Terrific Tactics That Will Make Your Business More Efficient

Terrific Tactics That Will Make Your Business More Efficient

Inefficiency is bad in business because it means wasted resources. Unfortunately, if you are wasting resources you are also wasting money, such as supplies, person-power, and time. All things your company must ultimately pay for. That is why a focus on efficiency is essential if you are looking to maximize your business success. Happily, you can discover some fantastic ways to improve the efficiency of your business, below. 

Automate. 

Many businesses see automation as a luxury they cannot yet afford. However, the truth of the matter is that automating certain processes can save so much money in the long run, that they are well worth the initial investment. 

In particular, look to automate repetitive or mundane tasks, as these can often be performed much faster by using an automated process rather than a human. 

Also, by automating such tasks you will free up your employees to work on other projects. Indeed, this can have a double benefit. Firstly, you workers are likely to be happier focusing on more complex and project-dependent tasks, which means better motivation and productivity. Secondly, you will have more personal power to devote to these which can both speed them up and help to ensure the most positive outcome. All things that will boost the efficiency of your business. 

Pick the right people for the task at hand. 

Another way that you can ensure your business is as efficient as possible is to assign the right people to the tasks that need completing. What this means is playing to your employees’ strengths and previous experience. 

Of course, sometimes, particularly specialized tasks will need to be completed by experts that you do not have within your business. Writing a customized software program for example which would mean you need to outsource an IT expert to help you. 

Similarly, if you have a complex marketing task then you need an outsourced marketing agency to help you. Indeed, it is the most efficient way of doing things concerning time, quality, and cost. After all, getting your own non-expert employee ‘up to speed’ in this area will take considerable time and effort. Neither of which is a particularly efficient way of running your business. 

Minimize distractions. 

Distractions, in their many forms, are efficiency killers in most businesses. We are talking about things that seem important but aren’t, such as meetings, answering emails as they come in through the day. Even queries from other employees can hamper people focusing on the task in front of them, something that means it takes them extra time to complete it. 

With that in mind, minimizing any of these efficiency sapping distractions is essential. One way to do this is to ban meetings, or at least limit them to a maxim of 10 minutes. A great way to do this is to make everyone stand for their duration, as they will quickly put a stop to anyone that is going on too long. 

Distractions from email and queries by other employees can be solved with the same solution - batching. This means you assign a time in the morning and afternoon of each day where people can answer emails and ask questions of their colleagues such as 30 mins. However, outside of this time, both activities are not permitted, and so the distraction they cause is greatly reduced. 

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Save Yourself Stress (Outsource These 4 Small Business Tasks)

Save Yourself Stress (Outsource These 4 Small Business Tasks)

Running a small business can be a highly rewarding experience. It can also be filled with hassle, struggle, and stress! The good news is that by outsourcing certain tasks, you can reduce some of this stress, and still run an effective and profitable business. Keep reading to find out more. 

Marketing

Could you do a reasonable job marketing your business to potential customers? Probably, if you were motivated enough and had enough time. However, whether it makes sense for you to spend all that time and effort on something that is regarded as a specialist subject is the real question you should be asking here. 

After all, marketing will be one of the many tasks on your to-do list. Although if you outsource it to a professional firm you can ensure it will be handled by experts. These will be specialists that not only know how best to market your business, but also the latest trends and developments in marketing as well. Something that means they can offer your business a substantial advantage against your competition.   

IT Management

News flash! Being able to reboot a PC by switching it off, and then on again doesn’t make you an IT expert! Indeed, because the field of IT is moving so quickly right now, anyone that isn’t dedicating their entire working life to it will struggle to stay abreast of the latest developments. 

This can become a massive problem, what with nearly every business relying on IT to function! What this means is outsourcing your IT problems to specialists will ensure they are resolved as fast as possible and your business is up and running again with a minimum of downtime. 

You may even want to circumvent dealing with such issues altogether. That is where outsourcing the whole of your IT and network management comes in. After all, a good management company will be constantly monitoring your service with a view to spotting issues before they become serious enough to stop work. 

Accounting

If you adore numbers, spreadsheets, and brushing up on the latest regulations then you may want to deal with your accounting, in-house. However, if these things are not your strengths, finding an expert accounting agency to help you is often well worth the investment. 

There are many accounting and financial tasks that can be outsourced, such as preparing periodic accounts for accurate reports on your business’s performance, as well as budgets, cash flow, and forecast work. Indeed by handing off these jobs to experts you can concentrate on other issues in your business that will help it thrive.

Shipping and Logistics

Running a business with its own logistics arm is a complicated and expensive feat. Also, because there are so many shipping companies, covering so much of the world in a fast and reliable way, controlling your own logistics is largely unnecessary for most businesses. 

Of course, when choosing whom to outsource this function to it is important to consider several things. Price is essential, but the quality of service is also important. Remember that clients like to be able to track their package’s progress, and change the delivery location and date at will. Therefore choosing an outsourcer that can offer this is important to your long-term success.

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Finding Extra Funds to Accelerate Growth

Finding Extra Funds to Accelerate Growth

While the Holiday Season means people might need to scrimp, save, and seek out extra funds hidden down the side of sofas, you can say the same of small businesses, too. It’s a time for overindulgence and merriment, but with one thing seemingly always after the other, the costs pile up too quickly for your liking.

You don’t want to go overboard with your spending, but you do need to look for some extra funds and cash to help you get through the rest of the year and into the new decade. If you’re a small business owner who wants to treat their staff, throw a party, or feel a little more comfortable heading into 2020, here is how to find extra funds to help accelerate growth.

Invoice Finance
If you sell wholesale goods and services and are always waiting for clients to pay up, you should take a look at what is Invoice Finance and how it can help you. With invoice finance, you can borrow money from the invoice while it is still owed.

This saves you waiting around for payments that are late or may not even come at all without risking your business growth because a client is negligent with paying you on time. It prevents any payday panics and ensures that you can continue business operations as usual.

Outsourcing Tasks
Even though outsourcing still costs you money, the difference in cost between a full in-office team and one that works remotely is staggering. If you’re looking to save some cash to put towards further growth either now or in the New Year, it could be worth investigating your options.

The great thing about outsourcing is that you can apply it to most of your business operations, but the most common include payroll, IT management services, and marketing. Using these services does not mean you must put your current staff out of a job, though. Instead, you can reposition them within the company and give them a more significant role that can make them feel more valued as an employee.

Savings Account
Your business savings account is something that you are keeping separate for a rainy day. However, when it comes to growth, dipping into the account here and there could prove highly beneficial for your business.

If you’re currently struggling for funding to take that next big step, a small withdrawal from your savings account to push you over the finish line could be useful. You can focus these extra funds on processes and plans you’ve had your eye on for a while, and then pay the profits back in once it proves fruitful. However, you must be responsible and ensure you do not make a habit of doing this whenever money seems tight.

Uncovering Hidden Cash
Okay, so it’s not technically hidden, but this cash is something that you can easily forget about when running a business. You mustn’t rely on this hidden cash too often, but using it for things that will benefit the company, your employees, or customers rather than yourself (like buying a yacht) means you will reap the benefits.

 

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