5 Brilliant Ways to Streamline Your Business Processes

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StrategyDriven Managing Your Business Article |Streamline Your Business|5 Brilliant Ways to Streamline Your Business ProcessesStreamlining a business process means simplifying it. Usually, you can achieve this goal if you remove unnecessary or complicated steps. The introduction of modern IT platforms has made it easy for businesses to thrive.

With streamlined processes and workflows, your business enjoys numerous benefits. Some of these advantages include increased cost efficiency, improved productivity, better communication, low risk, and effective time management.

Here is how you can streamline your business processes for guaranteed growth.

Assess and Rank Existing Process

The first step towards achieving streamlined business processes is assessing the current ones to determine which areas require significant changes. List the functions in your company using simple terms and identify the benefits and the staff involved at each level.

Ranking the processes gives you an overview of the significance of each level of the workflow. You might discover that you have so many interrelated but unnecessary processes. Such information should give you an idea of which tasks to streamline first depending on priority.

Reduce the Paperwork

The amount of paperwork in your organization can tell whether you have simplified business processes or not. Assessing the paper flow is a critical step towards streamlining your business operations. When paperwork piles up, you might experience unwarranted lead times in most of the units.

Reduce the paperwork by removing unnecessary processes. Ask about information added or removed from the paperwork at each stage to establish if it is necessary. Usually, whereas some information – whether taken or removed from the paperwork – is essential, your business can do with lesser copies and a shortened process.

Consider Automating Repetitive Tasks

Repetitive tasks are time-consuming. How do you tell that you have such jobs in your business? Watch out for tasks you perform regularly, and establish if you use several systems to accomplish a single task.

Your goal here is to establish the possibility of saving time by consolidating the repetitive tasks so that you can perform them with a few clicks. For instance, with the best accounting software , you save time when invoicing and sending payment reminders and recurring invoices. Automating repetitive tasks frees up your staff and makes them more productive.

Have an Effective Technology Plan

Technology matters a lot in business nowadays. Updating your available hardware could be all you need to boost the productivity of your employees. You can achieve this by implementing a long-term technology plan based on your business goals and objectives.

The plan should help you determine which aspects will need a few updates to achieve the set business objectives.

Empower the Employees

Setting up the necessary measures to streamline your business processes could be ineffective if you do not have the right team. So, before thinking about how to market yourself effectively or improve productivity on a given level, focus on growing an empowered team.

Usually, the staff you have in your business have complete knowledge of your organization’s processes, so empowering them could help achieve the set business goals.

Whereas it may be difficult to achieve perfection in workflows and processes, adjusting and refining a few aspects can help you position your business at a strong point of success. Therefore, start with a few elements and monitor their impact on your business’s overall performance.

3 Strategies To Help You Listen to Your Employees

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StrategyDriven Managing Your People Article |Listen to your Employees|3 Strategies To Help You Listen to Your EmployeesYou must learn to get the balance right as a leader. When you are so determined to protect your business, this could be to the detriment of the people that matter, your employees. Many employees talk about wanting their voices to be heard, the fact is that they want someone to listen to them. Employees demand feedback, but they want support too. And this means that leaders have to be more aware of individual needs. What does it take to learn how to listen to your employees?

Be Mindful

Advisors like Paul Ognibene provide a treasure trove of information on being a great leader. But a great leader is not just someone who knows how to be in charge, they are someone who is very aware of their surroundings. This means that if you are not able to acknowledge the situation based on body language and other forms of non-verbal communication, you have to work hard on developing this intuition. Learning to be engaged in a conversation is not just about listening, it’s about understanding what you need to do to be present. We’ve all had conversations with people who are not actually in the room, despite being physically in front of you. And as a leader, everybody is keeping their eye on every move you make. If you ever appear disconnected, this will be to your detriment.

Learning to Engage

Learning to listen is not just about listening to what they have to say, but it’s about asking them to elaborate and encourage them to expand upon what they mean. If you start to engage yourself in a more active way like this, you will start to follow up with your employees. This gives them a signal that they know you are listening and paying attention, and it gives you the opportunity to check in with reality. It’s a habit that is so important, but asking questions could be a very simple way for you to remind yourself to engage. But it’s about making sure that you ask questions that encourage employees to elaborate.

Never Judge

You may think that you are someone who keeps your mouth shut until it’s time for you to speak. One of the grave mistakes leaders make is that they think that everything they say is important. The best leaders are those who make their followers feel that everyone is the same, including the boss. And if you judge others, not only are you making harsh criticisms about something different, exposing yourself as immature, but you are not listening. And if you are unable to embrace new approaches and merely judge what other people say, you will never adapt to change.

Remember, it’s about developing the skill. You may feel that external stresses are getting to, which hinders your ability to listen. But this is where you have to learn to take a step back. Running a business is not easy, and any external pressure can knock you off-kilter in an emotional sense. But if your employees feel that you’re not listening to them, this is a one-way ticket to low morale.

Seven Top Tips for Working Remotely

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StrategyDriven Practices for Professionals Article |Working Remotely|Seven Top Tips for Working RemotelyIn the wake of the coronavirus pandemic, more and more companies are allowing their employees to work remotely. This may be the case in your business, given the difficulties many are still having with workers in the office. Whether you are an employee who has recently been working from home or a CEO/HR manager wondering the best way to set up your remote employees, this guide has the ultimate overview for making remote work a success. Read on for seven top tips.

Use a Remote Hosted Desktop

A hosted desktop is a form of cloud technology that allows you to run office systems that usually play on a desktop while using a virtual machine. This is especially useful when you are on the go, as it means that you can log into these systems from just a phone or a tablet, meaning that you no longer have to say: “I’ll check this when I’m back on my computer.” By doing this, you are then able to access your business from anywhere in the world. If you are interested in using a hosted desktop, Evolvit offers a great system.

Invest in a Dongle

To make sure that you always stay connected to the internet, no matter whether you are on the go in a country with poor connectivity, sitting in a cafe with poor and risky Wi-Fi, or your home internet cuts out; it makes sense to invest in a dongle. These are USB devices that you can plug into your computer that allow you to have 4G (or more recently, 5G) access to the internet. You can use them as you would a phone, with a monthly deal that can be offered at a highly reasonable price.

Use a VPN

To make sure that the connection you have back to the office is secure, meaning that no one can hack into what your company owns, it is essential to use a secure virtual private network that encrypts your IP address. This should be downloaded in collaboration with a firewall that allows for simple communication between devices as well as containing the necessary security protocols to make sure that the system is less vulnerable to data breaches. A VPN is also a great way to keep connected to the country you usually operate from if you travel abroad because a lot of online offerings can be restricted by their location, especially in China.

Set Weekly or Daily Video Meetings

Just because you or your employees are working remotely, this doesn’t mean that you have to lose control of what people are working on. That’s why it makes sense to make use of videoconferencing software, which has risen in popularity due to the coronavirus pandemic, in order to keep in touch with everyone. For good practices, depending on the size of the company and its current needs, you can set either a weekly meeting or daily meetings via video call to replicate an in-office feel.

Invest in Cloud Services

To make sure that everyone is on the same page when working with systems that require a lot of data exchange, it makes sense to have strong cloud services that allow you to see who is working on what and when. This way, data sharing becomes extremely easy no matter where in the world employees are logging in from. There are a variety of different cloud services available online that can be used to facilitate this easily.

Use Project Management Systems

In connection with a data transfer system, it also makes sense to invest in project management software. This is so you can keep track on who is working on a particular project as well as realize ways to assign work and make sure that everyone meets their respective deadlines. Find a solution that works well with your team and allows everybody involved in your business the ability to keep on top of their respective workloads.

Set Yourself a Schedule

While in-office work can be dictated by constant negotiation between members of the team as they talk through everything that they need to do, this type of workflow can be rather different when working remotely, even with the aid of chat management software (something that you should definitely download). That’s why it’s highly important to set yourself a schedule to make sure that everybody in the office has an idea of what they should be working on, and to signal to others your daily tasks and your expected time of meeting them. If you are the CEO, these can be implemented with the help of tracking tools that ensure that everyone in the office is meeting their deadlines and there is no cyber-loafing in the virtual office.

10 Tips for Managing Small Business Finance

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StrategyDriven Managing Your Finances Article |Small Business Finances|10 Tips for Managing Small Business FinanceManaging your small business finance is crucial to maintaining stability and growing your business over the long run. From setting a budget to regularly monitoring your books, you should be proactive when it comes to managing your finances. Here is everything you need to know about managing your small business’ finance.

If you want to ensure long term growth for your company, then managing your small business’ finances is a top prerogative. From paying your employees to purchasing supplies, cash flow management is crucial to business success. Small business owners often make mistakes that, such as not separating personal and business accounts, or not paying taxes in time. Some small business owners avoid taking loans, out of fear that they’ll only be an additional financial burden.

Many of these ideas affect sustainability as well as scalability for your business. Here are ten financial management tips that will help you grow your small business:

1. Keep Your Business and Personal Account Separate

As a small business owner, starting a business bank account should be your priority. There are several benefits you gain from a business account, such as incentives, interest rates etc. that are not made available to personal bank accounts. You also ensure that financial matters related to your business is conducted through your business account only – this includes business taxes, overhead costs and paying employees.

2. Pay Yourself

Small business owners also make the mistake of not paying themselves, thinking that the extra capital can help the business. However, despite being a business owner, you also need to take care of your own expenses. Remember that you are also an employee of your business, and that means that you should be paid accordingly.

3. Loans Can Help You

Don’t be afraid of business loans. Loans can help you scale your business. Not every business owner has the capital to purchase expensive equipment, or purchase surplus supplies during a time of high demand. A business loan can help you grow your business. When done right, the return on investment is more than enough to compensate your loan as well as the interest on that loan.

4. Maintain Good Credit

This means that you need to pay your credit card bills on time, pay off any loans by the time they are due, and file your taxes on time. Good credit can help you down the line when you need to get approval for business expansions. Say you want to purchase more property, or take out a business loan. In these situations, good credit can help you get what you need to grow your business.

5. Invest in Business Growth

Your small business might benefit from better equipment, more employees, or an additional store at a good location. Investing in such opportunities helps your business to grow. At the same time, partners, lenders and even employees are more likely to see you in a positive light. This is as they see that you understand the potential of your small business, and are willing to invest in its growth.

6. Create a Budget

A budget is the easiest way to ensure that you don’t spend more than you can afford to. Every business has three costs – one time costs, recurring costs and variable costs. One time costs include equipment purchases, property purchases etc. Recurring expenses are bills, taxes, payroll, overhead costs etc. Variable expenses can come out of anywhere – such as business travel costs. Keeping these in your budget prepares you against any business disruptions.

7. Monitor Your Books

Even if you have a bookkeeper, you should also be aware of your income and expenditure. Look at your books every month so that you’re aware of your business’ cash flow.

8. Negotiate With Vendors

If your small business purchases supplies from vendors, then don’t sign any contracts immediately. Negotiate with them and see if you can bring the cost down. Ask them about grace periods and penalties in case you’re late on payments. Ensure you’ve met multiple vendors so that you know you’re getting the best deal.

9. Inspire On-time Payments for Clients

Some clients and customers don’t pay on time. If this happens to your small business, then you could find that your cash flow is being affected. Introducing incentives in the form of discounts can help you mitigate these issues. Tell customers tat if they pay on-time, they can get a 5% discount, or else they have to pay the full amount. Introduce penalties for payments that are overdue past a grace period.

10. Think Ahead

Sustainable business growth depends on a long term strategy. You need to think ahead, invest in the future and continuously grow your business in order to succeed over the long run.

It is also important for your small business to have the best business insurance. To know more, click here.

Sources:

  1. D’Angelo, MAD, Updated January 7th 2021, ‘10 Tips for Managing Small Business Finances’, viewed 11th February 2021, https://www.businessnewsdaily.com/5954-smb-finance-management-tips.html
  2. Gregory, AG, Updated October 21st 2019, ‘5 Everyday Money Management Tips for Small Business Owners’, viewed November 11th 2021, https://www.thebalancesmb.com/money-management-small-business-owners-2951600
  3. Ignjatovic, AI, February 15th 2019, ‘The Entrepreneur’s Guide to Small Business Finance’ viewed 11th February 2021, https://www.shopify.in/blog/small-business-finance
  4. Square Contributor, September 25th 2020,’How to Manage Your Business Finances’, viewed 11th February 2021, https://www.forbes.com/sites/square/2020/09/25/how-to-manage-your-business-finances/?sh=452d16b237fc

3 Design Tips for a More Productive Office Space

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StrategyDriven Managing Your People Article |Office Space|3 Design Tips for a More Productive Office SpaceWhen you are the owner of a small business, one of your top priorities is to help your employees be as productive as possible. There are many ways in which this can be accomplished. You might need to adjust your management style to help your workers be more productive throughout the day, or you might need to invest in new equipment and software geared towards increasing productivity.

You can help your employees be more productive that might not have occurred to you is to re-design your office space a bit. The layout, look, and overall feel of an office all play heavily into how productive a person can be when they are at work. An outdated and dingy office space will not be encouraging or functional enough to allow your employees to be as productive as possible.

If you are looking to improve your workers’ productivity and would like to start with the design of your offices, here are a few tips that can go a long way to helping you reach your goals.

1. Make Things Brighter

The first thing you will want to evaluate when you are re-designing your offices for maximum productivity is the amount of light in the space. If you are still working with outdated and depressing fluorescent lighting, then it is probably time for an upgrade.

The best thing that you can do is bring in as much natural light as possible. You will be surprised at the uptick in your employees’ mood when they can experience more natural light throughout the day. More energy, improved attitudes, and more can all be brought about with natural light.

Where traditional windows on walls are not an option, skylights are worth considering. By installing flat roof lights, you can reap all the benefits of natural light.

2. Incorporate Color

If your offices have maintained the same dull shade of white that they always have, it is time to incorporate some color. There are some colors that are proven to improve productivity levels when incorporated in the right way.

Colors that are more on the natural side of things like blues and greens can help you and your workers to feel more focused while on the job. Warmer hues are linked to increased creativity and intensity in the workplace.

3. Bring in a Bit of Nature

One rather simple thing that you can do to create an office design that is geared towards productivity is bringing in some plants. Not only can plants brighten up a space instantly, but there are several that can contribute to an overall improvement in the air quality of your offices, which is known to boost both mood and productivity in general.

Furthermore, when you use the right plants correctly, they can even help reduce noise throughout the office by acting as a natural sound barrier. Any clients or customers that enter your offices will also feel more comfortable in such a space.