Inefficiency has the potential to bring down your business. International studies have been done and they have found that 44% of wasted time comes down to poor business practices. Paperwork overload comes in at 43% and meetings contribute 41%. If you feel as though your company isn’t doing as well as it could be or if you want to try and make a positive change then here are some of the signs you need to look out for, so you can address the root of the issue properly.
You Lose Information
The ability to find the information you need quickly is so important when you run a business. At the end of the day, you don’t want to waste precious time searching for the right document, file or spreadsheet. When important information goes missing, this can mean that you lose out on valuable time and money, which can impact your reputation. If you want to do something about this, then it is so important that you invest in a quality document storage system. It may be that you get a filing cabinet for your office so you can keep everything organized, and that you also invest in some software. If you can do this, then you will soon find that you are able to keep track of everything.
Invoicing is Slow
The faster your invoice is created and delivered, the faster you get paid. For some companies, this process can take a number of days, but for others, it can take weeks. We live in a very fast-paced world, so it’s important that you keep up. Slow invoicing won’t just disrupt your cash flow, because it will also delay things for your customers. This is the last thing you need, so it helps to take steps to stop this from being an issue. One thing you can do is explore a field service management solution, or invoicing software, depending on the type of business you run. This is a great way for you to make sure that your entire business is seamlessly connected.
Your Team Are Stressed
Your employees are the backbone of your company and they truly are your most important asset. If your team are not happy at work, then they won’t be as productive as they could be. An overwhelming workload and an inefficient business process can cause a lot of stress. Slow and outdated technology is one of the top frustrations for employees, so it is vital that you take the time to check in from time to time. Speak with your team about what you can do better and find out if there is anything impacting their efficiency. The answers may surprise you, because you may find that there are problems, you’re not even aware of.
There are A Lot of Mistakes
It’s important to get things done right, the first time around. Unfortunately, this doesn’t always happen. Avoiding mistakes can be tough, as you can’t eliminate human error 100% of the time. If you find that mistakes are happening a bit more than they should be, then this could mean that your process is inefficient and that it is contributing to your team’s errors. If you want to work around this then you need to look at the mistakes that are being made, so you can rectify them over time.
Your Company isn’t Growing
Business growth is imperative if you want to keep up with your competition. If your company doesn’t seem to be growing very well, or if you feel as though you are growing too slowly then it may be that your business is inefficient. Continuous business growth becomes somewhat impossible if you have costs that are too high, or if you have very simple tasks that seem to be taking a long time to get done. Finding out why your business isn’t growing is imperative, because if you don’t then you may find that you end up stalling and this could result in business failure.
You have Rising Costs
Mounting business costs are a major issue for companies. When your company is faced with steep expenses, you need to be able to find ways to try and save. Some expenses can be very difficult to avoid but others tend to be due to inefficient processes that you have to make sure you address. Relying on outdated forms can produce costs that relate to transporting, organizing and even storing paperwork. If you focus on dealing with issues such as this, then there should be no reason why you can’t come out on top.
If you have a team that operates like a well-oiled machine, then this is great. That being said, if you have a lot of miscommunication as a result of the endless back and forth then this can result in you missing deadlines. If you see things like this within your own company, then this could well signal that something deeper is going on. If your team are always miscommunicating, then this can indicate that they are too busy with medial tasks. These tasks can eat away at your employee’s day, and it can cost you a lot in profit. It also distracts your team from discussing more important tasks. Improving inefficient processes and automating tasks like this could help to give your staff the time that they need to share their ideas, and this could lead to you developing a powerful work culture that empowers your team. Think of the strides that your team may be able to make if they are focused on innovation as a team and not being lost in miscommunication.
One major indicator of whether or not your organization needs to automate a process is the well-being of your staff. Are your staff overworked? Are they burnt out? As your company grows, it can be necessary for your team to work more. If your team feel as though they are not able to catch up or if they have to work overtime constantly then this could indicate that you have a poor process, and this is the last thing you need. You may find that you have team members who leave to find other positions, and this can put you at a constant disadvantage. Automation is great here as it helps to lighten the workload of your employees and it also reduces the number of inefficient processes that they have to deal with on a daily basis. As a result of this, they can easily stay on top of their workload, and they can also feel more confident in their abilities. This means that they are far less likely to experience burnout, so make sure that you keep that in mind.
It's Difficult to Fill Positions
If you are bringing in new hires that happen to run as soon as they learn your system, then this is not a good sign to say the least. Often, experienced hires will come from places that have certain expectations. If they see that your process is more complex than it has to be then they may be tempted to move on from your organization. Overly complex systems and steep learning curves are major deterrents. If you can streamline your process with an automated system, then this will make the lives of your employees easier.
Unjustified High Expenses
Rising costs can show that your company is growing. This is especially the case if you have to take on new employees or expanding your business offerings. That being said, if you find that you have rising costs, but you’re not doing anything different then this can show that you are paying to fix mistakes. You can lower these costs by simply taking the time to optimize your process with solutions that can be scaled. As a result, your company can then stay on top of its workload, and you can also collapse your back office. This will show your profit margins increase, so be mindful of that if you can.
Poor Customer Satisfaction
When you start your business, it is very easy for you to overdeliver when it comes to customer expectations. As your company grows, you may find that your resources begin to stretch. The gaps in your process may widen and customers may end up falling through the cracks. This indicates that your company is not as efficient as it could be, and this is the last thing you need. If you want to do something about this, then one thing you can do is try and chat with your team to find out if there is anything in particular that they are struggling with. You can also take the time to send out anonymous customer surveys, as this is a great way for you to find out if they have any thoughts on how your company does things, and if there is anything that can be improved upon.
So, as you can see, there are signs to look for that your company may be inefficient. Why not see if you can turn things around for yourself today?