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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
4 Tips to Make Your Business More Efficient
Your business is running pretty well. Your employees are happy with their pay and benefits. Your customers give you good ratings and refer their friends to your company. Most importantly, you are seeing profits and your projections for the following year are favorable.
No matter how well things are going, though, there's always room for improvement. Every once in a while, it's a good idea to stand back and see what you can improve. Have you expressed frustration about something in the last 30 days? Start there. For example, ask yourself if there’s work that could be outsourced like payroll, managed print services, and IT services. Are you getting the most out of your advertising dollars?
You'd be surprised by the ordinary things business owners miss during the day-to-day grind. Here are a few areas that you can start with.
- Printing, payroll and IT
Managed print services, payroll, and tech work are all jobs that are costly and time-consuming. They're also the three easiest to outsource. By hiring outside companies to do them, they're often less expensive, more efficient, and more secure.
Payroll has a lot of components and it often takes hours to finish. If you make a mistake, it's twice as long. Payroll companies will take all of that stress on themselves and you won't have to do anything. The same goes for printing and IT services.
Printing accounts for a large chunk of a company's annual budget. A managed printing service will ensure your needs are met and all of your equipment is running well. The service will help reduce wasteful spending.
- Update your business plan
When you started your company, you should have made a business plan. Think of this plan as a living document, like the Constitution, and just as important for the success of your company. You have to update it all the time.
Every time something changes, update the plan. There are a lot of ways you can do that. Every year, you can hold an annual meeting then make big changes to it afterward. You should also have regular input from your employees and customers throughout the year. They'll often see things that you're missing while you're busy with daily operations.
Your business plan can make or break your company. If you're running it based on old projections and outdated advice, that's a recipe for disaster.
- Advertising
Advertising is one of the most critical tools to run a successful business. You have to sell yourself to your customers and one of the easiest and most efficient ways to do that is by building a social media presence. You can buy advertising online or you can save some money and build it organically. It's also an easier way to conduct split tests to see what the masses want.
- Make communication easier
How do you get in touch with your employees? In this day and age, there are ways that are much easier than the old school phone and email route. Apps like Slack and Skype allow you to communicate with your workforce in real-time.
These platforms are especially great if your business is part of the gig economy and many of your employees are remote. Many of the apps even allow for group calls and screen sharing, making meetings run smoothly.
Get Started Today
The tips listed here are just a starting point. Once you take stock of everything, there's no doubt you'll find other areas that can be tightened up, from suppliers that are quicker and cheaper to a more efficient application process.
Don't forget to get advice from other people. You can't do everything yourself even if you may want to.
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