5 Business Efficiency Secrets for Small Business Owners
Are you looking for business efficiency secrets for small business owners? Every business owner wants to know what it takes to be more efficient and productive. Who wouldn’t want to cross off all the items on their to-do list and get their organization on the path towards efficient growth?
Managing a small business is a constant battle, you have to be flexible and systematic to meet the current trends of the market. For the business to be efficient you have to make the most of what you have, the never-ending cycle of evolving, scrutinizing, and revising business plans, the path to success is full of trials and tribulations.
Whether you are just starting or ready to expand your firm, a business plan is your blueprint for success. Planning is key to any business throughout its existence. To have a successful business, one must regularly review its business plan and ensure it identifies its market niche, ideal customer, and plans for both success and failure.
We all know small businesses require ample hard work and nurturing for it to love you back!
Every business is a small business until it is your goal to make it big. Here I’ll be discussing 5 Tips for you to have an Efficient Growth in Business.
1. Invest In Right People
For a small business with fewer layers of management, an entrepreneur must have the right quality team.
For a business to be more efficient, the employees need to do their job with less supervision and greater technical aptitude. Hiring people is a great expense for your business which is why it is important to hire the best candidate for every position. Make sure to eliminate regular time wasters who do not contribute to the growth of your business.
Invest in a good accountant for your business. Accountants not only help you to keep up with your books of accounts but also can provide you an insight on how to grow your business based on their financial analysis on your business.
2. Automate Business and Communication Process
Gone are the days when you did things manually, automating the business processes as much as possible is a great way to increase your work efficiency.
Invest in applications that will boost the efficiency of your employees, following are some tools to increase workplace efficiency:
- Organization and Time Management Software – Applications like OnTheClock, Slack, and Evernote will help you in time management by managing your other tasks and simplifying the process.
- File sharing and Communication Software – Applications like SaneBox, HipChat helps teams easily communicate with each other as well as share files without leaving their space.
- Project and Task Management Software – With task and project management software, the team no longer has to go far to check their member’s progress. Producteev, Trello, and Basecamp are some applications that can help you easily manage your tasks and projects.
In 2020, adopting digital methods for marketing and communication should be first and foremost. Here’s a list of methods to communicate with customers –
- Email Outreach and Marketing
- Social Media Marketing
- Business Website
- Pay Per Click Advertising
- Content marketing
It’s more important than ever to be active and updated with currents trends to be more efficient in your business.
3. Encourage and Consider Feedback
Reaching out to get customer feedback and managing their response can effectively reap benefits for your small business. Customer feedback provides you with insights into your business which helps you to identify your customer needs and problems and specifically work on them. This in return makes the customers feel treasured and appreciated.
For a small business, employee feedback is a vital element too. Let employees know you hear them. Acknowledge their feedback and input. If you can’t take action on their ideas, explain why. People are talking about your brand, the main question is are you listening and considering?
There are numerous ways to collect feedback –
- Social Media
- Point of Sale or Purchase
Lastly, as your company grows, always be open-minded to taking on advice or help.
4. Specific Goals for You and Your Employees
It is difficult to prioritize your work when you a Small Business Owner especially when everything on your plate is important. The role of a business owner is crucial to the business and therefore knowing where you’re at, where you want to go, and how you’re going to get there is of critical importance. Spending a little time for yourself and strategizing will take you a long way.
As for employees, their goals should be measurable and attainable which helps them to improve their performance and strengthen the business. An employer should consider encouraging employees to set their own goals aligned with the business objectives which would keep them more focused and efficient towards achieving their goals.
5. Call it a Night at the End of the Day
Do not obsess over productivity to the extent that you neglect your people doing the work. Regular overtime, late nights, or bad mental and physical can directly affect the efficiency of your employees. In short, encourage work-life balance.
The first and most important step in any productivity-boosting strategy is to focus on making employees happy. This can be accomplished through:
- Providing proper training for employees to succeed.
- Providing a conducive working environment.
- Rewarding the employees who achieve their goals or exceed them in time through a reward system.
- Working closely with the ones who are not achieving and encouraging them.
Ultimately, happiness and job satisfaction are correlated to the productivity of employees and by utilizing technology, supporting wellbeing, and encouraging flexible working, you can grow your business efficiently.
Lisa Wilson is a Business Advisor and Writer. She has more than 6 years of experience in the business industry. Currently associated with Grant Thorton LLP. By night a family person, during the day she is a word press and cupcake lover. Motivated by a mantra – Live simply, give generously.