Maximizing efficiency in business means making the very most out of what you have, particularly time and money. This is crucial for all types of businesses but it’s especially important for small businesses and solo-preneurs Small businesses and solo-preneurs resources are already limited when compared with larger corporations. All entrepreneurs want to outdo their competition, but for this to happen you will need to plan a little smarter.
With that in mind, here are five simple ways to maximize efficiency in your small business.
Set Clear, Realistic Objectives
It’s impossible to work efficiently unless you and your employees actually know what you’re working towards. For this reason, it’s important to sit down and write a business plan. Your plan should provide information on all areas of your company, outlining any goals you need to achieve to earn your projected revenue. While these goals should challenge you and your team, you must also ensure they’re realistic. Trying to achieve the impossible will only waste time.
Take Advantage Of Technology
Monotonous and repetitive work can really take its toll, affecting the mood and productivity of employees. Thankfully, with today’s technology, you don’t need to doom anyone to such boring tasks. Instead, you can invest in different software, apps, and tools to automate less important work, such as posting on social media or ordering office supplies. This saves time as well as the money you would have wasted paying someone to do it.
Match Tasks To Skills
Trying to complete a task you have no idea how to do will only ever lead to wasted time. It also puts your business at risk of making some incredibly serious and costly mistakes. Rather than assigning tasks to those who don’t really know how to do the work, consider outsourcing instead. You can look for companies to handle specific areas such as a marketing agency, reputation management, or expert accounting for limited companies. This option is particularly beneficial to solo-prenuers who already have too much on their plates. Be sure to do your research to make sure the company services your area and is the right fit for your business.
Eliminate Major Distractions
Even the simplest of distractions can completely break your flow, making it difficult to focus on the task at hand. For this reason, you should make a note of all of the things that tend to distract you throughout the day, whether they be too many meetings or notifications on your phone. With this list, you can work to eliminate your distractions, by turning your phone on silent mode and reducing the number of meetings planned.
Limit Unproductive Travel Time
Traveling to the office and back home can easily add hours to your working day, negatively impacting your work-life balance. It can also have you feeling less productive at the end of the day. With that in mind, you could consider working from home instead. While most assume this would harm productivity, a number of studies have shown workers actually get more done when allowed to telecommute. Working from home also eliminates the money and time wasted on daily travel and you’ll have more time to spend with your family.
Make it a part of your business strategy to look at your business to see how you can maximize efficiency. In doing so, you can reduce cost and stay ahead of your competition. And added bonus – you’ll build a stronger team as they all work together to strive to be an efficient team of excellence. Now that’s smart business!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive and Leadership Coach. She is the President of Infinity Coaching, Inc. where she can help you up-level your skills, so you can up-level your income, career, business or life. Infinity Coaching, Inc. provides coaching, organizational training, personality assessments, and a signature program, the Infinity Coaching Inner Circle. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator Assessment. You can find out more he about both assessments and other products and services at https://infinitycoaching.net.
