Businesses are constantly concerned with competitive pricing, employee retention, and market changes. However, many overlook areas that cost much more than a bad pricing strategy.
Business inefficiencies impact profitability, productivity, and morale. With these high stakes in mind, take time to audit your business and ensure you’re not making one of these eight business mistakes.
Refusing to acknowledge time-wasters
With eight hours or less in each workday, refusing to acknowledge time-wasters can drastically impact a business’s profitability. Unfortunately, employees don’t often recognize how they’re wasting time in their 9-to-5 grind. If you’ve quickly scanned your processes for time-wasters but remain none the wiser, check out the examples of productivity blocks below.
- Browsing the web or doing online “research” that leads to long rabbit holes and personal use
- Searching for files (paper and digital) because they were not named or filed correctly
- Frequent, off-site notarization appointments, which companies can resolve with the help of a mobile notary service like this
By rethinking how you do business and striving to use every second of company time wisely–with the help of convenient services like a mobile notary–you’ll notice a day-and-night transformation.
Micromanaging your team
Checking in too often and not creating an environment of trust are tell-tale signs of micromanagement. This needless communication bogs down processes and efficiencies that impact overall operations.
Team members generally do not want to be micromanaged, and this management style may also reduce their effectiveness and efficiency.
Not automating enough
Enhancing automation in your business can help you streamline your work and save time on nearly every process. Of course, automation doesn’t mean taking meaningful work away from your team members and moving it to AI. However, it does translate to reduced time spent on tasks, reducing human error, and helping teams refocus on the big picture.
The most common processes to automate include setting auto-responders for emails, using scheduling systems for meetings, implementing standard operating procedures, and taking advantage of tools for batching work like social media creation and posting.
Letting your inbox control the day
The average person checks their email about 15 times per day. Unfortunately, this means you (and probably your team) are interrupting the vital work of getting projects done, having meaningful conversations, and doing deep work to read the latest sales pitch in your inbox.
Spending too much time on email sacrifices the efficiency of your work and, most likely, increases your stress levels, too. So instead of letting your inbox control the day, operate from your calendar instead.
Operating without the right tools
If you’re constantly creating new website pages for flash sales or relying on email to communicate internally, you’re likely operating at a disadvantage. That’s because there is business software available to help businesses tackle the most common tasks with more efficiency and effectiveness.Â
Identify the tools to help your business operate more efficiently and invest in training to teach employees how to use them. Whether it’s landing page software, internal communication channels like Slack, or something unique to your industry, the right tools make all the difference.
Not repurposing content
Creating new content for your business is sometimes necessary. For example, when you’re launching new programs or initiatives, your products or services change, or the old content isn’t performing well anymore, unique content is necessary.
However, not repurposing your content can negatively impact business efficiency. Instead of writing new content for your website, email marketing, and every social media platform, spend time focusing on the core content you can adapt to fit all platforms in different formats.
Taking the DIY approach
There are times where DIYing an internal project might be appropriate. For instance, if you’re experimenting with new software and aren’t sure of your end goals, it doesn’t make financial sense to immediately hire an expert to implement the software and lead training.
However, taking the DIY approach to foundational business practices like accounting, recruitment, or design work will likely reduce your operational efficiencies. A quick audit of in-house versus external services can reveal areas of improvement and where outsourcing might prove to be more effective and cost-effective.
Skipping annual audits
Businesses change constantly, and processes that work for a while often stop working at some point. Skipping annual audits of all business processes and systems is detrimental to efficiencies because potential issues and solutions go undetected.
Making time for annual business audits ensures the latest best practices are in place, you replace out-of-date tools and technology, and operations align with the business’s current goals.
Final thoughts
Your operational efficiency can be improved without sacrificing the quality of your products and services. However, by addressing some of these common business blunders and remaining proactive to address internal deficiencies, the entire business stands to benefit.
