The expression ‘time is money’ has never been more accurate than when applied to the business sector. Every manager knows that streamlining processes and improving productivity internally has dramatic effect on output externally and, at the end of the day, your balance sheet. But while we often hear talk of working smarter not harder, it’s a lot easier said than done. With the right steps, however, any business can make improved efficiency a reality.
1. Focus on what you do best and outsource the rest.
Too many businesses are focused on being jacks-of-all-trades, upselling and offering more to their customers, yet few appreciate the additional costs and time associated with delivering these extras. Identify what your business’s core strengths and profit-producing offerings are, do these well and consider partnering with specialist organisations or outsourcing to freelancers for other tasks.
2. Know your finances
Invest well and seek professional advice when needed so you can be sure your money is working for you. Many businesses have failed or struggled over the last 12 months because they simply weren’t structured to handle an economic downturn. Regardless of the size of your business keep a close eye on your finances and the state of the economy. Eliminate unnecessary spending as every dollar adds up.
3. Invest in the right technology and keep it up to date
How many hours have your staff lost managing computer issues or updating software? Invest in quality IT infrastructure from the outset. Have it customised to work for your business and train your staff extensively to ensure it is being used to its full potential. Update your software regularly and delete old documents and programs to avoid out-of-the-blue system failures.
4. Go paper-less and utilise the power of CRM
Save your administration staff from drowning under paperwork by investing in an effective customer relationship management system. A customised CRM system will automate time-consuming tasks, record and align all marketing, billing and communication processes and cut out the clutter. Your staff, clients and the environment will thank you for it!
5. Market your business in the right spaces
Know your audience, where they source information, what they do and what they consume. Are you getting the most out of your marketing dollar and are your messages reaching the right people? Consider moving your marketing to non-traditional outlets. Social media and blogging is free while e-newsletters provide frequent client interaction with just a small initial outlay and minor ongoing costs.
Author Bio: Stephen Bell is principal strategist of Logiro Financial Planning. Bell launched Logiro in 2006 with a mission to provide full service planning at an affordable price. Having built a successful business model of his own, Bell saw an opportunity to assist other businesses in improving productivity and better servicing clients, so began developing his next project, bespoke financial planning software service Evolve Logic. Bell is a certified Financial Planner and holds a Diploma of Financial Planning, a Bachelor of Applied Science (Maths) and is an Authorised Representative of Charter Financial Planning Ltd. He is also a member of the Financial Planning Association of Australia. To learn more about Stephen, visit him online at www.thinklogiro.com.
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