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BATTLING INEFFICIENCIES: FIVE STEPS TO REDUCE BUSINESS WASTE

Do you think your business can perform better than it currently is? Chances are you are right. Pretty much every business suffers from some form of inefficiency and only those who are successful in minimizing it become long-term profitable ventures. Luckily, there are a number of easy steps you can adopt in order to streamline your business processes, maximize your revenue and minimize business waste.

REFLECT ON WHAT IS IMPORTANT TO YOUR BUSINESS AND TO YOUR CUSTOMERS

This step is often forgotten when businesses are planning process improvement, but it is important to understand why customers come to your business, as well as your short and long term goals for your business. Without this recognition, you cannot devise an effective strategy to improve your business.

SEPARATE CRITICAL PROCESSES FROM NON-CRITICAL ONES

A business, regardless of its size, is a complex organism that is made up of various processes. One of the main objectives is to identify processes that your business could do without. It is important to prepare a list of all your firm’s processes in order of importance and priority.

ANALYZE BOTH CRITICAL AND NON-CRITICAL PROCESSES FOR INEFFICIENCIES

The best way to analyze whether a particular process is functioning efficiently or not, is to see how it should function theoretically and then compare this to how it is actually done. Team members need to be consulted to try and understand the root causes behind any inefficiencies and business waste.

IMPLEMENT YOUR FINDINGS

Once your efficiency audit has been completed, business efficiency enhancement programs need to be implemented without delay. Non-essential processes should be reviewed and either scrapped or scaled down depending on the circumstances. The key processes of your business need to be allocated the most time, since any business improvement relating to them could bring you considerable returns and cost savings.

REVIEW YOUR PRACTICES REGULARLY

The last thing you would want is to go through the entire process of doing an efficiency audit, only to find that carelessness in the future brings the business back to its original, wasteful state. That is why it is crucial to monitor the effectiveness of the changes you have made on a regular basis.

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