Many business books and seminars will talk about the various strategies you can take to increase profit in your business. Whether it’s to scale up your marketing, cut down costs, or to think of innovative products and services, these are all fractions of the larger pie in business success.
However, one often-overlooked strategy that many business owners miss is the idea of streamlining processes in their business. According to expert business analyst and project manager Terry Giancroce, streamlining is the golden ticket to scaling your profits in the long run. In this post, Giancroce will share insights on the benefits of streamlining and how you can do this in simple steps.
The Benefits of Streamlining Your Business
Increasing time capacity
In business, time is equal to money. When you lose precious time in inefficient workflow systems, this reflects a loss of profit. Being able to streamline your business cuts the time needed to get a task done such as item deliveries, shelving, data collection, and many others.
At present, there are various cloud-based management systems where employees can upload their data to be viewed and evaluated by others. This centralized, streamlined system of sharing information makes it possible for workers to access what they need without having to meet in-person or pass the documentation to each other.
Minimizing expenditure
Did you know that businesses suffer from losses due to “time theft”? This refers to the concept of inefficient workflow systems or attitudes cultivated in the workplace. For example, an article published in Business News Daily stated that distracted workers cost business owners a total of $650 billion per year in total.
When you think about it, this big loss could have been allocated for any business’ growth. Streamlining provides an opportunity to cut costs while maintaining productivity in your systems.
An example that Terry Giancroce mentioned is the streamlining of a product supply chain. Many business owners do not realize that older systems they rely on can often be costly. Business analysts can help owners find ways to get direct suppliers, hire a standard third party delivery system, and apply technology to share the data with key figures in the chain.
Gaining a competitive advantage
Competition is almost a guaranteed occurrence in every industry. No matter how much you establish a unique selling point, there is no guarantee that something better will come around in a few months.
This is why you should always reinvent strategies that help you place miles away from your competitors. Streamlining your business processes will allow you to accomplish this goal and more.
Consider the example of fast-food chains. Fast-food chains are highly streamlined and many of them apply the Lean Principle. They only offer products that are perceived as high-value by customers, thus eliminating products that aren’t profitable. The main idea of LEAN is to continuously identify products or services that provide value and promote these offerings to a wider market.
Improved communication
Another plus of streamlining in business are improved communication systems. In an ideal world, your employees can easily interpret the needs of your customers, thereby increasing your success in client satisfaction.
This is achievable with streamlining, especially when you’re looking for opportunities to make your services efficient while maintaining quality. Anyone you’ll ask would prefer products delivered on time and services that are done promptly.
The key to improving customer satisfaction is the internal communication systems you establish. In a restaurant business, how fast does a waiter get the order? Are the specifications clear for the cooks? These small steps in communication can make or break a potential lifetime relationship with a customer.
Now that we have looked into the various advantages of streamlining, perhaps you are looking for ways to start on this goal gradually. Below are some simple strategies you can begin today.
How To Start Streamlining Your Business
Inquire about quality data management systems
Data management systems are software or applications that aggregate crucial information for your workers to rely on. These management systems help employees input data that can be viewed and responded to in real-time.
If you’re still on the fence about getting a data management system for your business, many companies offer a free trial. You can avail of these free trials and see which software is the best fit for your business. Additionally, several companies also specialize in large industries, such as healthcare, home-based services, or marketing. Look into these specialized systems as they would most likely understand your needs as a business owner.
Consult a business analyst
The next step in finding key areas to streamline your business is through expert consultation. Understand that each business, even within the same industry, needs different strategies to grow.
By hiring a business consultant, you’ll get expert advice along with extensive research on your market as well as current workflow systems. The investment you make in hiring a business consultant will create you more valuable profits in the long run.
Automate tasks that can be done repetitively
In business, there are various types of labor that you need to put into consideration. To take a step towards streamlining, you need to differentiate between tasks that are repetitive and those which require creativity and skill.
Those tasks which are repetitive may be automated to save time and money. This can be done through the use of technology, outsourcing, or hiring an efficient worker to do the task.
Cut down the travel time
Are you delivering physical products or holding in-person meetings? Many ways to streamline your business is to lessen the time spent on commute. As much as possible, rely on technology to save time in meetings. Virtual meetings can be your best tool. Having an activated GPS on your product or service delivery will also provide you with ways to find faster routes.
Streamlining is indeed a continuous process towards growth. As you understand these benefits and apply these simple strategies, you are on your way to achieving large-scale success.