Opening Doors Blog

Tips for Improving Efficiency in the New Year

Friday, December 16, 2016

With the New Year approaching, it is important not only to come up with resolutions for yourself, but also for your business. Efficiency is on the minds of many entrepreneurs this year. Not only will new efficiency and productivity measures make running your business slightly less stressful, but they might increase profitability for you as well. While coming up with fiscal goals for your businesses, consider these tips for improving efficiency.


1. Get rid of inefficient employees

Bad employees could be restricting efficiency for your business. Not only are they themselves inefficient, but they could potentially impact your other employees by promoting poor work habits. Whether they’re not showing up, slacking off or just not doing their job right, it might be time to relieve your business of that burden.


2. Rethink your hiring process

Maybe you’ve had a pattern of bad employees or maybe you’ve seen high turnover rates of employees in your business. That might be because your hiring process needs to be revamped. If you want the best people working for you, you need to conduct thorough interviews to make sure they are the best. You could also revise your employment application to make sure you are asking the right questions from the beginning. Maybe you need to conduct more interviews or look more into potential employees backgrounds. Whatever your specific employment process problems may be revisiting your strategies could help you hire better employees and create a more efficient business.


3. Shorten your payment period for clients

If you give your clients a months long payment period, your business could be suffering. Giving your clients lots of slack with payments might improve your relationship with them slightly, but chances are it hurts your business financially. Your clients rely on you for quality products or services and you rely on your clients to pay you in a dependable manner. It might be time to shorten the deadline you give your clients to pay you so that you can handle your own financials in a timely manner.


4. Look into cost cutting measures

Look at last year’s financials and see if there is anything you can do to cut costs. Maybe you can try to go paperless and save on office supplies or get rid of other unnecessary purchases. Whatever you do to cut costs, make sure nothing you get rid of is vital for employee morale or client satisfaction. Hurting those relationships could hurt your efficiency in the long run.


5. Buy better equipment

With a new year comes new technology, including better equipment for businesses. If your computer systems are slow, it might be time to invest in some new software or hardware. If your machinery just isn’t working like it used to, it’s probably time to buy some new equipment. You can also look into task management apps and productivity monitors to make sure your staff is on track and on budget. Any product you purchase to help your business’s efficiency is money well spent.


6. Analyze your marketing efforts

Collect all of last year’s marketing materials and data and analyze it to see what you can do better. Look at the evaluation of your campaigns and projects to make sure they reached their goals. If you are looking to implement similar projects in the upcoming year, maybe those goals need to be readjusted. Or maybe your efforts weren’t efficient at all and you need to come up with new ideas. Figuring out what worked and what didn’t can help you plan for a more successful year for your marketing


7. Dust off your business plan

Whether you’re just starting out in the industry or you’ve been in business for a while, your business plan generally has room for improvement. It is especially important to reevaluate your goals if your company has expanded or shrunk in the last year. Revitalizing your business plan will mobilize your staff and encourage your employees and yourself to do the best you can to achieve your goals for the upcoming year.

 

If you are one of the millions of businesses in the United States looking to improve efficiency for your business in the next year, these tips are a good place to start. It might benefit you to get some one-on-one help from an expert as well (especially when it comes to taxes and cutting costs). Whatever you do to improve your business, good luck and have a happy New Year!

 

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