Lean mean business in 4 easy steps
When running a business, you know it is important to be as efficient as possible. Efficiency can help your business to be more effective in delivering what it needs to, as well as giving you a competitive edge. Fast-moving business landscapes require you to continually find new ways to become leaner.
How can you increase efficiency without making sudden changes, which could potentially have a negative impact? Read our four steps below to see how you can get started.
1.Set goals and train employees
Communicate the business’ goals to your employees. By this, we don’t mean in terms of targets but explain the reasons behind them. This way, you can really get your team on board with what you are trying to achieve. Explain how they can make an impact towards this goal, how it will help in their day to day role and the business overall.
To develop the talent and skill set within your company, set incremental goals. Link training objectives with your business objectives and provide continuous and focused development. Training can increase employee efficiency by identifying performance gaps and as a result, overall productivity.
It can be easy to think you’re invincible and try and tackle everything yourself. Maybe you can by working long hours and juggle multiple items at a time. But what if you were juggling only two items rather than five, would you be able to complete the task in hand at a higher standard? As a business owner, it may seem obligatory to know a little bit about everything.
Outsourcing can give you access to professionals with expert knowledge in their field, as well as the flexibility to focus on what you do best. A lot of people will choose to outsource their accounting and legal work as rules and legislations change all the time. 3.3million people work in outsourcing, which is 10 per cent of the UK workforce (1).
3.Use time efficiently
Time can either be your best friend or your worst enemy, but one thing you can be sure of, is time waits for no one. I’m sure you’ve heard the saying of work smarter not harder.
Start each day by planning out what you aim to achieve, if you have meetings booked in then stick to these timings unless absolutely necessary. Learn to delegate or say no to tasks that aren’t an immediate priority, or can be dealt with by someone else.
4.Small changes, big savings
Cutting down on electricity can start from something as simple as switching lights off to putting computers into sleep mode; read 5 money saving tips for SMEs. At a glance it can seem like the few pounds from switching off computers will not make much of a difference. When you look at this cost over the course of a year, you could be in for a shock.
Do you have any restrictions on your expenses and petty cash? Small amounts of money here and there may not seem like it is making a big impact at first. Put a magnifying glass on these costs however, it could make you rethink whether savings could be made to make your company more efficient, both economically and environmentally.
So there you have it, a quick whistle-stop tour of a few ideas on making your business a lean mean efficient machine. Efficiency will not only help your business grow by making your processes leaner but also an essential for you to survive. Tell us below, whether you’ve tried any of the above steps or whether you can share with us ways your business has become more efficient.
Source: 1 raconteur
Are you looking to minimise your business’ exposure to bad debt and make informed business decisions every day? Qualify your customers, suppliers or contractors with Experian UK Business Credit Reports. Speak to one of our agents today to claim your free trial.
Leave a Reply
Posted on by Cindy Yip
Sign Up to Business Tips
Sign up today to business tips and news