If you believe that your business model is not efficient, then there are ways that you can change this. It doesn’t have to take a lot of time or effort either, and the results speak for themselves.
Invest in a Server
A server is essentially a digital filing cabinet. It helps you to manage your ever-growing pile of documentation and they are also super reliable. This will help you to improve your business overall and it will also help you to establish a level of professionalism. Another bonus of having a server is that you can back it up daily without having to worry about losing files or even shredding the wrong ones by accident. If you want to step things up a notch, why not invest in a database comparison tool as well?
Phoning
Think about it, how much time are you wasting by running between your office phone and your mobile? Probably quite a lot. If you want to make your business more efficient then it’s always a good idea for you to invest in a VOIP system. This will give you a very high level of personalisation and it will also help you to streamline your business finances. VOIP systems tend to be 40% cheaper when compared to a traditional phone system and they can also help you to manage your customer calls much more efficiently. Attachments can be dragged and dropped too, so if you want something to help you with in-office communication then this is a fantastic option.
Automate
The more you can automate your business, the more efficient it will be. If you have an accounting package that will handle your bills for you, then why not take the next step and try to automate the process even more? See if your accounting package can generate invoices or even email reminders for any late payments. Some accounting software will suspend your client’s account if they do not make a payment after three warnings, and little things like this can free up more time in your day.
Go Online
Your website is essentially the face of your online business. You don’t need to worry about having fancy graphics, but you do need to make sure that your customers are able to access all of the information they need. An online FAQ can work wonders for your workload and it can also help you to stop going back and forth with customers as much. You don’t need to be a technology wizard to set up a great site either, in fact, a lot of hosting companies can easily provide you with a very reliable website for an affordable price.
Banking
If you want your business to be more efficient then you need to look at your banking situation. Are you paying charges to your bank every single month? If so then it may be time for you to request a bank analysis. This will break down the amount of charges you pay, and it will also help you to make good and educated decisions. The more you can streamline your costs, the more profitable your business will be.
Filing Taxes
If you have millions in assets, then it may be worth you trying to file your taxes electronically. An automated payroll system can work wonders for you here, and it can also help you to get a head start on the tax year. So many companies leave their tax until the last minute and they pay a small fortune in fees as a result too, but the more you can limit this, the better off you’ll be.
Hire Strategically
Your business will never be truly efficient if you do not have a quality hiring process. It’s important that you have an online process and that you also have elimination criteria too. This will need to relate to scheduling, educational level and salary. If you have an “out” and “in” system, this will take care of half the work for you. Remember that the more selective you can be, the sooner you’ll be able to hire and get more work done.
Scheduling
Creating a schedule for your team can be a difficult and time-consuming process. If you want to make things easier on yourself then you need to invest in a software package. This will help you to scan for any scheduling errors and it also gives you the chance to quickly calculate how many hours your team are actually working. The best thing about software like this is that you can usually download a free trial. When you do, you can then try it out before you choose to fully invest.
Rent a CFO
The time is going to come when your bookkeeper can no longer keep up with your bottom line. When this time comes, you might want to invest in a CFO. You can pay for their services for one or two days a month, and this will really help you to stay on top. A CFO will essentially help you to refocus your business and they will also help to make it way more profitable as well, which is always a good thing.
Tighten your Supply Chain
Strong partnerships are crucial if you want your business to succeed. If you want to make sure that this is the case for your business, then you need to keep your relationship strong by leveraging your buying power. Use as few service providers as you can because when you do, you will show a degree of loyalty and this can really work in your favour.
Outsource your HR
Entrepreneurs often spend one-third of their time doing payroll. There are so many tax implications if you end up doing this wrong and you may even find that you are unable to fix the issue without paying a huge fine. When you have the pressure of deadlines as well, you will soon find that the whole thing can become overwhelming. One way for you to help yourself here would be for you to invest in an outsourced HR service. When you do, you can count on them to do the job properly while you focus on the more important aspects of your business.
Have Fewer Staff Meetings
Think about it, do you really need to have a staff meeting every single week? Sometimes an email update will suffice. If you have fewer staff meetings, then this will translate to less talk and more action. Your workers will also thank you for it because 60% of employees believe that they waste time by being in meetings.
Data Mining
What do customers really think about your company? You aren’t solely responsible for building your brand because your customers have a huge part to play. One way for you to make sure that your data is being used properly would be for you to hand out customer comment cards. You can also send out a survey if you want. When you do, you will soon find that you are able to cut down on the cost of your marketing and you can also make the right changes to your business early-on.
Leverage Your Partnerships
Strategic partnerships can help you to rise above your competition. Picking the right partner can be time-consuming and difficult too, but there are a few ways that you can simplify the process. Think about looking to your suppliers, vendors and customers. When you do, you will be able to see where your customer service is lacking so you can hire someone who can fill the role.
Go To your Customer
So many companies waste time by investing in huge marketing campaigns that don’t actually work for them. This can really impact your business but there are ways for you to get around this. One thing that you can do is create your own advertisements so that you can go directly to your customers. For example, instead of paying a TV company to host a television advertisement showcasing your latest product, create your own video and post it to your social media page. This way you are engaging customers who already have an active interest in your company, and you are also helping them to connect with you on a much deeper level. Things like this can really save you a small fortune, so be creative and see how far you can run with it.
Get the Message
It’s very easy for you to lose your brand focus when you are constantly dealing with online catalogues, phone calls and even direct-mail sales too. If you want to simplify the process, then you need to try and have one single message that works across your entire campaign. This is one of the best ways for you to track consistency and you will also have way less hassle with your customer service too. If you just don’t know what your brand message is then this indicates that it is time for you to make a change. Go back to the drawing board and find your USP, so you can craft a message that truly delivers.
