Workflow and Business Efficiency -- 5 Strategies You Ignore at Your Peril
An inefficient business can cost you a lot more than just growth -- it can affect your revenue, too. According to a report by IDC, your business runs the risk of losing 20 to 30 percent of your revenue due to inefficient systems.
Unfortunately, many companies still struggle to implement the right systems to improve their workflow. Others have it worse, because they have no systems. In those situations,projects take ages to be completed, more time is spent on menial tasks and teams never seem to get enough done during work hours.
If that describes your company, your company’s profits may start to plummet, too.
Every successful business, then, has clearly defined systems to help the business run like clockwork. Improved workflow, better management and business efficiency save time, increase the bottom line and ensure a higher profit margin. In fact, in an article on ContractZen, Tim Cummins, president of the International Association for Contract & Commercial Management, wrote that, "The average corporation could boost its bottom line by almost 10 percent if it invested in improving the quality of contracting. For many companies -- especially those in more complex, project-based industries -- the prize could be much higher -- perhaps as much as 15 percent.”
Unfortunately, some companies fail to provide systems that put users first, taking a negative toll on those companies' workflow and efficiency. The good news is that they're only five strategies away from turning this around:
1. Automate all you can.
From email lists, bookkeeping, invoicing and contract management, to social media posts and payrolls, almost everything can be automated. For a business that aims to be more efficient, automation is a must.
Automation doesn’t just save you time, it can be the one strategy that can guarantee explosive growth and higher conversion rates. According to this Lead Generation Marketing Effectiveness study, 63 percent of companies polled that were outgrowing their competitors said they had automated their marketing.
Automating monotonous tasks that have to be repeated several times during the day helps you be more productive in tasks that require your personal attention.
2. Invest in customer-relationship management software.
It’s not uncommon to find businesses that are barely able to keep up with their leads. Some waste hours hunting the low-quality leads instead of focusing their energy on those ready to buy. Here, a customer relationship management (CRM) solution linked to these businesspeople's network phone system is a great way to enhance customer communications.
Customers value businesses that provide excellent customer service. A CRM solution increases the ability to keep track of customer information, monitor leads and provide efficient delivery. Businesses can provide for their customers’ needs faster and make effective business decisions. With CRM, businesses can also keep their focus on quality leads that will drastically improve conversion rates.
3. Set up a task-management system
Emails alone don’t cut it as an efficient way to communicate with team members. Email makes it difficult to carry everyone along. However, setting up task-management software like Slack, Trello or Asana makes it much easier to have everyone’s tasks in one place and ensure that everyone is carried along in the project.
Task-management software helps members of a team track their progress and ensure that everyone is working on their tasks.
4. Sync your calendar with that of everyone else on your team.
How many times have you had to reschedule appointments because you didn’t know you had other meetings lined up for the day? Aside from leaving negative impression in clients' mind, this error makes you less productive. Having to go back and forth until you have settled on an appropriate date can be cumbersome especially when different time zones are involved.
So, do this instead: Sync your personal calendar with your work calendar, and make sure that everyone in your team is synced to the latter, too.
This will ensure sure that everybody is "on the same page" in terms of appointments and deadlines. Google Calendar can help you do just that. Once everyone is synced up, any change in the calendar will be seen by everyone so they can manage their own appointments.
5. Block out chunks of time
Constant interruptions hamper your workflow. Imagine having to deal with turning over a project on a deadline while you’re stuck in a series of meetings throughout the day. It can get very difficult to focus on completing your most urgent tasks.
Block out chunks of time on your calendar for uninterrupted work. It’s better to schedule a series of meetings in one day than to spread them throughout the week.
If you’re creating content, block out one day to create all the content you’ll use for the week. That way your business will run more efficiently.
Wrapping it up
With the right strategies, you can turn your business around to make it efficient and lucrative. Automating your processes, setting up the right software and remaining focused on the tasks at hand will go a long way to help you do this. But just as with every good strategy, you need to remain consistent and give it time to do its magic.