Your Business Is Wasting Time On These Four Things
No matter how efficient you may have set your business up to be, it’s a process where there is always room for improvement. You know vaguely that it would be good to find areas where you can make further cost savings and improve your bottom line, but if things are already running smoothly, where do you go from there? Evolution is at the heart of every business that achieves long term success and striving for continuous, incremental improvement is the way to stay on top. If you focus on these four areas first, you’ll soon find plenty of places to turn your attention to.
Update Your Admin Workflow
If your business support services aren’t fully automated then you are probably missing a trick. Leaving any kind of a physical paper trail in this day and age is vastly unnecessary and inefficient. Using software tools will save time and money, so look into areas such as www.payroll.services and using a cloud-based accounting system to process invoices and areas like recruitment. Workflow management is another area where it can be enormously helpful to let technology take the lead. You’ll see much faster and more collaborate processes as a result of using them.
We often hear it said that lack of communication is a significant issue between business leaders and staff, and while this is true, it’s a mistake to confuse good communication with frequency and volume. You need to make sure you select the right channel for your message. The alternative is getting bogged down in endless, time-draining email chains. Use the power of a tool such as Trello or Slack, that focuses you on channeling information into task streams, ensuring that everything is relevant and on-message.
This is surely the bugbear of everyone, and yet pointless meetings still occur in most businesses with alarming regularity. They are one of the worst productivity drains you’re likely to come across. Make it a rule that any meeting must have a clear and concise agenda before it goes ahead, that participants are asked to come with ideas prepared in advance, and that they have a set finish time that is strictly adhered to.
Data and Decision Paralysis
In an age where we’re told business decisions must be arrived at by way of analytics, and when big data gives even the smallest companies an insight into a universe of possibilities, data paralysis is becoming a significant factor. The issue is working out what is relevant and why, not attacking every single detail. Make sure you have clear goals and a specific end result in mind and articulated to your team, and discard anything that isn’t relevant. When there are too many options on the table, we also tend to become mired down in trying to second guess every option. Don’t be afraid to trial things with a quick turnaround and use them as a learning opportunity for further activity – not everything has to be meticulously planned months in advance.