Has your small business been affected by the recession? Many businesses were and some even paid the ultimate price because of it. This means it is now vital that small companies operate at maximum efficiency in order to remain competitive. They need to make the most of the time they have and maximise the value of everything (especially corporate finance). This article looks at five ways of doing that.
Communication
As a business, communication is extremely important so it’s likely that you spend a lot of time on it. You can save time and make your processes more efficient by creating standard letters that you can amend quickly, rather than having to write a new one each time. You can also compile a list of ‘frequently asked questions’ and post the answers on your website so you won’t have to spend so much time on answering common queries.
Improve your Payroll
The payroll is something a lot of small businesses spend huge amounts of time on. You can improve your system by investing in some payroll software, which can do much of the work for you. It’s a good idea to send your accounts staff on a payroll course or payroll training option so they can get the most out of the software and focus more of their attention on other aspects of their jobs as a result.
Use your Talents
Small businesses might have fewer staff at their disposal than larger outfits, but that doesn’t mean you can’t achieve brilliant standards. Work out where people’s talents lie and distribute tasks accordingly.
Have a Project Management System
A good project management system can work wonders for your business. There are some that you can get online for free, which is great if you’re on a budget. These systems can help you identify who is doing which tasks, when they need to be done
and any issues arising.
Respect Space
It’s great when colleagues get along well, but make sure there is an atmosphere conducive to working. Give people the space they need to get things done so productivity will be maximised – just remember it’s also important to let off steam!