Assessing your Business Efficiency

NAMTEK CONSULTING SERVICES HOW EFFICIENT IS YOUR BUSINESS Assessing your business efficiency Your company's efficiency is priority #1 if you are looking to grow your business. First and foremost, it's important to have a clear overall business strategy and mission statement. Next, you should ask yourself: "What are the internal factors holding us back? Do we have an efficient workflow?" In order to find the answers to these questions and determine what you can do about any inefficiencies found, assess the following... KEY ASPECTS TO LOOK INTO IT - What Management Software System are you currently using? - If you currently use many smaller systems for different functions (Accounting, Sales, Inventory), how do your different departments communicate with each other? - Can this system handle any rapid growth? - When was the last time you upgraded your IT software? - Are you using the latest technologies on the market to increase productivity? (such as Business Mobile Apps) - Can business processes be simplified with a new or upgraded system? - How much time does your team spend on manual data entry? PROFESSIONAL EMPLOYEES SKILLS - Do you have the right people working for you? - How happy are your employees? - Do managers listen to employees' ideas to improve processes? - Can your management team handle growth? - Do you currently have the skills available that you need in IT, sales, etc. - If not, have you thought about outsourcing these skills? - Does your staff need to be retrained on new or improved skills? NEXT STEPS... Review Financial Position & $ Create Budgets to Fund Improvements If you've realized from the above questions that improvements are necessary to increase efficiency at the company, then it's time to take a look at your financial position in order to set aside an IT budget or any other budget. Conduct a Market & Customer Analysis Look for any changes in the market and in your customers' needs and wants. Also, take a look at new and emerging trends and services that may affect your industry and company, either now or in the near future. Redefine Business Goals New goals should be defined to improve overall efficiency at the company. Once you can pinpoint what all the inefficiencies are, your team can work towards making the necessary improvements with clear goals and strategies. "Source: lufo Eutrepreucurs hulp://www.incentrepreELaus.org/en/gaides'review-your-business-performance/ NAMT EK Consulting Services www.namtek.ca OI