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The best ways to improve the long-term efficiency of your business

by on July 13, 2020 in Business, Latest News, Lead Article, News you can use, Nuggets, Startups

The best ways to improve the long-term efficiency of your business

Are you looking to increase profits while increasing the proficiency and efficiency of your business? Of course, you are – everyone is!

The problem is, not many people know how to do this and often spend far too much money, time, and effort trying to accomplish these goals. Luckily, we have a list of the best ways that you can improve the long-term efficiency of your business without having to go through multiple trials and errors.

Keep reading to learn about the steps you need to take in order to improve the long-term efficiency of your business!

 

Powerful People Drive Success

Photo by Carl Heyerdahl on Unsplash

One of the best ways to create long-term efficiency and drive your company’s success is by having a great team. Chances are, you already have a group of talented employees who desire to progress within your organization; they also already have the fundamental knowledge of your business.

Sometimes hiring outside of your current talent pool is necessary.

However, it is far more cost-effective and efficient to train an existing team member than it is to attempt to locate a perfect fit. Also, deciding to promote from within means that the employee is already invested in your company and will be able to function at a higher rate of productivity at a much quicker pace than someone hired from outside of your organization.

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A new hire will not only require training but also time to acclimate to your company’s culture. It can take up to five months for a completely new hire to become as productive as the rest of your team.

 

Business Process Automation is the Way of the Future

According to a new report from Prolifics, choosing to automate your business can give you a 400% return on investment (ROI). This ROI happens because of several factors:

  • Employees aren’t wasting time completing repetitive tasks, allowing them to focus on higher-priority duties, making their workload lighter and keeping your budget full

  • Aside from being able to focus on more important tasks, your employees’ productivity will increase when needed information is ready and easy to find

  • Automatic processes reduce or eliminate human errors that can potentially cost a business large sums of money

  • Customers are far happier because they’re able to receive the same level of service no matter which employee they speak with, making them far more likely to return to your business and refer their friends

  • Business process automation increases the overall security of your company’s files and documents – you won’t have to spend extra resources on ensuring that your (and your customers’) information is safe

While business process automation may seem like an overwhelming task at first, as you begin to integrate and automate your company, you will see an overall increase in efficiency, productivity, customer satisfaction, and profits!

 

Cut Wasted Meetings

Photo by Campaign Creators on Unsplash

Sure, meetings are important. They keep your team on the same page, help identify any potential problems, hold employees accountable, and generally allow for people to voice their concerns.

Unfortunately, they’re also huge time-suckers.

What do we mean by time-suckers? They waste time – getting everyone corralled, seated, and keeping your employees focused is a hassle and to be honest, most of them probably dread them.

Instead of opting for long meetings, try to inform everyone of current happenings, problems, and projects via email or possibly a team chat app. When you must have a meeting, keep them short and to the point, allowing everyone to get back to their jobs as quickly as possible.

 

Ask for Feedback

Everyone has a process. You have a process and so does your company – it’s the way things are done and have been done since the beginning of time (or at least the start of business).

There’s a reason that you’ve kept that process and it’s because it works!

However, as technology changes and people with varying perspectives come into your organization, they’re going to have ideas about what can be done to make your process better, more efficient, and less erroneous. Ask for those ideas and ask for feedback.

Your inquiries don’t have to be limited to how your business functions; it may be something as simple as how customer complaints are handled or the best ways to ask for time off. You may have a chance to learn something about your business, a way to improve and become more efficient, and ensure that your employees feel heard.

Take a Break

Taking some time off sounds counterproductive, we know. However, if you or your team are completely exhausted – mentally or physically – your business won’t be nearly as efficient as it could be.

Whether you choose to take weekends off or declare a week-long break during a slow time, everyone will thank you and your customers will understand, many of which will be appreciative of the sense of renewal that comes with time off.

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Planning for Success and Long-Term Efficiency

Each of these tips regarding how to improve your business’ long-term efficiency can be enacted with relatively minimal costs and offer a great return on your investment. Some of these methods may take longer to implement than others, but you can rest assured that your efforts will pay off in the long-run.

While each of these methods will allow you to improve your efficiency, you will need to prepare yourself, your company, and your employees for the potential increase in business. When your business runs efficiently, sales (and profits) often increase, sometimes surprising the team and causing a momentary drop in productivity.

The easiest way to avoid this is by communicating with your team and informing them of the changes that will take place as well as the positive outcomes associated with them! 

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