefit programs serve to benefit and motivate employees, but another tried and tested method of growing and expanding a company involves the incentivization of existing and potential customers.
Launching a customer reward program, for example, would be an excellent way of keeping customers’ loyalty and hopefully making your business the first choice for a repeat order. Customer loyalty and reward programs fall under the umbrella category of strategic growth action, and unlike the more organic growth strategies that concentrate on using internal resources, strategic growth is usually more effective.
4. Hold Your Own Corporate Networking Event
Once you have created incentive programs to both motivate and engage your employees and reward and tempt your customers, it is time to turn your attention to other businesses.
Holding your own networking event is a fantastic way of making new connections, expanding your ‘little black book’ of useful contacts, and generally increasing awareness around your brand in the professional arena.
If you are currently not in a position whereby it would be entirely viable to hold your own networking event, book yourself on one or more industry-specific events instead, and make a concerted chance to mingle, chat, and make some new contacts.
