~by Kara Masterson~
Removing business inefficiencies translates into profits over the long term. Greasing the cogs of business operations, however, is easier said than done. Due to the nature of business operations being interconnected, it’s fairly difficult to modify some phases of the operation without negatively affecting others.
Here are 6 tips for improving business efficiency without much stress.
1. Sell More, Expend Less
This is the basic principle of efficiency – to achieve or acquire more with less. If you want to generate more revenues, increase customer base, and grow your market all while minimizing expenses, targeting the efficiency levels of your operations is imperative. Using a Customer Relationship Management software from a trusted provider streamlines your communications with clients.
2. Make Information Accessible
Employees of small businesses are usually more mobile than employees in a corporate setting. Invest in technology that allows secure data access, transfer and manipulation on the go. The most popular among the available mobile technologies today is a Virtual Private Network, which provides a secure connection to the company’s network for remote employees.
3. Find Good Partners
A small business is heavily reliant on third-party manufacturers and service providers. Set up efficient and secure business processes with candidate third-parties first before agreeing to do long-term business with them. If this beta phase doesn’t work out for either of you, then it’s probably not the best idea to move forward with the business as your partner.
4. Offer Collaboration Tools
Clear channels of communication pave the way to higher productivity levels and efficiency. Make it easy for your employees, partners and suppliers to interact and collaborate on projects and operations. Example technologies for such a goal include video conferencing apps, smart calendars and IP networks that promote seamless collaboration.
5. Lower Attrition Rate
A high attrition rate within your workforce results in low productivity and increased costs associated with finding and training new employees. Improve your employee retention and satisfaction rating to avoid these setbacks. Create a work environment that minimizes stress and cultivates calmness and focus. Offer better work perks in the form of extensive health insurance plans, retirement plans and workplace amenities where they can recover from stressful workloads and projects.
6. Continuously Invest in IT
As technology becomes more robust and far-reaching, businesses of all sorts and sizes will want to adapt their existing infrastructures to make way for more efficient and cost-effective systems.
Before aiming to improve your business’ operational efficiency, make sure it needs it. Don’t try to change or improve operations that are already efficient. Look closely and objectively at different parts of your company to see which areas can be streamlined and where costs can be trimmed down.
Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.