Running a business is no easy ride, and there are multiple considerations, problems, and calls on your time to deal with every week. It can sometimes seem like a Herculean task finding the time and energy to accomplish everything that needs doing each day. Run small business make the owners often find themselves working into the night trying to get everything done.
If you’re overworked and feeling under pressure, rather than wishing for more hours in the day, why not try looking at how you’re managing your time and seeing if there’s any scope for streamlining your processes?
How to Run Small Business More Efficiently
Efficiency and effectiveness are often mentioned in the same sentence as if they were joined at the hip. In fact, they’re two very different oncepts; efficiency refers to making the best use of time and resources to achieve the most productive results, whereas effectiveness is about how well your activities pay off in terms of results that can be traced back to your strategies and actions.
If you want to be more efficient, you need to analyze how you spend your time and work out if there is a way of achieving the same or a better result using less time and fewer resources. One simple example that illustrates the point would be printing and copying. Having individual machines for each computer takes up space, ties up capital investment, and the machines all require supplies of consumables, plus any maintenance fees.
By combining the printing functions of your PCs with a single multi-function photocopier, staff can send their printing wirelessly to the main machine, saving time, money and working space. If you lease a machine rather than buying one, you’ll also have upgrades when your machine becomes outdated or worn out, and be able to call on support services if anything goes wrong.
Checking how efficient your business is
Have a look at all your business systems, and weigh up the advantages of changing or updating them. How up to date is your book-keeping software? Are you taking advantage of cloud-based accountancy services that enable seamless connection and communication between your accounts, your clients and the bank?
What about payroll, are you still using an expensive, out of date method of producing pay advice slips for your staff? If so, you could save time and money and produce a far more professional result by using an online check stub maker tool to manage your staff wages.
How long is it since you checked up on your logistics or your suppliers to make sure they are still providing the service you need for an acceptable cost? Regularly shopping around can not only find you better deals but could help keep prices lower for you if your suppliers think you’re considering a change.
Efficient working methods help your business to flourish by keeping costs down and improving productivity. Efficiencies are something that needs regular checking, because the best methods aren’t set in stone, and better options could well present themselves at any time.