The more efficient your business is, the easier it will be to increase your profit year on year. Though you might think that efficiency is just about saving money, the reality is that there are many ways to improve your efficiency from outsourcing services that you don’t perform yourself to automating what you can.
Many of the biggest causes of inefficiency are quite easy to recognize and deal with and fortunately, there are a lot of different options available to you. Let’s look at the top 3.
Outsource What You Can
When you have a small business, it is unlikely that you will have the budget for a full department for services such as HR or IT management. Though you might be able to get by with a couple of staff taking on these responsibilities on top of their regular work, this isn’t the most efficient method.
Outsourcing these services gives you access to professional who specialize in these services. Plus, if you enter into a monthly contract, you will also ensure that you know just how much it costs each month. Flat-rate IT support is much more common now and may be much more flexible than you might think.
Make Your Employees Happy
Efficiency is not just about finding ways to do more with less, it is also about finding ways to motivate your staff. There have been many reports and research papers over the years that have shown that happy staff perform significantly better. The theory is that the happier employees are, the more invested they feel in the company. By fostering a good environment, employees will want to come to work because they enjoy it, not just because they have to.
Though you might assume that higher pay would make your employees happy, actually, work/life balance is significantly more important to most people. This is great for you as an employer because giving your staff flexitime options or an option to work from home won’t cost you anything but is likely to help your efficiency.
Automate and Streamline
The easier it is for your customers to place their orders and the faster you can fulfill the contract or the higher the quality you can produce, the more business you will be able to do. Automation is the keyword here but streamlining processes is also fundamental to your success.
What does this mean in English?
Essentially, most automation comes down to the computer doing a process for you according to certain prompts. For example, if a customer adds a product to their basket but leaves without completing the transaction, you could send an automated email reminding them that they have items in their basket. But you could streamline this process by taking steps out. So, as well as giving them the prompt, you could also include a link that takes them directly to the basket so that they can complete the transaction on the spot.
The more you begin to automate in your business, the more you will reduce the amount of paperwork and the number of people it takes to complete a single transaction, giving your staff more time to come up with new ideas or compete for bigger and better clients.