Maximize Your Start-up’s Operational Efficiency to Maximize Profits
Is your start-up business, and in turn your revenue, growing? Yes? Congratulations.
Is revenue growing enough to cover the costs that come with getting bigger? Maybe? No? Don’t know?
A focus on growing revenue is important, but looking at how to maximize efficiency so the costs of growing don’t eat away at your growing profits is just as important as growth itself. Here are five ideas on how you can optimize your efficiency and maximize your profits:
Start with where you’re at
You can’t start growing efficiency and profits without knowing where you’re at. The first step in any growth/efficiency plan should be taking a look at your current performance.
Take a close look at your time, and find where you or employees are spending too much of it on certain tasks. Can processes be streamlined? Can they be automated? Are you or your employees working 10-, 12-, or 14-hour days? If so, perhaps find ways to take tasks off your collective plates to avoid brain drain and burnout.
One option is bringing in some virtual help. Intelligent Office provides a host of services from phone answering, scheduling, order processing, prospect follow-up and more. There is no one-size-fits-all answer, so services from Intelligent Office can be scaled to your needs and priorities.
Also look for redundancies. Are there too many managers and not enough employees? Don’t let the chain of command become a choking yoke. You expect your employees to be efficient, expect the same of your managers.
Assess employee skills
Your staff is your most valuable resource. Are you using their skill sets in the best possible way? Make sure the right people are working on the right projects and you will increase productivity as well as employee satisfaction.
And just as Intelligent Office’s virtual assistant or virtual office services can help limit long employee work days, they also can help free up the right talent for the right job. Don’t let your best marketing mind get stuck on the phone, or your most productive sales person get mired down in scheduling meetings.
Check your tech
New technology is an investment that will more than pay off in terms of productivity. Don’t try to cobble together an efficient team with 10-year-old computers, fax machines and less-than-smartphones. Spending a bit on equipment that will allow employees to complete tasks faster means more will get done with less frustration.
Factors to consider when considering new tech include its track record (is it new or has it been tested and proven?); who will be using it (talk with your staff and make sure they are on board with the change); and security and reliability (make sure software works as promised, make sure your network is protected from viruses and malware).
And make sure your network can provide the speed you need.
Allocate your resources
Once you’ve looked at where your staffing or technology inefficiencies lie, redirect your resources (employees and capital) to where they’re needed most. Again, using your talented staff in areas where their talents lie will increase their satisfaction and your bottom line.
Make sure there are channels for employees to communicate new ideas, as well as their observations about what’s working and not working. Make sure management is communicating goals and strategies with all employees. And make sure everyone is communicating with clients and customers to ensure their needs are being met.