Reviewing these areas could improve your business efficiency
In a fast moving business environment, efficiency is a key concern in making sure things don’t get too hectic and revenue keeps coming in.
After a while, however, it’s possible to become too comfortable with certain processes, procedures and providers which can result in missed opportunities.
Every now and then it’s worth reviewing these areas in order to identify possible changes that could free up more of your time and result in greater efficiency for your business.
Consider your suppliers
No matter how long you’ve been in business, it’s important not to get complacent when it comes to your suppliers. This means everything from stock provision to washroom services.
For a new business, the right supplier could mean the difference between hitting your targets in the first year and going over budget. For established businesses, it’s easy to get comfortable with the suppliers you’re already using when there may be an opportunity to save both time and money by switching.
Suppliers don’t always grow with you, so what was once a great offering could now be holding you back.
Getting the balance between price and service is paramount. Even if you’re getting something cheap, not having the product or service when you need it is going to cost you time in chasing things up and, ultimately, the business money. Is it really worth it?
Tune up your communication
Think about how your internal workforce communicates with one another and see if that time could be better spent or made more efficient.
A 2012 report by McKinsey Global Institute found that the average office worker spends 28% of their time managing emails.
A lot of this time could be saved by cutting down on compulsively checking your inbox and by simply going and talking to a recipient, rather than drafting and sending emails, then waiting for replies.
On top of email management, see if you can cut down on meetings. Obviously there will always be ones that you simply can’t miss, but before you set one up, make sure that it is absolutely necessary.
When it comes to meetings away from your workplace, try to use phone or video conferencing as much as is possible to save losing entire days to travel.
The right premises
How much time and money are you spending organising or conducting maintenance each month? Does your lease agreement compliment any growth strategy you might have in place? Are you paying more for energy due to poor facilities?
Being tied into a lease that doesn’t allow subletting or assigning of the space can be highly problematic. If your company outgrows it, you’re not going to be able to deliver your full potential and it’s going to give rise to a lot of related issues.
It could also be that, due to poor facilities, you’re spending a fortune on energy bills.
In situations like this, it could well be worth considering a business move rather than dealing with a constant barrage of time consuming problems. This strategy is likely to be more cost and time efficient in the long run.
For businesses where a move is not possible, think about whether there is one big job that could put a halt to all the constant time consuming little ones.
For example: a full insulation installation, new windows to keep heat in or replacing old equipment entirely to save on the cost of using tradesmen.
Have you found any great ways of improving efficiency? Let us know.
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