Starting a small business goes through many hurdles. That is because small businesses have no study base to support their business, such as reliable vendors, constant customers, reliable investors, management systems, equity, and secure systems.
It would help if you also kept in mind that a small business competes with every other established company in the same industry. It can be challenging to get to the level of the competitors. Still, if a small business initiates some standard producers to cut down on the overall cost and time, it will improve productivity. Reducing business resources gives small businesses an equal opportunity to compete with established companies and focus on business growth.
What actions can you take to improve your Productivity? An entrepreneur or partners in a business should conduct research and study their business to see how they can incorporate the following steps to achieve their organizational goals.
1. Automate Tasks and Projects Using Collaborative Tools
Automation tools improve time management and cut down on the cost of recruiting more employees. For example, you can find automation tools for data entry services, bookkeeping, or accounting services. The automated tools also allow transparency in the business, reducing misunderstanding. Your clients and team members can work on the same page. The tools also work with various platforms so that people can access the work on any device. Examples of collaborative tools include Basecamp, Slack, and Proof Hub, among others.
2. Switch to Environmentally Friendly Methods
Switching to environmentally friendly methods means that the business will have to use less paper for storing data. As a result, you should consider technological storage options. Storing data on technology is less expensive and a faster method of retrieving information. Reducing paper use means that less money is spent on purchasing paper, books, and printers, which reduces environmental pollution.
3. Take Advantage of Social Media
Setting up a sales and marketing department will require a lot of infrastructure, like furniture, employees, technology, and many other resources. To cut down on the cost and time, you will spend on the sales and marketing department. You can use social media instead. Today, many people are on social media, and the best way to create brand awareness and show people the value of your product is through social media campaigns. Social media campaigns increase the customer’s conversion rate and maintain organic customers. You should not completely cut off the old marketing methods, but you can reduce spending on those services.
4. Use Cloud Computing Services
Many small companies make a huge mistake when choosing dedicated servers to store all their business information. These dedicated servers are expensive to purchase, and they need special conditions like a cold room to function. Apart from that, the business will need employees with unique qualifications to operate and maintain the servers.
Getting a cloud computing service will require a small business to pay for the services, but you will save a lot of resources. Cloud storage enables every staff member to easily access data from any device regardless of their location, saving time. Besides, you can also enjoy other benefits like networking, artificial intelligence project management and security measures.
5. Reduce The Number of Meetings
Entrepreneurs spend money on meetings for the food, transport, and accommodation costs for meetings. However, you can reduce the number of sessions by sending emails or conducting online meetings using video conferences or calls using online platforms. Virtual meetings mean that you will use fewer resources to prepare for the meeting.
6. Slowly Purchase the Functions and Features That You Need
Purchasing all the functions and features for a business all at once is expensive. It will require entrepreneurs to have massive capital to get all the furniture and equipment they need. An entrepreneur should start with the most needed software, tools, furniture, and employees and slowly scale up over time. There is no need for a startup area to have a lounge area with high-quality seats, but the business doesn’t bring in enough income.
7. Source for Partners and Investors
Some small businesses will require a considerable amount of capital to start. Instead of struggling by taking up more loans or risking all your savings, you can look for financial support from other people. Partners and investors can provide collateral support for your small business while focusing on the goals and the mission.
8. Document All the Business Processes
Businesses that don’t document their processes find it difficult to account for their resources. In turn, you will find a lot of fraud cases and stolen equipment. To reduce such risks, you should document every process in every department, including minor transactions or transfers. Documentation will help you, once in a while, outsource auditors to check your business for any internal fraudulent cases or misuse of resources. In the end, every employee will become more accountable for their roles.
9. Hire Qualified and Trained Staff
A staff member that has no experience will cause a lot of damage to the business. There will be a lot of mismanagement of the company, other employees, and misaligned processes. As a result, many investors and suppliers may opt to stop working with your business, and clients will get tired of the shoddy services offered.
A staff member with experience knows what to do in case of a crisis. They will know the steps to take for the business continuity process and offer good customer support. In turn, every other employee, investor, supplier, and customer will be happy with the professionalism that your business has to offer.
10. Identify The Objective of Each Process
Ensure that you identify the objective of each process by assigning tasks to the employees. Each employee should understand the goal of the job. Ask the employees what they are inputting into the process and get to know the output of the same process. Identifying each process’s objective also helps employees understand their roles and take accountability for their actions. Besides, you can also measure an individual’s progress and output in business.
Finally, you can also improve productivity and save money by getting a financial business account that is safe and secure, with some accounts even insuring the money. Getting the account should be quick and easy for the small business to start operating immediately. The account should also offer transparent pricing without additional charges like monthly fees. Generally, having a free checking account like the business checking accounts provided by Nearside, which provide automatic rewards for small businesses, will give your business a slight financial boost.