5 Examples of Business Efficiency Improvements To Streamline Your Company
An efficient business is a sustainable, long-lasting, successful business. Thanks to streamlining processes and operations, you can easily scale up your company as it grows, expand into different verticals, and guarantee consistent customer service.
However, many business owners tend to resist change - or fail to see the opportunities that come with innovating. That is one of the main reasons for such a high rate of small business failures - according to the Small Business Association, only 33% of organizations make it past the first five years! If you are fighting to see your business thrive in the future, you might consider implementing the following tips - from today!
Automate Core Tasks
Only a fraction of small businesses are undergoing a digital transformation - yet the pandemic has shown us how important the ability to adapt is for business survival. And, while small businesses might have a limited budget to play with, there is still a lot they can do to make technology work harder for them.
From tailored Customer Relationship Management (CRM) software to comprehensive and industry-adapted Enterprise Content Management (ECM) systems, technology can do a lot to streamline your operations. While these systems can be expensive at first, they can significantly reduce your operations’ cost over time and allow you to seamlessly welcome business growth.
Sometimes it pays to think outside of the box, too. Take Universal Engraving, for example - their lockup technology allows printers to change print runs in seconds instead of 10s of minutes while reducing transition errors.
Streamline Communication
Most of your employees’ time goes toward attending meetings, replying to emails, and stopping for that “got a minute?” interruptions. Yet, a study found that around three-quarters of employees feel like they are missing out on important company information, and 72% of them don’t have a good understanding of the overall company strategy.
Here is where having a long-term communication strategy can truly pay off! Start by introducing a morning meeting to let everyone know about important news, limit interruptions, and clear core topics in a meeting immediately.
Review Your Frameworks
Industries are always in development - and your business should be too! Review your frameworks, operations, and processes regularly to know what areas of your business can be developed or upgraded. This might mean introducing software, automating, or cutting down on the waste of precious resources such as labor and supplies.
Encourage Work-Life Balance
Overworked, burnt-out employees can slow down operations, affect efficiency, and increase the likelihood of workplace accidents. In the case of mental tasks, allowing your employees to take regular 10-minute breaks allow them to feel more refreshed, can make tasks less tedious, and stimulate creativity.
As well as taking breaks, you might look into where your employees perform better. The Covid-19 breakout has opened up many professionals to the possibility of working from home - and not all of them are ready to return to the office!
However, almost 60% of workers have reported enjoying higher productivity levels and a better work-life balance when working from home. So, you might consider allowing for this new business structure and giving your employees the option to choose when to work at the office.
Outsource Specialized Services
As a business owner, you will be wearing many hats during the day - and, undoubtedly, you wear some of those hats exceptionally well! Yet, there will always be aspects of your business that you haven’t mastered and that require years of education and experience to grasp.
These aspects - whether they are marketing, advertising, developing, cybersecurity, or IT - can be outsourced! Instead of implementing a full, often too-costly in-house team, you can leverage the expertise of a team of professionals whenever your business needs them the most.
