Increasing business efficiency

Tactics for increasing efficiency

Key points in this article

  • Regularly checking your progress
  • Harnessing technology
  • Improving staff workloads

It’s important to regularly check that your business is running efficiently – as there can be long-term payoffs to help keep you one step ahead of your competitors.

Our checklist below will assist you with identifying focus areas, and developing your action plan.

Managing your business’s money

Put strong systems in place that are frequently checked, to allow you to effectively manage your finances.

  • Ask your accountant about preparing for accounting deadlines in advance.
  • Maintain records and backups as you go.
  • Streamline accounting by automating bookkeeping tasks.
  • Forecast and review your cash flow for efficient cash management.
  • Implement clear payment terms and a rigorous payments process.

Regularly monitoring your progress

Monitor your business’s progress over time to ensure you’re still on the right track.

  • Identify your key business indicators and track them regularly.
  • Match your progress to internal benchmarks to improve efficiency.
  • Set benchmarks relative to your industry with the help of advisers.
  • Check that overall progress is matching your business goals.

Keeping a regularly check on how your business is progressing is vital for constant improvement

Managing your processes and systems

Keep on top of your business’s processes and systems.

  • Document each step of your key processes.
  • Eliminate unnecessary and time-consuming jobs to improve efficiency.
  • Delegate work to those that are best qualified for, and suited to, the task at hand.
  • Develop templates for everyday documents like invoices.
  • Encourage staff to evaluate their work quality and make improvements.

Using technology to your advantage

The right use of new technology can give you a competitive advantage over your competition.

  • Review payment solutions – like ANZ’s FastPay for card payments on the go.
  • Automate tasks like newsletters, social media posts and your accounts.
  • Update client details for legal compliance and business efficiency.
  • Remove old customer data that’s unlikely to be used again.

Technology is your business’s friend, so use it effectively to maintain an advantage

Managing workloads effectively

Control the workloads of your staff and your own.

  • Prioritise and delegate your work.
  • Decide which processes to outsource.
  • Set clear expectations and goals for employees and suppliers.Bottom of Form

Your staff can only be at their productive best if their workloads are designed to work with them

Next steps

  • Work your way through our checklist to establish areas of your business that you need to focus on.
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