3 Helpful Hints to Improve Small Business Performance
July 08, 2016
Small business owners are swamped with work. It seems as though there are never enough hours in the day to accomplish everything that needs to be done. You know something needs to change in your business, but you really don't know how to get started with the improvement process.
It's not enough to simply open the doors every morning and close at night. Doing the same things over and over again, the same way, every day produce the same results...no improvement. The question becomes, "Where do I go from here?"
The following are three helpful hints to go from stagnation to elevation in your business.
Improve Processes and Procedures - Every business, regardless of size or industry, operates with unique processes and procedures. Many times, these functions are completed the same way as they have been done in the past without any thought as to how they might be improved to produce greater efficiency in the business.
Every process and procedure should be periodically reviewed for improvement. This might be speeding up a process, increasing quality, implementing stricter controls, or refining requirements of customer follow-up. The goal is to achieve greater efficiency, which equates to dollars in a business.
Delegate – You're the owner and want to do everything yourself. Of course, you started the business, know all the technical aspects, and generally feel as though you can do everyone's job just "a little better." Maybe, you're right, but you have to let go, and let others take on added responsibility. It frees you up to do the most important things that are needed in your business while allowing employees to learn and grow. Mentor employees rather than just give orders. You'll have more time, feel less stressed, and develop top-notch employees in the process.
SWOT Analysis – Strengths, weaknesses, opportunities, and threats. Every business has factors that fall into each of these categories. The preparation of a SWOT analysis can lead you in the direction of new actions...what to concentrate on to continue with the strengths of your business, where to improve upon weaknesses to make your business stronger and more profitable, what untapped opportunities you're missing, and how to lessen the effects of external threats should they develop.
Don't sit idly by when it comes to business improvement. Start improvement today and see growth tomorrow!
Association of Accredited Small Business Consultants