Small and medium sized business or SMB is where our local economy exists. Business efficiency is something that managers should work to improve constantly. Sometimes, the most tedious tasks can lead to a lack of business efficiency. If stagnation does not occur or even regresses, profits will ultimately decrease. And that doesn’t want any business owner.
Many ways to increase your SMB efficiency are available. Not everyone’s going to work for your business. You must first identify the problems and then implement the solutions. Moreover, this is an ongoing process, and the holes that drip business efficiency should always be found. These holes – even small holes – can sometimes cause damage to businesses.
Predict product demand using digital tools
The planning teams in many companies rely on Excel ad hoc workbooks for their product demand. This error-prone process often leads to an inaccurate estimate of demand which eventually requires a rejection of excess inventories.
Many tools are available that enable the planning team to include in its stock planning real-time sensing data. For businesses to better predict future requests for their products, for example, they can incorporate real-time traffic data and search engine queries.
Clarify your meetings’ core elements
You have to meet more efficiently and effectively to improve business efficiency. You have four main levers available to do this. As you review your meeting list, wonder about each of these levers:
- Number (the number of meetings you hold): do we need this meeting (or can it only be conducted ad hoc when necessary?)
- Frequency (the pace at which each meeting takes place): Do we have to meet as many times as we?
- Duration: does the meeting have to last as long as it takes (the amount of time each meeting takes)?
- People (to attend each meeting the number of team members needed): Who do we need to be here?
Motivate your staff
The best way to improve SMB efficiency is to encourage people to work. You make your workers want to satisfy you rather than make them feel compelled by creating a nice work environment and providing motivation and correct direction. Force isn’t a good incentive – desire is.
Know what you need from your SMB employees, establish them for success and offer encouragement and praise when they achieve their goals. We humans are ready for the performance feeling by default, and therefore recognizing the effort and hard work of someone can lead to considerable improvements in business efficiency.
Meet with an agenda and take a clear path
You can’t determine where it can be improved without getting into the nitty-gritty of things in the company. Meetings are not only about status reports and developments in the projects, however. Neither must they be too long. You don’t want to lose the attention and creative capacity of your team.
There are two things to do: to have an agenda at the beginning and to take action at the end. Without an agenda, a meeting is useless. You must have discussion points ready, so you do not waste time on subjects that can be communicated easily via chat or email.
Starting a Small Business (SMB)
If you own a small to medium-sized business, you may be in the growing phase in which you create a base of leads and decent revenue. Sometimes, however, it can be challenging to find that growth you are looking for, which leaves you overwhelmed and maybe even frustrated.
However, as an SMB owner, some tools can become essential to your business plan to help you grow in the way you want. You can read more about four of the most critical tools that you should start using no matter your business type in the list below.
1. SMB Social Media
If you are in the phase where you are hoping to grow in the number of customers that you are reaching, you need to find a social media platform that works for you. You can even download a social media manager, which helps you to keep track of all of your pages on all platforms in one cohesive place.
You can notice how many people your posts are reaching and which posts seem to be those people want to read the most. You can even schedule posts through these managers to create new content every day for your followers. Make sure that you have measurable goals in place for any social media platform you choose to use, though, to determine if your plans are successful.
2. Bookkeeping Tools
Bookkeeping software is also essential for small and medium-sized businesses when you cannot afford to hire an accountant. You can use this software to keep track of and send out customer invoices when necessary and keep up with your profits and losses. It can help you get your finances organized from the start, not to get confused later on.
This software is even beneficial in helping you complete your taxes each year to get the most significant deductions possible. Any financial tasks that you need to achieve at your business can be done through this software.
3. Customer Management Software
Customer relationship management tools, better known as CRM tools, are excellent for growing businesses. For example, you may have difficulty remembering every conversation you have had with every customer who has walked into or contacted your company. So you can create personas for certain groups of customers to know how to help them best and then take notes for specific customers so that you remember their information for upcoming meetings.
You can also give your team members certain to-do tasks that have to do with specific customers that they are reaching out to. Finally, you can even ensure that you meet the deadlines you have set in reaching the customers you are going after.
4. Task Management Software
If you are a growing business, you may even be hiring many employees who each have different tasks that they have to perform. You may assign each of them to be a part of a different project to increase your workplace efficiency. Task management software can help you know where each of your employees is regarding a specific project at any time.
Though not a task management project, a GPS tracker is a great option to keep track of your employees when working in the field. You can ensure that they are on task and that they are at the location of any project they are currently working on.
You should be proud of yourself if you are starting to see that your business is growing. However, to help you through this growth, there is an endless number of tools for each task that requires some form of completion as a business owner.
For example, you can keep track of the business expenses through accounting software, keep track of your customers through customer management software, and even keep track of your marketing through social media platforms. Finally, consider even task management software and GPS trackers to ensure your employees are always helping you grow by remaining on task.