The phrase “time is money” is thrown around a lot in business, but it’s usually tongue-in-cheek. However, there is some truth behind the statement: inefficiency in the workplace can stunt business growth and affect customers, employees, suppliers and business partners – all of which can directly impact a company’s bottom line.
Simplifying your organization may sound like a daunting task, as there are numerous aspects of the business to consider. However, even the smallest changes can make a big difference your revenue, growth and customer satisfaction. To help you get started, here are five tips for streamlining your business.
Improve Employee Retention
We hear time and time again that people are a company’s most valuable assets, but not all business-owners value their employees as much as they should. However, increasing employee retention will ensure consistency in the workplace and can save you money long term.
Employee turnover is expensive, especially when you factor in the time it takes to train someone new. So, hire strategically by using elimination criteria and thorough vetting, and treat your employees well – surely you’d rather have them work for you instead of your competitor?
Outsource and Delegate
The easiest way to streamline your business is to outsource and delegate tasks that you don’t have time to complete. Luckily, you don’t have to employ someone to sit in an office and fill out tax returns. Instead, you can hire online freelancers or use automated software, so you have time to focus on other tasks – even if that means going out for lunch or taking some vacation time. You don’t have to do it all!
Learning to delegate important jobs will free up your schedule and make you more productive, all while empowering your employees.
Consolidate Your Software
If you’re currently using different software packages for each area of your business, you could free up time and money by consolidating your software into one integrated platform. Spend some time researching software packages that will meet the needs of your business, and don’t be afraid to automate tasks like invoices and payment reminders.
Move to the Cloud
If your on-premises data storage servers are overflowing with files and documents, it might be time to try a different approach. You can use cloud software to store your company data and files. Cloud computing has numerous benefits that include superior scalability and improved employee productivity. Your employees would also love the cloud because they would be able to collaborate on and access their files from anywhere. However, don’t forget about cloud security. Information security technologies such as a CASB from Skyhigh can help you protect your sensitive data in the cloud. It’s also a good idea to encrypt your sensitive information, including emails and documents containing company passwords.
Use An Electronic Schedule
Rather than creating your employee schedule yourself, which is incredibly time-consuming, use an electronic software package. Some of the more intelligent systems out there (such as Time Clock and Time Curve) allow you to track employee hours and earnings in real time. You can even integrate these systems with payroll software to make the whole process smoother.
Scheduling software ranges in price, starting at around $125, with the most expensive packages costing over $1000. However, this is an investment that will save you hours of company time in the long run.