Did you know that your business could be operating at 20-30 percent below capacity?
As a business owner, bottlenecks aren’t unfamiliar to you. They’re everywhere, from manufacturing to distribution, billing, fulfillment… everywhere. In fact, you might even have accepted them as part of your business.
You shouldn’t compromise when it comes to eliminating bottlenecks, even if you’re hitting your performance goals. Running an efficient business at all times will reduce your costs and give you a competitive advantage.
In this article, we’re fleshing out the different ways you can improve business efficiency.
Streamline the Decision-Making Process
Decisions, decisions, decisions.
Every day, you’re making decisions about various issues in your organization. It’s easy for the decision-making processing to become a bottleneck that hinders the efficiency of your operation.
For example, does it take several hours to reach a decision on how to handle an escalated customer complaint? The customer might become frustrated and report a negative experience.
Streamlining the decision-making process is key to increasing business efficiency. Not everything needs to be decided at the top management level. Empower your employees to make decisions at their level instead of escalating them.
A high-impact way to improve business efficiency is to automate business functions.
With advancements in technology, it’s easier to automate various functions, such as billing and payroll. The key to successful automation is finding the right software.
If you’re looking to automate customer relationship management, for example, use KEAP CRM. It will take over contact collection, lead conversion, and other important tasks.
You also need to automate the right functions. Just because a process can be automated doesn’t necessarily mean you should automate it. Some processes are better outsourced instead of automated.
There is a strong case for holding regular meetings in your workplace. However, too many meetings can stand in the way of individual and organizational productivity.
If you’re a keen social media user, you’ve probably come across memes crafted around the notoriety of meetings. People are starting to wonder whether some meetings can be a simple email.
The COVID-19 pandemic has effectively driven the reduction of workplace meetings. Don’t bring them back. 67 percent of workplace meetings are failures costing U.S. business $37 billion annually.
Review Your Administrative Procedures
Are your administrative procedures promoting a culture of efficiency? In some businesses, these procedures are bureaucratic and not useful to the people they’re supposed to serve.
If you are rendering decisions on vacation time requests in 3 business days, for example, you aren’t doing your business any favors. An employee who has put in a vacation request certainly is anxious to know your decision. Their productivity can wane as they await your decision.
Review your administrative procedures and make adjustments with productivity and efficiency in mind.
An Efficient Business Is a Profitable Business
Running an efficient business is the goal of every business owner. Sadly, not many owners are taking effective steps to improve efficiency. With this guide, you now know some of the most effective strategies you can implement.
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