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Streamlining Your Small Business


Streamlining Your Small Business

Small businesses are very active places, and the owner is often pulled between crisis management and profit-making. Fortunately, there are several ways that you can streamline your business to allow you to focus on what matters. Here are a few tips for reducing your workload without compromising quality and efficiency.

Reduce Meetings

The bigger a company gets, the more meetings it has. While staff members are sitting in a meeting, no work is being done. But even a small company with a handful of employees can end up holding daily meetings. That time could be better invested in staff training and accomplishing work tasks.

Decide if a meeting requires all your employees to be present. If one person is making frequent mistakes, call that person into your office. When someone makes a sale, have a shout-out.

Determine the outcome you want a meeting to achieve and consider if the same goal could be reached by another method, such as an email. Ideally, cut meetings down to once a month. Set up a group chat to quickly pass on an idea or instruction.

Do make sure to greet every staff member as you encounter them and to recognize them for going the extra mile. A simple thank you will often suffice. Let everyone know that rewards will come in the form of an annual bonus for those who performed exceptionally. This will ensure steady work throughout the year.

Outsourcing Functions

You may be afraid that you will lose control of the aspects of your business that you outsource. Instead, you are hiring experts who will maintain high-quality standards and effective time management if they want to keep your business.

You cannot possibly be the expert on all aspects of business and running a company. Check out this list of functions that are easiest to outsource. Remember that you will not need to hire employees to do these functions. Your fee to the outsourcing consultant will be offset by a lower salary budget.

Streamline Your Payment Processing

When it comes to processing payments for your company, ACH payment solutions cuts out the need for credit cards or writing out checks. Although it needs to be set up initially between the payer and the payee, it is a great way to handle recurring monthly payments. It also provides security against fraud with account verification. Envestnet Yodlee offers an account verification solution to streamline debit and credit payments. You can check out their ACH payment solutions here. They use FinApps and APIs, making this solution more cost-effective than credit card payments.  

Efficiently Utilize Employee Skills

Every staff member has underutilized strengths. Invest in training employees to make the most of their strong points. Then delegate tasks to them that take up a lot of your time. They are likely to be more motivated by being given advanced work to do and will thrive if they have the skills and training to carry it out well.

With insight and this guidance, you can free up your time to come up with sales and marketing strategies and develop your business to the next level.

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