When it comes to running a business, almost nothing is as precious as the resources and time you have at your disposal. That’s why setting your business up for maximum efficiency is crucial for continuing success.
Making sure your business is efficient means optimising processes and utilising clever thinking. Without streamlined processes, progress gets stalled and your days feel arbitrary. If your business is getting bogged down in your day-to-day processes (or lack thereof) and you feel like you’re wasting precious time, then it’s time to consider these five points:
1. The importance of a business plan
Before you start a voyage, you need to map the journey. A business plan is the map to your business journey, and it should inform every decision you make.
You should refer back to your business plan regularly to make sure you’re striving toward your goals and staying on track. Your plan can be numerical and based on revenue, or it can be values based, and describe the business-environment you would like to create and the milestones you would like to reach. Or it can do both.
Either way, your plan should highlight to you what is important and what isn’t. A project or process should always serve your long-term goals. Shed what doesn’t and you’ll find you have more time.
2. Knowing when and what to outsource
If you’re a business owner, you’re likely very adaptable and know how to manage and fulfill many different roles in your business. But while you may be able to juggle just about anything, it doesn’t mean you’re delivering great results or cutting costs.
Outsourcing non-core activities (work that isn’t essential to the revenue of your business) will allow you to focus on higher-level work that requires your expertise. Some common functions to outsource include accounting, marketing, bookkeeping and administrative support.
3. Processes for productivity
Processes by design should enhance productivity and streamline unnecessary work. Overtime, as your business grows and changes, your processes may stop being effective and actually slow down your business. If you’re not sure where the process is failing, Mindtools recommends mapping your processes and analysing them. What is taking the most time? Where do frustrations arise?
If your business doesn’t have processes in place yet, start in a similar way. Document what needs to be done, how you think you should do it and how much time you think it will take. Look for areas of improvement and keep updating your processes as you learn. Always remember, processes shouldn’t be set in stone forever.
4. Maximising your communication
There are plenty of opportunities for communication to go awry everyday but it generally comes down to one of these four common problems:
- Slow replies
- Disjointed or unclear information,
- Over-scheduling or under-scheduling time for meetings
- Not having appropriate project-management or communication software
One way to maximise your communication is by encouraging face-to-face or phone communication. Talking in-person will clear up misunderstandings and you’ll get to the purpose of your query a lot sooner.
Another way to bolster communication is through a huddle at the start of the day. BPlans recommends a 10-minute meeting to run through projects, updates, celebrations and feedback. This ensures everyone is on the same page. Good communication is vital, but prolonged or unnecessary communication eats into your business so be mindful of the time you spend here.
5. The power of automation
Spending time on tasks that could be automated wastes the talents of your employees and costs you more in the long run. If a task is menial and doesn’t require critical thinking, implementing automation processes that achieve the same result in less time is the smarter approach.
Automation software can be expensive but you’re paying for the time your employees will now have to concentrate on higher-value tasks.
Remember: reaching maximum business efficiency requires a holistic approach. Whether you’re looking to outsource non-core activities or put a smart business plan in place, get in touch today to find out how Myssy + Co can help.