Three Ways to Make your Business More Efficient

Business efficiency

Spend less, be more productive. This is surely the mantra of many a business owner. So, with that in mind, here are three things that small businesses can do to become more efficient.

Streamline Workflows with Technology

Online expense management is just one of many smart solutions for businesses that come at little or no cost and are capable of making a real difference to a small team. File sharing platforms have been very successful at reducing paperwork and the time spent searching out and amending documents. Equally, online project management and collaboration tools are very effective at improving teamwork and making life easier for business leaders.

Set time limits

It may sound a simplistic way to improve productivity, but in a business where setting time limits to meetings and tasks is part of the culture, a lot more gets achieved in a lot less time. There’s no need to create a pressure cooker working environment, but with several timed objectives a day, discussions don’t get dragged on tangents and individuals are far better at sticking to targets.

Manage cashflow

The invoicing and payment process of your operation is essential. Working to promises can really undo an operation and quickly get it locked into a chain of groups relying on a third party that may be unreliable. So make payments simple and clearly structured for clients and, after a set time, make polite enquires to follow up on invoices. Where possible, request advance payments. Until payments are confirmed, treat their arrival with some healthy scepticism.

By continually looking for ways to improve the efficiency of your business, you can successfully chip away at wastefulness and make tangible contributions to a happier workforce and a more profitable and secure company.

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