To remain competitive in an increasingly competitive world, businesses must boost operational efficiency wherever possible. “Sooner or later, any company not operating efficiently will be out of business.” It’s particularly important for small to medium size business to operate efficiently, because they often have more limited resources than larger enterprises.
The following are tips are just a few to help your business increase efficiency, reduce costs, improve customer satisfaction, and stay ahead of the competition.
- Be clear on your Why.Many companies and business owners spend all their time on the what and how, however never clarify their why. It’s the Why you’re doing what you’re doing that enrolls your team to follow you to carry out your vision and uniqueness. Get clear on your Vision, articulate it to your team, your customers and they all will follow.
- Time Management.I can’t say how many times I have heard “I just don’t have enough time.” Well, we all have the same amount of time, it’s how we utilize that time that is the difference from making things happen consistently to being in a state of overwhelm. Get conscious on the value of your time, measure where your time is being spent, find where you can dump or delegate and identify the WIN (What’s Important Now) formula to find what’s going the present you the highest ROI of your time.
- Create Effective Business Systems and Processes.Systems stand for Saving Yourself Stress Time Energy and Money. Many small business owners sometime put off implementing systems and processes under the false premise that they don’t have the time to do so. However you have to ask yourself “how much has it cost us by not having this system in place over this period?” Once a system is in place it will continue to save you time and money over and over again. Think of an implemented system as an investment that will pay you dividends as long as you are invested. It’s structure that you need to run a business efficiently and it is systems and processes that develop that structure.
- Proper communication is the ingredient that will grease the wheels of your organization to keep it running smoothly. However lack of communication is usually the downfall of many companies. Effective, interactive collaboration between employees, partners, suppliers, and customers is a sure-fire way to boost efficiency while also reducing costs.
- Take care of the Team.The cycle of a business is as follows. The owner’s job is to take care of the team. Make sure they are paid on time, are well trained and motivated. Ensure that they are enrolled and empowered in the vision and mission of the company. When your team is happy and productive this will reflect on the customer who will come back more often, spend more money and tell their friends. This in turn will take care of the business as the businesses job is to care of the owner. When this cycle is running efficiently it will present the company the ability to create your uniqueness, outperform your competition all while increasing revenues and profits.
- Outsource IT tasks. Often, it is a more efficient option to outsource your IT tasks to a managed service provider posed to someone in house. Selecting the proper service provider with the expertise that your business needs will allow you and your employees to stay focused on productive activities related to your business’s core competencies.
These are just a few tips on how to increase your company efficiencies to create more synergy, revenues and profits. If you would like to learn more on how to be more efficient in your business, contact your coach.