Improve the efficiency of your SME
Productivity and efficiency are essential for the success of your small business. Time, money and resources wasted become the opportunity cost.
It’s the biggest question that we ask ourselves as business owners. How do we make the most of our day, every day? However, as something immediate crops up, these thoughts get sidelined and before we know, it’s weeks later and we are still doing the same inefficient processes and systems that are instilled within our companies.
Here are the 4 Steps to Running a More Efficient Small Business which you can start to implement today and create more time in your workday:
- Review organisational workflow
- Reward good performance
- Outsource for efficiency
- Measure and review all relevant data
Here’s what that means in more detail
4 steps to running a more efficient small business
1. Review Organisational Workflow
- Go through the company as if you are a customer. How smooth and “wow” factoring is it. How can you improve the customer experience?
- Revenue is the fuel for your business. Remove all possible unnecessary expenditures from the company and only spend on stuff that adds value to your business. Be honest.
- Internal communications. How quickly can you get a response from your team? What collaborative software can you use to make the working experience better for employees? For example, Trello.
2. Reward Performance
It’s simple. Reward an employee if they have increased a customer experience with very little additional cost or has increased the productivity output. For example, we implemented more WhatsApp groups chats with particular clients which have increased the communication between the business and the customer. Overall, several aspects of the business have improved.
3. Outsource for Efficiency
The first I ask myself is: “What am I best at and where can I add the most value to the business?”. Theoretically, if your business earns £100 an hour and 80% of that time is stuffing letters and isn’t high-quality work, then that can be outsourced to someone else.
The same can be applied to software. What parts of your business can be automated? For instance, when working in marketing, there is a tool or software that will improve your business’ daily practice.
4. Create Measures, Metrics and Monthly Reviews in Everything
Create specific, measurable goals each month and have a daily routine that helps you reach your objectives and I quite literally mean in everything (each department). Make sure you use the relevant KPIs to align your marketing with your business goals and objectives.
Once you establish a new routine, gone will be the days of promising yourself that today is the day you will make the necessary changes to run a more efficient business.
If you would like more support and specific information on how to achieve the 4 steps to running a more efficient small business, email Charlehdickinson@kub-uk.net or get in touch here.