In the modern business era, profit-chasing may be the biggest thing on many managers’ minds – but it’s in streamlining that many of the most dynamic businesses are stealing a march on their competitors.
Where scale and size was once a strength, it’s become a weakness for many of the world’s businesses, who have proven unable to adapt to the changing tides of business that have resulted from the emergence of digital technology. Streamlining – whether through tech or through smart insights – is the key to success in business, as this guide aims to show.
Tech and Automation
When analysts and commentators mention automation, the first thing to spring to many peoples’ minds is the robotic take-over signaled in films like I, Robot and Terminator. What automation actually means, for most companies across the world, is far simpler and less threatening: the reallocation of human resources from menial and repetitive jobs to more customer-facing, value-generating ones.
This means that automation kills two birds with one stone. Not only will it reduce the time that your employees spend on the most boring tasks in your business – thus reducing the cash you pay them to do these tasks – but it also frees these workers up to do more interesting, more important work. Examples include the data entry intern becoming a customer service executive, or a factory worker instead of helping direct orders in the most efficient way possible.
Looking at Overheads
There are several long-term overheads in business that you may feel are difficult to change – but you’d be wrong. In fact, you’re able to renegotiate, and find better deals, though the internet in ways that simply were not possible two decades ago. One of the biggest examples of this ability to cut overheads comes in comparison websites, where you can find the best-priced utilities for your business. Utility Bidder is an excellent working example of this streamlining.
Meanwhile, you’re always able to open up renegotiations with other elements to your overhead payments. For instance, you may wish to move office, unless you’re given a better rental agreement from your landlord. You may also wish to reopen discussions with suppliers, attempting to bring the price down in order to save hundreds – if not thousands – of dollars each year. Pinch these areas to their limit in order to streamline your overheads.
Hiring Elite Staff
Many staff members may be underperforming or unable to complete the tasks that you’re setting for them. At this point, they become baggage for your company, unable to work productively in their roles, despite the wage that you’re paying them. It’s important that you make these employees redundant in order to bring in fresh blood that is more capable of working at the cutting edge that you want your business to be situated on.
There are many ways to find the brightest and best to work in your business. One such method is to find a recruitment agency to hire the very best candidates from a large pool of people looking for jobs. Meanwhile, you may instead wish to headhunt individuals from your competitors – offering a better rate of pay in order to attract the best talent to your company. Finally, you may choose to train your staff yourself, giving them the best skills to operate effectively in your business.
Modeling and Prediction
Another way to get your business operating at its very best is to bring in an individual or a team of individuals to assess your business for flaws – and to recommend solutions that’ll get your whole enterprise running more efficiently. To do this will be to audit your entire company for points of friction and areas in which your hemorrhaging cash – but at the conclusion of your journey, you’ll find ways to save cash that you couldn’t have thought of without a large-scale analysis.
Indeed, the scale of the data stores that you have within your company is of paramount importance for finding the inefficiencies that are invisibly bedeviling your business. With the power of data analysis and number crunching, you can find where and how to address the biggest issues facing your internal performance over time.
Re-Hashing Your Brand
A final quick to is for those looking at boosting efficiency to take a look at their brand. It may be something conceived long ago – and as such, it may be a ‘turn-off’ for the modern consumer, looking for a cutting-edge and well-presented company to work alongside. Update your brand, your image, and your messaging in order to communicate that you’re a modern company with modern ambitions to the modern consumer in 2020 and beyond.
All of these tips will help you find the ways in which you can streamline your company this year.