How to run your business more efficiently?

It is a human tendency to always want more than what we have. This is the major factor that strive businessmen towards working harder and harder.

With rising demand of personalised services in the market, it has become a challenge for small and medium size business to meet the expectations of the consumers with limited resources.  With the increasing expectations comes increased responsibility. The need for the business is to adopt innovative practices to stay ahead in the game.

Elapsed time/ Cycle time

If serious consideration is given on the time required for a service/ product, one would realise that the time taken for a product to be produced is very small as compared to the time taken for it to reach the ultimate customer. This is known as a full cycle time of a product. The lesser the cycle time, the happier the customers will be. However, you should not forget, every penny saved, adds up to be a dollar. So, it is wisely said, every dollar saved is another dollar in your pocket.

Well, here we are to discuss a few mantras from the experts on how to shove that extra dollar off your sleeves as per Alex Pirouz of businessreviewaustralia.com

Mantras

a)      Cut off on your accounting time—It is time to update your old software and adopt new systems and methodologies to save on time and cost. Internet based accounting though may sound unsafe and complicated, has been a saviour in today’s time. With smaller banks launching their online services, there are no transactions that can’t be done with the touch of your finger tips. So, gear up your staff and make them tech savvy. Now, who has the time to stand in line at the cash counter at the bank, one click and your work is done.

b)      In addition to my previous point, one should keep one’s books and data bases intact. All the data should be accumulated through one system or you can say through a same server so that if a change is made in 1, it automatically reflects changes in the other databases. This way, errors can be avoided

c)       Learn from your mistakes- set the goal, aim and ambition for your business and keep a close watch on it. If it deviates, ensure that you take corrective actions. Remember, negligence is the mother of all problems.

Take some time out and analyze what of the above is your business lacking!

Comments are closed.