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It’s no secret that an efficient company is a more competitive company. A business that can perform using fewer resources with the same or better result will always have an advantage. So how do we begin to “work smarter, not harder?”
Good business systems will make your business stronger, more efficient, and easier to run. They will also make your business far more attractive to future buyers. If you have developed clear operating and procedure manuals, your business will be seen as an independently viable unit and less dependent on you. Look at the franchise model—franchises are built to be opened and operated after minimal training. Their business procedures are captured in simple, clear operating manuals.
Having clear procedures for these systems are key to efficiency:
Supportive and flexible workplace practices can improve the productivity of your staff. Consider investments and policies that create a balanced workplace:
With the rise of online technology and increasingly fast and mobile browsing, small business owners have more options than ever before to improve their businesses’ capabilities with online technology. Many businesses already run their entire operation online and most have a web presence of some kind. Some of the tools that your business should consider adopting include:
Few people have the time to do everything, so it’s important to focus on priorities. Allocate your time effectively by setting goals and spend most of your time on activities that help you to achieve these goals. You might find it useful to first plan your week, then your day:
Profit margins are fundamental to success and growth in business. Ways to improve profit margins fall into two categories: reducing costs and increasing sales.
Identify the steps you can take to minimize your direct costs, such as:
Regularly reviewing expenses such as insurance, electricity, mobile and Internet costs could save you money. Keep an eye on the market and you may be able to renegotiate your supply deals.
Look at all your business’s processes and brainstorm ways of making them more efficient to save money. You could, for example:
It’s critical you keep a close eye on your competitors’ prices in relation to your own. Implementing minimal price increases when you need to, rather than a sudden large increase is less noticeable to the customer. Focus on small increases in prices and minor cuts in your costs on a regular basis. You may be able to slowly increase your profit margins if you go about this in a smart way. Hitting your customers hard in the pocket with significant increases will lead them to look elsewhere.
Smart planning helps you to anticipate problems and adapt as circumstances change, while allowing you to set goals and measure performance. Set measurable targets to monitor how effectively your plans are being implemented. Then review what you’ve achieved so you can learn from your experience and make continuous improvements.
Try to find ways to increase your prices and boost your profits that are less noticeable to your customers. For example, you could focus your efforts on your most profitable customers. Take care of the customers who place large or frequent orders, pay the full price on time, and are low maintenance. Encourage customers to buy more – and to buy more frequently. If your loyal customers increase the amount they spend at your business and the frequency of their visits, your profits will increase accordingly. Encourage your customers to spend more by:
Businesses that offer a range of products can use a simple technique to improve overall profitability. Periodically, review sales and profit margins and divide products into four categories:
Consider any possible effects before making decisions. For example, a low-profit product might be used as a loss leader to attract customers.
Calculate your profit margin on each product in your range. Consider withdrawing products with a low or very low profit margin. Devote the extra shelf space to products with higher profit margins. Begin by introducing limited quantities of new or alternative products with higher profit margins and monitor their sales. Incorporate those that are popular into your regular product range. Similarly, if you offer services, identify the services that deliver the most profit to your business. Discontinue services that aren’t very profitable – or add value to them and raise your prices.
Get in the regular habit of reviewing your margins to make sure they haven’t changed due to rising costs or sales discounts. Repeat these strategies often to keep enjoying healthy margins in your business.
Regional Vice President of Professional Services,
HarborOne Bank
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