Streamline Your Business for Greater Efficiency
A good start to streamlining your business is by considering whether it is in a position to react to new opportunities and trends. The global economy is fast moving. The world is shrinking with each new technological advance. Whatever the size of your business, if it can’t react and adapt quickly to change, you may not survive.
Streamlining is cutting out ‘dead wood’ and being adaptable – here are six aspects of streamlining people and processes to help you achieve a more successful – and ultimately profitable – business:
Outsource and delegate tasks:
- Do you need all your employees? Outsource some functions where possible. This can work out more cost effectively in the long term i.e. HR, website updates, designing handouts and presentations, social media content, and more.
Introduce new technology:
- Check that you have the most appropriate phone systems, particularly if you are a SME, i.e. a VoIP system can be 40% cheaper than a traditional phone system;
- Use AV conferencing tools to reduce travel expenses and meeting costs, where possible;
- Don’t duplicate, collaborate. Use file sharing technology e.g. Dropbox, to ensure files and work can be accessed and shared to improve efficiency and save time.
- Can you automate any of your existing systems or introduce better ones? Accounting and finance are good examples of this – invoicing, expenses can all be digitalised and/or automated;
- Integrate ordering and invoicing systems to save time.
- Release cash – if you’re holding too much stock then try to reduce it;
- Perhaps you can automate some tasks or retrain employees to reduce costs;
- Manage your money better by listing the fees you pay and determine which ones you don’t need;
- Merging payments, invoices and renewals into one monthly session can save time. In some cases, you may be able to pay in advance for a discount.
- Optimise your website content and make it work for you. This doesn’t mean adding fancy graphics! Ensure that all the key information is included for potential and existing clients and that it’s easy to find. This can save time by avoiding unnecessary phone calls and emails;
- Find and develop strategic partnerships with local companies to gain competitive advantage. This saves time and money and can be an advantage to you both if you have complementary products/services. It is a quicker and more cost-effective way to promote and increase business;
- Streamline your marketing by separating the channels you use. Concentrate on one new marketing message each week, e.g. social media, website, direct mail, product launches, newsletters, etc. Track and analyse the results over time.
- Split daunting projects into smaller more achievable tasks;
- Prioritise, outsource and delegate. Make sure you have time for lunch, family and friends. A business can’t be streamlined and efficient if you aren’t.
For a tailored approach to streamlining your business, contact MIERA Consulting.
#Strategy #Efficiency #Planning