5 Ways To Run An Efficient Business
Running a company can be just as difficult as starting one. If you recently started a small business, here are some solutions to keeping it efficient. (Image Credit: Fauxels/Pexel)
Running a business is full of challenges. It’s not for the faint of heart.
It would be great if there were an owner’s manual to running your business – one that would guarantee success.
Of course, there isn’t such a thing. But there are certain actions you can follow that will result in a more efficient business.
And efficiency is the key to success. So we’ll take a look at five ways you can start running your business more effectively.
- Utilize Multiple Communication Methods
Communication is the cornerstone of every single relationship – be it personal or professional. The ability to communicate effectively and transparently is crucial.
Failure to do so creates miscommunication. And this is the primary cause of misunderstandings and conflict between your employees.
When there is a discourse in the workplace, it becomes increasingly difficult to make effective decisions. The work environment becomes strained and productivity flies right out the window
While email is an easy way to communicate, utilizing face-to-face or voice-to-voice communication eliminates the possibility of missed communications or messages read too late.
If you want the conversation on record, you can either create a summary email that outlines what was discussed or record the phone call.
Remember Social Media
Another important method of communication is social media. Especially when it comes to communicating with customers.
Not only do your social media channels increase brand awareness, but they are a direct connection with your customers. This makes it essential for providing superior customer service.
In the end, good communication makes for more positive workplace culture, an increase in productivity, and a better connection with your customer base.
- Embrace Change
It’s easy to work from the whole “if it ain’t broke, don’t fix it” mentality. But this is a recipe for complacency. And it doesn’t take long for complacency to destroy a business.
The ability to accept and embrace changes as they come starts at the top.
If you’re unwilling to alter your ideas, processes, products, marketing or any other aspect of your business, then don’t expect your employees to be open to change either.
For instance, many companies are doggedly committed to hard copy documentation because technology seems scary or it’s simply what they know.
But if your business hasn’t yet transitioned to digital, it’s high time you did. Once everyone is handling all the paperwork online, they’ll more than likely see how much easier and organized it is.
And any action that facilitates your process is going to lead to increased efficiency. So be willing to make necessary changes.
- Outsource Non-Core Activities
No one person can do every job.
For the sake of efficiency, your best bet is to have an in-house team. Ideally, you have experts to handle core departments like human resources, accounting, social media, payroll, administration, and marketing.
If any core department is not staffed, resist the urge to parse out those responsibilities to someone else on your staff. Pulling employees off their regular duties to handle work for which they’re not qualified will only hurt your efficiency.
Consider outsourcing those non-core activities to a third party that specializes in that area. That way, your employees can focus on the important work they do and your business will continue to run smoothly.
- Make Information Easily Accessible
How much time does any individual spend during the workday attempting to find the information they need?
For instance, if you run a marketing firm that handles multiple social media accounts, your employee handling this should not be spending time figuring out how to access passwords and administrative duties.
Or if you own a tech company but you have a staff member spending any amount of time figuring out his or her “MacBook Pro keyboard not working” issue or other problem, it’s cutting into your efficiency.
Be sure that important information is easy to find. With some organizing around the workplace, you’ll find that making information more widely available will increase productivity.
- Take Advantage of Technology
Are you making the most of technology to help your operations? There is such a wealth of apps and tools to help you solve specific problems that could be affecting your productivity.
One of the smartest investments you can make is in accounting software. Whether you’re handling the numbers yourself or you have an accountant, this software makes managing payroll, accounts receivable, taxes, and expenses easier.
Keeping everything together in one place will save you time and improve your financial visibility. Plus, it will come in handy during tax season.
For Coordinating/Scheduling Meetings
Then there’s all the time you or someone on your staff has to spend coordinating and scheduling meetings to your lists. Web-based applications can save you time by facilitating this process.
Specific apps allow you to schedule meetings without any email correspondence. You need only to share a link to a page that is connected to your calendar and then users can chime in about times that work the best for them.
Meanwhile, if you’re selling products online, then you’re likely spending a lot of your time making important decisions about how to store and ship your goods. Using fulfillment partner software allows you to stay focused on that.
With such software, you can outsource the storage, shipping, warehousing, and other inventory expenses to a company that specializes in fulfillment.
Finally, there’s the issue of hiring employees. As your business continues to grow, you’ll inevitably have to deal with the sometimes unsavory task of finding new employees.
There are now countless resources and apps that will post and market your position to interested applicants. They’ll parse out qualified candidates and then give you access to a dashboard that shows you all viable applicants.
It’s a far cry from the early days of putting a job posting in the want ads.
Are You Running an Efficient Business?
An efficient business is a successful business.
So get on board with the above actions, and watch your productivity start to soar.
And for more informative articles on running a lucrative business, be sure to check back with our regularly updated business and wealth blog.