10 Ways Your Business can Improve Operations in 2019

If you are in charge of running a business, then you will need to be constantly making choices about what to do. Each choice you make will push your business in either a positive or negative direction and will have many rippling effects over time.

When it comes to day to day operations of your business, taking the time to make careful choices is especially important. As you have probably learned by now, committing a few minutes to think about your strategy will be more efficient than simply “winging it” and hoping for the best.

This photo by Unknown Author is licensed under CC BY-SA-NC

With the right operating choices, your business will be able to decrease costs, improve quality, and ultimately improve your bottom line. However, while “improving operations” is undoubtedly a goal that every business owner has this year, knowing exactly where to begin presents a much more challenging task.

Often times, the most accessible methods for improving your business will involve looking at the finer details. While big picture objectives are obviously very important, it is the smaller things that can be easily fine-tuned and consequently yield a competitive advantage. In this article, we will discuss 10 of the most accessible ways your business can immediately improve its operations. We will also talk about how investing in online check printing, is more efficient and provides your clients with additional security. At the end of the year, you will be able to look back at the work you’ve accomplished and have an enterprise you can be proud to put your name on.

1. Outsource Tedious Tasks to Experts

No matter who you might be, there will inevitably be some tasks you are great at and some tasks where you can use some help. It is often said that it takes 10,000 hours in order to become a master of anything, meaning that even a super hero such as yourself will inevitably have a few weak spots. In order to minimize the impact these weak spots have on your business—and maximize the amount of time you have to work each day—you should consider outsourcing some of the tasks you consider to be most tedious. Payment processing, essential mailing practices, and basic accounting are just a few of the tasks that can be easily (and affordably) outsourced.

2. Develop a List of Relevant KPIs

In order to make sure that your business is moving in a productive direction, it will be important to have a tangible method for knowing where you are going. This is why the most successful business owners take a look at their key performance indicators (KPIs) on a regular basis. The KPIs that are most useful for you will depend on the specific nature of your business, but may include things such as conversion rates, retained customers, monthly sales volumes, and various others.

3. Begin to Establish Strict Weekly Routines

While it will be important for your business to make quick adaptations on the fly, it will also be important for you to develop a somewhat regular routine. Having a clear, structured schedule will make it much easier for your business to know whether you are falling behind your desired workload or if you have time to focus on other projects. It will also help you get a better understanding of how long it takes to complete regular tasks, whether these tasks are worth doing in-house, and possible ways you can conduct business more efficiently.

4. Streamline Your Payment Processing Systems

As long as you have at least one employee on staff, then you will need to have at least some sort of payment process in place. Though many business owners consider this component of the business to be a perennial “after thought”, it will actually be among the most important. Fortunately, there are many ways you can streamline your payment processing systems. This includes creating more efficient mailing processes, faster turnaround times, and—depending on the scope of your business—outsourcing these processes to someone with greater experience.

This photo by Unknown Author is licensed under CC BY-SA-NC

5. Reevaluate your Pricing Structure

If you are like many new business owners, the initial pricing structure used by your business was likely very arbitrary. Similarly, while pricing will be integral to generating cash flows, this is a component of running a business that many decision makers tend to neglect. Before you begin pursuing any new clients, conducting a thorough pricing analysis will be very important. Decreasing prices may increase your sales volumes and increasing prices may increase your profit margins—maximizing the overall value of your company will be a very careful balancing act.

6. Digitize Essential Processes

In the modern era, there are many processes that can be easily transferred online. In addition to saving paper, moving your business online may also give you a reliable method for accurate record keeping. Even for things such as check writing and essential statements—things that your business still delivers by mail—having an online check writing service (see https://www.smartpayables.com), will help provide your clients and partners with a greater sense of security.

7. Make Tax Prep a Year Round Process

One of the reasons why early April is a characteristically slow part of the business cycle is that many businesses push off their tax (or at least personal tax) obligations for as long as they possibly can. However, while other businesses are up to their necks in paperwork, your business can exploit this unique opportunity to strike. By engaging in accurate tax practices throughout the course of the year, your business can avoid the elongated headache that tax season usually presents.

8. Find Innovative Ways to Increase Professionalism

Even if your business is new and inexperienced, it will still be essential to “fake it until you make it.” Establishing a greater sense of professionalism can help your business build lasting relationships with relevant parties and also increase your sense of legitimacy. Doing things such as getting your own office, designing a professional website, and getting custom checks printed in your name can all help create a much more professional image.

9. Set Specific Goals

In order to create goals that your business will actually be able to follow through with, consider implementing what is known as the “SMART Goal” System:

·Specific

·Measurable

·Achievable

·Relevant

·Time-Bound

By carefully testing each of your business’ long-term objectives against this proven model, you will be much more likely to achieve the results you’ve been looking for.

10. Always Be Thinking Critically

There is no doubt that planning in advance is an essential part of running a business. But just as a sailor wouldn’t just point her ship in a specific direction and trust the wind to carry her across the ocean, you also shouldn’t push your business into motion without making adjustments along the way. By making a habit to consistently evaluate your accomplishments, reexamine possible ways of doing business, and make appropriate changes, you will have a significantly easier time guiding your business to where it needs to be.

Conclusion

In order to remain competitive, you will need to be constantly looking for ways to improve your business. But not every change you make needs to be quite so epic; by considering any of these small adjustments, your business can improve its operations and continue its relentless pursuit of success.