7 Steps To Make Your Small Business More Efficient
To keep ahead of competition, your business needs to run efficiently. If your business does not follow current trends then it won’t succeed in the market. In simple terms, business efficiency means making the most out of what you have and how you can become a leader in the market.
As a small business owner, you should have core assets like cash, employees, vehicles, premises, and access to products and services but the most important aspect is how often these assets are delivering maximum efficiency for your business. We all know that “Efficiency” is more important for small and medium-sized businesses because their resources are limited compared to larger companies.
Here are a few tips which will definitely help your business to be efficient and also improve customer satisfaction, plus stay ahead of the competition. If you implement these tips then going forward you should be improving the efficiency of your business.
#1. Outsource non-core activity
You may not have expertise in all activities such as human resource management, administration, accounting related functions, payroll, and Employee Benefit Administration functions. Therefore outsourcing these activities is the best way to run the business more efficiently. As a small business you can partner with outsourcing firms in order to find the best deal.
When you outsource your non-competency or non-core activity functions to any other third party organization that specializes in these particular areas, you experience increased efficiency and productivity in non-core business processes.
#2. More Focus on Core Activity
Core activities are essential and vital for any organization. If the organization puts extra effort and time into those activities, it would be helping you keep ahead of competitors.
By outsourcing your non-core business activities to a third party, you would be able to manage your time and limited resources more efficiently and focus completely on your core business practices. As a small business owner, your company has limited resources in terms of time and cash. Moreover, it is more productive for a business to use all resources at their disposal in performing activities that directly increase the profits.
#3. Make Your Office Employee Friendly
Employees are happier if they like their office space. Apart from the all other aspects, it’s mandatory to ensure that the employee works in a comfortable and healthy environment. That means providing an environmentally-friendly workplace not only improves employee satisfaction, but also will actually save money after the initial outlay, and improves your standing as a green business.
#4. Implement Quality Management Systems
Many companies downsized during the slow market, and now that the market is coming back, a lot of small business owners will find themselves trying to keep up with growing demand while maintaining quality and profitability. To grow your business more efficiently you will need to implement a quality management system. Companies with a structured quality management system will be better prepared to take these on while simultaneously increasing customer satisfaction and profitability.
#5. Develop a long-term technology plan
The process of replacing legacy hardware with new ones can interrupt your employees and bring the office to a standstill but at the same time this will increase the efficiency of employees. Plus you can carefully determine short and long-term business objectives and work with your network vendor to deploy technology that matches them.
#6. Employee Morale
The employee is the key asset for any organization and keeping them happy will do more for your company than anything else you do. Beside normal benefits and salary available to employees, you should consider adding some small perks like a break room, one time breakfast, two time tea, office accessories, T-shirts or other freebies, or even rent a theater for employees to watch the latest box office hit.
#7. Track Productivity on a Regular Basis
There are many ways to keep track of productivity. Some of them are daily reporting, keep meetings to about once a week and keep them short and to the point. By doing this you will be able to manage and track everything in time and can deliver maximum business output.
Have you any suggestions for improving your business efficiency?
Connect with Tweak Your Biz:
Would you like to write for Tweak Your Biz?
Tweak Your Biz is an international, business advice community and online publication. Today it is read by over 140,000 business people each month (unique visitors, Google Analytics, December, 2013). See our review of 2013 for more information.
An outstanding title can increase tweets, Facebook Likes, and visitor traffic by 50% or more. Generate great titles for your articles and blog posts with the Tweak Your Biz Title Generator.