In order to compete with larger companies while simultaneously grow your venture and boost sales, increasing the efficiency of your business operations is essential, but it may seem like a never-ending task. Perhaps you feel like you are forever completing background administrative jobs, are struggling to spend time on core business activities, or are continually faced with slow processes – this is where increasing efficiency can help.
With many options available, you may be unsure which ones are right for your business. To increase efficiency, you can implement the changes with minimal disruption and without investing your limited time or funds.
As a small business, you probably want to put your company out there by meeting with clients or attending networking sessions, to put a memorable face to your brand. While the networking is important, too many meetings may be an unnecessary use of your time. Before booking a meeting, consider if it is really needed especially if it involves travel time) or if information could be conveyed via email, phone, or even via a virtual meeting.
Possibly the biggest hindrance to business efficiency and productivity is time – for many entrepreneurs, there simply are not enough hours in the day to get everything done. One of the simplest and most effective solutions to this problem is to outsource tasks. The range of processes that can be outsourced to third-parties includes payroll, marketing, customer service, and courier services through a company like TNT, leaving you free to focus on business development.
We live in a technology obsessed society, so it is essential that your business embraces innovation. Updating your company’s software and technology can speed up processes or even completely automate them, removing human errors while reducing costs, and also boosting company cash flow by allowing your business to function with minimal staff. Examples of automation include testing, payroll, bank transactions and sending regular emails.
Without a doubt, the workplace is changing. Where cubicles and private spaces used to be the norm, they are fast becoming a thing of the past, as office environments are evolving to include larger, more open areas. This is widely credited to the fact that a higher number of millennials are entering the workforce, with research showing that this younger generation thrives in open workplaces that foster collaboration and creativity.
While you may be tempted to stick to what you know, consider implementing these strategies, as by improving the efficiency of your business, you could free up your time and help your business to grow.