Every business aims to be as efficient as possible to reduce the amount of time and money wasted in daily operations. On average, inefficiencies in various aspects of companies can cost them between 20 and 30 percent of annual revenue.
That’s a huge amount especially for new, small and even medium sized businesses to lose out on. A few small changes and adaptions, whether you’re running an accounting firm or gardening service, can be made across all industries to improve efficiency and financial positions.
1/ Speed up communication
Communication is key in all businesses, even if you work alone, as interacting with clients and customers will be necessary. With so many different communication tools now used in the workplace, from email to Skype and instant messenger, it should be making it much faster and easier.
And it can be cost effective too. You don’t have to break the bank to maintain an efficient communication channel in your business. Tools like Slack, Trello and Asana makes internal communication simple and effective when managed well.
Research has shown that the opposite is true with around 40% of worker time spent reading internal emails. While some of this will be productive we all know a lot of it won’t. Some companies have already placed a ban on internal emailing which has immediately sped up communication. Walking across the office or picking up the phone avoids rewriting and sending numerous emails just for a simple ‘yes’ response.
Focus on the best communication practices that works for your business, improves productivity and will ultimately increase your margins.
2/ Improve financial management
Your business should already be using internet banking as it saves so much time avoiding going into branches and waiting in queues. Constantly monitoring your financial position will bring up any discrepancies and ensure at your end everything is running effectively.
Late payments from clients and customers can be detrimental for all businesses. Adding interest on for late payments is one way to try and prevent this happening. Another option is invoice factoring from Touch Financial whereby you pay a small percentage of the outstanding invoice value to the lender to receive a substantial amount of the invoice well before the cash would usually arrive in your account. This can then be reinvested quickly.
3/ Install reliable technology
Many companies have made the mistake of hearing about the latest software that’s supposedly great, bought it and wasted time installing for the whole office to find it’s no better than the previous program.
Instead it is far better to get hold of a demo first or install on just one computer before making a mass purchase. For all types of technology consult those who will be using it for their opinions first. Certain equipment may not suit your workforce and could lead to a slower process in the end.
Look into options that could save time and money. Cloud apps can best tested without huge investment in software installation. And they can also be accessed outside the office where necessary. The right technology can significantly boost productivity in your business.