As your business grows, it’s not unusual for it to become a bit cumbersome and unwieldy, especially if you have more than one location or work across borders. You want your business to keep growing, but at the same time, you want to make sure that it’s functioning efficiently in all areas.
Sometimes this means you’ve got to take a look at your company and do some streamlining. When you’re looking at ways to streamline your business, consider these points:
The constant turnover of staff is highly inefficient. Every time an employee leaves you, you’ve got to go through the process of hiring and training someone new, which can be expensive, not to mention time-consuming.
To start reducing those turnover rates, you have to start hiring strategically. When you make strategic hires with the goal of keeping employees in your company long term, you eliminate this inefficiency and immediately make your company more streamlined. You’re always going to have employees that leave, but the more you can minimize your turnover rate, the more streamlined your performance will be.
Harnessing the latest technology is a great way to streamline your business, but overhauling all your tech in one go is an expensive operation. One way around this is by writing a technology plan, where you gradually phase-in new technology to meet your most pressing needs.
New technology is a big investment, but it can make a huge difference to your efficiency, so look at different ways to finance it. A business line of credit from Become could be very helpful for allowing you to invest in your technology, thereby boosting your efficiency.
When employees aren’t empowered to make basic decisions, it causes a lot of inefficiencies. If regular employees have to seek authorization from management for every little decision, it’s difficult for your business to function at 100%, but when you know your staff has had excellent training, you can empower them to make more of those decisions.
If you can invest in development to make sure all your employees are trained to a high level, you go a long way to streamlining your processes.
Another benefit of knowing your staff has been trained to the highest standard is that it makes remote working a workable option.
Your employees lead complicated lives, which aren’t necessarily suited to a 9-5 office job. With remote working, you can allow your staff to take responsibility for their own work schedule while working from home: as long as the work gets done on time, it doesn’t matter what hours they’re keeping.
Many studies find that remote workers are actually more efficient than their office-based counterparts, and when you know they’ve been trained well, you know the standard of their work is going to be high.
Don’t spend valuable time doing things you’re not good at – outsource them instead.
It’s easy to get dragged into doing all sorts of different things when you’re not necessarily that good at them. If you’re going to streamline, you want to make sure you’re focusing on the things you do best, so you can continue to excel in them and increase your competitive advantage.
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