Tactics for increasing efficiency
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.
Manage your 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 efficent cash management.
- Implement clear payment terms and a rigorous payments process.
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.
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.
Use 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.
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.
- Work your way through our checklist to establish areas of your business that you need to focus on.