How To Increase Efficiency Exponentially For Your Business

This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.

increase efficiency for your business

Your business is growing, and people know who you are. Great! Now how are you going to cope with all this extra work, especially when you were already working close to maximum capacity before? Now could be the perfect time to analyze and streamline your working methodology.

You only have so many hours in the day to work, and when what you have to complete on a daily basis is increasing, there are only three options: Work longer hours, hire more people to support the increased workload, or save time by increasing efficiency.

You’re probably already working as many hours as you can without putting yourself at risk of burning out, and you may not be in a financial position to hire more staff just yet. Increasing your business efficiency may seem like a daunting task, but it doesn’t have to be.

There is a saying in Britain: Pennies make pounds. What that means in this situation, is that many small changes can add up to a big difference. All you have to do is tweak a few aspects of your business to optimize the process slightly, and the payoff will be significant. Below are a few ideas that could create those small and simple changes for your business.

Communication

It’s the root of all business transactions. You need open and rapid dialogue to be as easy as possible between your clients and you. Technology has allowed this process to become markedly more efficient with every passing day. From conference calling services to Facetiming, these advancements allow information to be shared between multiple parties instantly. However, some older technology prevails. Many companies still use fax machines to transfer important documentation, as it can be quicker than email and keeps sensitive information like signatures from being intercepted on the internet.

It also does away with the hassle of scanning documents and attaching them to emails etc. Precious seconds saved on every communication by using services like free faxing with FaxBurner can add up to a significant portion of time, which you can now put to use dealing with other aspects of your business. Sometimes though, the spoken word is best. It’s very easy to get bogged down with a string of back and forth emails; if it looks like it’s going to turn into a conversation, then schedule the time to call this person. That way, instead of spending an entire business day sending emails in between other tasks, you could have a single, five-minute conversation and have the whole matter smoothed out. Choose the best tool for the job.

Know When To Say No

Being able to identify when to turn down new business is a key skill in developing and honing your practice. In the early days, you will doubtless grasp at any opportunity that comes your way, and rightly so. But as your business grows, so should your exclusivity. Sometimes the payoff may just not be worth it when you factor in the time and energy it will take to realize. Sometimes the nature of the opportunity changes, and what was a good deal becomes slightly less so. Understand when to cut your losses, and always make sure that your best business gets the lion’s share of your time.

Hopefully, this has given you some ideas on how to make your business more efficient. Remember to scrutinize every aspect of your working method to see where changes can be made and time saved.

Financial Bin Community