The more efficient your business is, the more profit you can make. By being efficient, you are making the best use of all the available resources and maximizing their effectiveness. Unfortunately, a lot of businesses are not as efficient as they could be. In fact, some businesses lose as much as 30% of their revenue due to inefficiency, which is a pretty large sum.
If you want to tackle inefficiency in your business, you need a proactive approach and to create a culture of change. The only way to stay efficient is to use the best technology available, and as technology is advancing at a rate of knots, that means you need to embrace the new in a bid to outcompete your competitors.
Motivate Your Staff
One of the first things you should look at when improving the efficiency of your business is your staff. Are they happy in their roles? Are they as efficient as they can be? Motivating your staff is your job, and there are many ways you can do this. First, it helps if they believe in your company and your vision which means you should create a great brand and company culture.
Your brand is like a company philosophy, and if everyone is on board and motivated to achieve the same goals you are, that is a bonus. You shod try and create an inclusive culture that holds open and honest communication dear. Sometimes staff can feel demotivated due to feeling unvalued and like their voice never gets heard.
You need to change this.
One way is to hold daily meetings where you tell your staff where the company is headed and any future plans. Ask for feedback and listen to opinions. If possible, learn all your staff’s names and something personal about them and check-in to see how they are doing. The more personal you can be, the better.
Also, you need to go out of your way to reward hard work. You also need to find ways to connect with remote staff just as well as in-house staff so everyone is included.
If you want to improve the efficiency of your business, then you need to have an understanding of all the tasks that are conducted. To do this, you will need to go around your business and speak to your staff members and create an audit of every single task that is completed and how they are completed too. When you have the list, you should be able to see anything that is redundant straight away. You will also be able to see which tasks can be merged with other processes. You will also be able to work out how many hours are wasted on slow manual processes.
Many of your slow, manual tasks could well be automated. This can be anything from sending out invoices to organizing of emails. It may be worth your while discussing the tasks with your I.T. team to see which ones can be automated. By automating as many tasks as possible, you are freeing up your staff member to get on with more important and complicated tasks. This may motivate that staff member too as they are no longer wasted on repetitive and boring tasks.
If you have several complicated tasks that you are either trying to do yourself or getting a member of your team to do, but they are not skilled enough to do the job, then you could be causing yourself a lot of problems. First of all, if the task is important and it gets done incorrectly, you could be fined, or worse. Your staff member will be stressed due to not being able to complete the task satisfactorily. You will also be stressed for the same reason. Instead of going through this worry, you should bite the bullet and outsource. It is a far more efficient way to get important tasks completed. Also, if the task is highly skilled such as I.T., and you really do need an I.T. managed services provider, you are opening yourself up to a lot of risks if it is not done to standard.
It may well be worth your while to create a new business plan. This will force you to investigate all your business areas and see what is working and what is not. It will also show you where the inconsistencies are too. You can develop a financial plan and a growth plan and you may find ways to streamline the business as a whole.