5 tips for improving your business efficiency

Are you looking to become more efficient but not sure where to start? We’ve collated five thought-starters to help boost your business efficiency.

Business growth is great, but it isn’t always easy to manage. At some point, the only way to move forward might be to look at where you can create more efficiencies within your business. Here are five tips to help you get started.

1. Why planning is essential for business efficiency

One secret to business success is knowing what you want, knowing what you need to do to get what you want, and, ultimately, doing it. That’s why planning is important. Not only does it help you feel more in control, having a plan also helps anyone working for you know how to prioritise their time. 

 

And, yes, a plan can be a more formal, carefully documented spreadsheet, but if that sounds overwhelming you can also kick off with a simpler approach. For example, by outlining your to-dos and priorities for the day in a streamlined list format.

 

2. Be clear on who you’re serving and why

One of the best ways to move forward is to focus on what you’re trying to achieve and how you’re helping your customers. Surveying them is a great way to get their feedback on what’s important to them when interacting with your business. You can use survey tools like SurveyMonkey or even do quick polls with your audience on Twitter, Instagram or LinkedIn. 

3. Do things in batches

Did you know that it’s actually possible to increase productivity by doing less? We’re often highly productive when intensely focused on one task. That might mean it’s sometimes wise to delay tasks until you get time to solely focus on them, or by doing things in batches. 

 

This tends to work especially well for admin-heavy tasks such as production, invoicing or working through the pile of unread emails in your inbox. Giving items your full attention can make you feel more in control and help you get the job done more quickly overall.

4. Getting help can give you a boost

The reality is, no-one is an expert on everything. And there comes a time in every entrepreneur’s life when they realise it might be best to bring more help on board, so don’t be afraid to ask. Who knows – you might even learn a thing or two. The emotional and financial return on investment is likely to be worth it in the long run. 

5. Automate manual processes 

Digitising business processes can help improve business efficiency across the board. These days, there are a number of applications for everything from marketing to finance to accounting and even banking to help streamline your operations.

 

Online payment options, for example Osko or BPAY, can not only help you get paid faster but also make it easier for your customers to complete transactions with you – thus increasing your chances of closing a sale.

 

On the internal side, using cloud-based software to collaborate and communicate remotely with your team, and even administrative processes, such as accounting, can help boost your business efficiency. 

 

Are you looking to create more efficiencies in your business? Discover how a Westpac business transaction account might be able to help you get there.