Efficiency. It’s a word we hear a lot, especially in this modern age where there are simply not enough hours in the day.
For the owners of SME businesses, the good news is that, instead of having to find those extra hours, there are now many ways to maximise your working time and ensure that (practically) every moment is spent wisely.
Ways to improve efficiency
Here are our six secrets to improving efficiency in your business:
- Time management – minimise time wasted waiting for information, data or materials or using unnecessary or outdated processes, by creating and implementing policies and procedures which ensure each moment is well spent. That laboured movement from one task to another could be seamless with good planning, freeing up time that should be spent on income generating or work that supports it.
- Use online accounting – by making the most of technology and automation through online accounting systems, such as Xero, you will get your accounts in order easier, quicker and you’ll stay up-to-date with all transactions. This will leave you with more time to work on maximising business opportunities and the services you offer.
- Don’t leave anything to the last minute – being well prepared and proactive gives you time to deal with any unforeseen issues and handle them accordingly. As well as applying this to accounting practices, it is a theory that can be adopted across your business.
- Speed up tasks – make the most of technological advancements and efficient working practices, which allow a quicker and more effective approach to tasks such as inventory management, invoices and expenses. You’ll create a speedier, more stress-free and highly effective working environment all round.
- Work with a proactive accountant – one who doesn’t just do your books and file your tax returns, but contributes to making your business successful, by providing services such as cash flow forecasting, business advice and exit strategies, not to mention helping you find the most efficient ways to work with your finances moving forward.
- Outsource your accounting – and, perhaps, other non-core activities, such as HR, IT and marketing, to free up time to focus on what you do best. Allow the professionals to handle these essential but non-core tasks – you’ll not only save time, and likely also money, but benefit from their specific knowledge and expertise.
Not only do inefficient practices cost money in wasted man hours and pay, but, by making the most of your time, you should be able to maximise turnover, put more focus into improving the services you offer and give yourself space to think about and discover ways to evolve and grow your business.
Small changes can make such a difference to the day-to-day running of your business.