How To Maximize Profit By Increasing Efficiency
Running a small business is the hardest job in the world. You have reached a point where you have a loyal staff team, a solid customer base, and your company is a leader in its field. But it’s still hard work. You’re the director of the company as well as the go to person on marketing, have the final say on anything financial, and you’ve even been known to order the paper for the printer every now and then. You seem to wear a vast array of hats all at once. On top of this, you have a niggling feeling that it shouldn’t be like this. Surely there is a way to delegate tasks, become more efficient and see an increase in profit. Take a look at these tips to help you reflect on the path that your company is on and consider whether you could improve efficiency within your business.
Time Is Money
Throughout your day in the office, there will be moments when you sit back and contemplate how the previous ten minutes have been a waste of time. The prime example of this is emails. How often are you emailing one of your team about the marketing strategy for an entire afternoon and you still haven’t got to the crux of the issue? The email trail becomes long, frustrating and arduous; resentment between employee and manager can build, and you are no closer to resolving the problem.
It’s much easier to go over to his or her desk and have a discussion. Not only will there be less misunderstanding but making an effort to talk to somebody is more personable. You will be able to read body language, and it will take you less than a quarter of the time to decide which promotional offer you are going to implement next month. Employees will be more content, and the ethos within the office environment will be more pleasant.
Paperwork, invoices, and contracts are the bane of every business owner’s life. If you have reams of paper taking up space in heavy duty ring binders stuck away in a filing cabinet that you have to spend hours sorting through just to find one legal agreement for a client, it’s time to think again.
Installing a contract management software system allows you to store every iota of administrative paperwork electronically all in one place. Click here to have a look at the benefits of streamlining your administrative tasks. Time spent taken up with your head in the filing cabinet can now be better spent elsewhere. Accessible from anywhere, you no longer have to venture to the office if you need to go over the details of a particular contract, saving you time and effort.
Stop Micro Managing
If you are one of those people who love to have their finger on the pulse of every single business decision, you are going to be a very busy person. Consider taking a step back and delegating some responsibilities. This will empower your employees to step up and take some ownership over company decisions.
The benefit of this is twofold. You will have more time to concentrate on the bigger picture focusing on strategy and future proofing the business while at the same time your employees become more productive and target driven in their newfound roles of responsibility.
How many times a week does the photocopier run out of ink or the printer succumb to a paper jam? These banal problems take up too much of your time when you should be working on building client relationships or preparing for a meeting with a new potential supplier. Do a technology audit and work out whether any of your laptops, printers and other electronic items need to be refreshed. You may want to eek every working moment out of a monitor, but if it’s forever breaking down and taking you away from more pressing business, it’s time to get a new one.
Consider the speed of the broadband in the office. If you’re experiencing a woeful 1Mb/s from your provider, it might be wise to seek out a new deal with at least 8Mb/s at your disposal. You’ll spend a lot less time watching your employees twiddling their thumbs as they wait for a file to download.
Efficiency doesn’t simply mean saving money. Being an efficient business means driving out the waste, increasing productivity, enhancing your time management, delegating effectively and reducing the paper trail. If you can achieve all of this, then your business will thrive amongst its competitors.