Five Ways to Make Your Business More Efficient

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A great entrepreneur will always be on the lookout for ways to improve their business. Efficiency is a goal everyone wants to achieve when it comes to business because it can translate into less work and more profits.

Here are five ways you and/or your staff can become more efficient in your business.

Get Software-Savvy
Do you use the same software apps day in and day out? If you do, ask yourself how well you really know them? Are you able to just get by or are you a whiz with deep knowledge? 

If you’re just getting by and spending a lot of time wandering around or undoing things, you may want to take a course in that software. 
 
The deeper our knowledge is in the apps we use every day, the more proficient we can be.  This is true of all of your staff as well.

Reward New Suggestions
Your staff will be the first to know where there are bottlenecks and hiccups in your processes. Encourage them to speak up when they find something that could be improved. Listen to their ideas and reward the good ones. Implementing ideas from your business’s “front line” will increase its overall efficiency. 

Watch Your Time
How do you spend the bulk of your day? Working on new strategic projects, fighting fires, or a little of both? An honest evaluation of how you spend your time can yield many ideas about what’s going right and what needs work in your business. 
 
Allocate at least an hour a day to work “on” your business instead of in it.  That time is the only way your can move your business to the next level. If you’re the CEO, the focus should be more external than internal, more proactive than reactive, and more strategic rather than operational.

Avoid “Bright Shiny Object Syndrome”
Are you easily distracted by an email (that you didn’t realize waylaid you into an hour of unproductivity), a web link, or a conversation?  It’s crazy-easy to get sidetracked right in the middle of a task these days. It’s also easy to purchase something that looks great without doing your homework.
 
One way to avoid unnecessary purchases is to get three bids from potential vendors on all major purchases for your business.  Make it a procedure so that you’re not lured into fancy marketing and items you might not ever use once you see the fine print. 
 
One Person’s Trash Is Another’s Treasure
When you start to look around your office, you might be surprised at all the things you haven’t used in a while. Laptops that have been replaced, office supplies that were accidentally double-ordered, those folders you were going to use two years ago for a marketing campaign, even extra desks and chairs that are now empty: all of these items could be recycled to not only free up space but also get you some cash. 
 
Which idea do you like best?  Try it next week to improve your business efficiency.  

This is general information and should not be acted upon without first determining its application to your specific situation. Please contact your CPA or tax advisor for additional details.