8 Ways to Increase Business Efficiency in 2016

Many business owners are constantly looking for new ways to improve efficiency. However, there is a plethora of information to sift through and there is no way to know what works and what doesn’t. This is why we have only focused on practical steps that have been proven time and again to help increase business efficiency wherever they can be applied.

Cut down on sales effort

If you are expending too much energy to sell more products, your bottom line will most likely be impacted negatively. Fortunately, technological advancements have made it easier for companies to sell more with reduced effort. Customer relationship management software for example, will help you control communications with your client. It will also improve efficiency in terms of cross-selling.

Social media marketing can be improved greatly by using streamlining apps like HootSuite, MarketMeSuite and Sprout Social. To sniff out new conversations, improve direct marketing and ensure timely response to customer queries.

Streamline the money process

Instead of calling a branch or walking into one, internet banking will help you better manage your company’s finances. This will increase efficiency in fulfilling orders, paying for supplies, etc.

Similarly, you should ensure that customers always pay when due. You can enforce this by offering discounts for early payments or charging interest on late payments. This will drive more early payments, ensuring a smoother financial process in your business.

Review your outsourcing

There are many benefits to outsourcing but you need to be sure your business is not creaking under the weight of its drawbacks. Are you losing money to hidden costs? Is customer satisfaction in jeopardy as a result of outsourcing? You need to go over your outsourcing relationships from time to time to ensure none of them are negative influences on your business process.

Use roller conveyors to automate distribution in your warehouse

Automation is key to improving efficiency for any business. “By cutting down on the degree of human intervention needed to complete routine processes, you will be able to save money on personnel costs whilst freeing up individuals to focus on other vital areas of the business process” Conveyor Systems Ltd who are business conveyors experts.

A small fashion business that designs, makes, stores and ships products relying on humans in the distribution process will be less efficient another of such small business that utilises roller conveyors in the storage, shipping and distribution of produced apparels.

Automated systems can work round the clock if need be and speed can be increased or reduced in line with production demands.

Cut ties with problem clients

No business wants to lose a potential source of income but a client that only makes payment after weeks of chasing or one that constantly tweaks briefs arbitrarily is bad for your business. Cutting your relationship with them frees up time to cater for more productive clients.

Cut down on meetings and embrace remote collaboration

Meetings are of course vital as they allow brainstorming. However, you need to be sure that meetings are only called when it is very important. Lumping together small daily or weekly meeting sessions into one or two lengthier monthly meetings can help improve efficiency.

Additionally, instead of travelling to meet clients or having staff members travel down over long distances; embrace video conferencing and other remote collaboration tool. Many businesses intend to increase uptake of collaboration tools in the future. You should too.


Stay up to date with tech trends

There is no doubt about the importance of technology in business. Software and technology can help you increase productivity, streamline operations and improve overall business efficiency. It is therefore vital to keep up with advances in technology and emerging tech trends to be sure your business is using the very best technology.

Create goals that are achievable

As you implement the suggestions covered here, you should be able to have a tangible definition for improvements. This can be achieved by setting achievable goals that are related to the methods you use. It will equally allow you to monitor whether the changes you make have had any impact on the overall productivity and efficiency of your business. The goals you create should span the entire company but smaller goals can be mapped out for various departments or operations. Tracking your progress and seeing improvements is the motivation you need to keep looking for ways to improve efficiency.

Views: 136

Comment by Andrew Grant on June 16, 2016 at 11:20am

All these recommendations are definitely useful, but the key factor of running a successful business is to obtain a good legal support. I highly recommend these guys: https://linkagemind.com/ .

Comment by Amit Prasad on June 20, 2016 at 5:17am

We really need to be updated with technology and trends to keep our business updated and up to the mark. In these days, management is one of the major concern for business owners. It's better to make use of management software to have easy and efficient business management.

Comment

You need to be a member of Small Business Bonfire to add comments!

Join Small Business Bonfire

Members

Subscribe to Our Newsletter

Kickstart Your Business

small business help

Get Connected

© 2017   Created by Alyssa Gregory.   Powered by

Badges  |  Report an Issue  |  Terms of Service