Whether you run a large or a small business, it’s possible that you may be wasting time, money, and resources on unnecessary processes, elements, and expenses. Often, streamlining the way you work enables you to achieve better results, but how do you go about identifying potential flaws and what kinds of changes should you be making? If you’re looking to lower running costs, improve efficiency and productivity, and increase sales, this guide should come in handy.

Every business is different, and there is no universal solution that will benefit every company out there. However, there are some common issues that tend to crop up on a regular basis. Here are some areas to consider working on if you feel that your business could perform better.

Finances and accounting

How do you manage your business finances? Do you have an accounts team or an individual in charge of handling payments and wages? Do you work with an external agency that offers accounting solutions? Or are you in charge of the books? If you have a dedicated team or you work with an accountant or an accountancy firm, it may be worth seeking advice about more cost-effective ways of working, as well as letting experts manage your accounts. Many firms offer consulting services, which are designed to reduce spending and increase efficiency without impacting the quality of the service you provide. If you’re running the accounts, analyze your own performance. Are you up to the job? Or are you trying to be a jack of all trades in an attempt to save cash? It can be difficult to afford expert help when you’re a small business owner, but it’s crucial to have a firm grip on your finances. If you don’t have the funds available to hire individuals with accounting skills, you might benefit from outsourcing. This way, you can be sure that your books are in safe hands without committing to long-term wages.

If your business is well-established, but you haven’t always been the most organized when it comes to bookkeeping, conducting an audit is a good idea. You can see exactly where you are and work out ways to manage your finances more effectively. Make use of modern programs and software, keep a record of every payment you make and receive, and check all your balances on a regular basis. Planning ahead is vital, as it helps you to regulate cash flow, and spot potential bumps in the road long before you hit them. If you feel that there is room for improvement, start taking steps now. Look for a firm or an individual to work with, be more organized when processing financial information, and analyze the way you work.

Hiring, recruitment, and outsourcing

As a business owner, one of the most important things to get right is your staffing structure. If you’ve got too many people on the books, you’re going to waste money. If you haven’t got enough, you may not be able to deliver on the promises you make to your customers. Today, there’s a range of options out there when it comes to recruitment. Not every business has an in-house team of employees that takes care of every task. It’s increasingly common to hire temporary staff members, freelancers, and interns, and to explore options such as outsourcing and remote working. Every business has unique needs, and you should implement a system that suits your company. If you have a store or a restaurant, for example, your setup may be very different to a sales business. Think about your current situation, and analyze whether it’s working for you. Have you got the numbers right in terms of staffing levels and wage bills? Do you have access to all the skills or services you need? If things aren’t perfect, there are changes you can make.

If you have a seasonal business, and you find that you’re overstaffed one month and understaffed the next, it’s wise to consider flexible options, such as hiring freelance workers and offering short-term contracts. By doing this, you can ensure you’re ready and raring to go during peak periods without adding to your wage bill in the long-term. If your team doesn’t have all the skills you need, you don’t have to set about placing adverts and recruiting new members of staff. You may find that outsourcing offers a more cost-effective solution, especially if you tend to take on short-term projects rather than contracts that run for years. Another option that could be mutually beneficial for employers and employees is investing in training. Think about the type of work you do, have a good look at your employment register, and evaluate the systems you currently have in place. Identify issues, and find solutions. If you can streamline your staffing structure, this should improve performance at the same time as reducing costs.

Marketing

If you’re not an expert in marketing, you may assume that the more methods you use, the more successful your campaign will be. The truth is that it’s rare for the scattergun approach to yield results. A focused, targeted campaign is a much better option. If you’re currently throwing your hat into the ring using every technique under the sun, now is the time to narrow down the range of methods you use to take aim at the people who matter most. If you’re running a trendy bar you expect to be packed out with people dancing and drinking cocktails on a Saturday night, you’re going to be targeting a different audience to a travel agency specializing in tours for over 50’s. Think about your demographic, and work out the best ways to communicate and interact with potential customers. Sending out emails and posting on social media is a lot more likely to turn heads among younger people than posting leaflets through the mail, for example.

If you have a strategy in place, analysis is essential. Use data tracking and monitoring tools to see how different techniques are performing. You may find that there are certain methods that attract a lot of attention, and others that have limited impact. Focus on the avenues that bring you revenue. There’s no point in spending money on marketing methods that don’t connect with the intended audience. Every marketing campaign should be based on information gathered through market research. If you conduct a survey, and people tell you that they’d like to be contacted via email, or that they check their Facebook account several times a day, this gives you a valuable insight into the communication channels that would prove most effective. Once you’re up and running, use analytics and feedback to see which kinds of posts, email subjects, and promotions are most popular.

Technology

Technology has revolutionized the world of business, and many companies use it to their advantage on a daily basis. While investing in tech can benefit businesses immeasurably, it’s essential to ensure that you make the right decisions for your firm. If you have a cafe, you don’t need an office kitted out with all the latest gadgetry. Look for technology that will save you time and money and set you apart from the crowd. If you can’t afford to buy the latest equipment or machinery, look at options like hiring. If you’re behind the times, and you’re still using dated systems, it may be worth conducting a technology audit to see how making changes could impact your business. You might find that by spending money on renting or buying equipment, you actually save a huge amount in the long-run. There’s also a good chance that you’ll be able to improve the service you provide. Consider the impact of using technology and software that enables the members of your team to communicate between offices, for example. You can organize a meeting between several individuals without anyone having to move a muscle, and you’ll save a fortune on travel, accommodation, and additional expenses.

Are you spending time or money on unnecessary processes, are your books in disarray or do you have too many members of staff? Is your marketing strategy all over the place, or are you thinking about updating your technology? There are several ways you can improve the way you work to save time, effort, and money in business. Every company is different, and the changes you implement may be very different to those introduced by another business. Focus on what’s going on in your firm, and look for ways to streamline the way you function on a daily basis. Ensure you have a firm handle on your finances, analyze your staffing structure, think about your marketing strategy and take a look at the kind of technology and equipment you have available to you. Monitor your performance, and keep an eye out for potential issues or shortfalls. If you’re generating leads online, but you’re not converting them, for example, your website may not be up to scratch, or there may be a problem with your pricing policy. Consider seeking expert help if there are gaps or flaws, and aim for continual improvement.

When it comes to cutting costs in your business, you may decide to skimp on training. This is to your detriment. Training matters, for both you and the people who work with you. Here are five reasons why you need to make it a priority.

1. You will build up your skill set

This is a no-brainer, of course, but this is the main reason why training needs to be high on your agenda. To do your job well, you need to look for the training courses that will improve your skill set, and help you overcome any weaknesses you may have. From learning IT skills with Visio training classes and other aspects of Microsoft Office to taking public speaking classes to help you with your business presentations, consider what training will be relevant to you and your team.

2. You won’t need to outsource

You will be less reliant on outsourced help if you and your team are better equipped to carry out daily business tasks. Having covered any skill gaps, you won’t have to pay others to do the relevant jobs for you. While training can be expensive, it is cheaper in the long run when you aren’t reliant on hiring the services of others.

3. You will increase productivity

Being better at your job means you will get work done more efficiently and to a better quality. There will be less need to correct mistakes, and you will have more time to deal with all the other tasks that befit your day. And the same is true of your team. Training will improve both their morale and competence, improving their productivity throughout the day. Again, this means your profits will increase, despite the expense of training at the outset. There will be less need to supervise your staff too, so both you and your team will be able to work without the need for management interruptions.

4. You will enhance your business reputation

Want to beat your business rivals? Then fly the banner of your accreditations across your website and promotional materials. Being able to boast your credentials because of the training and qualifications you have received, you will earn the trust of customers, clients, and your investors.

5. There is less risk of business failure

The risk of business failure is high, especially for newer startups, but training will reduce those risks. Not only will skill levels and productivity be enhanced, but there is the benefit of staying current too. By committing to training on a regular basis, you will stay up to date with new and emerging technologies, and will have a better understanding of newer business methods, such as the latest marketing trends. There will be less chance of falling behind the competition, which is one of the reasons why many businesses are sadly forced to close their doors.

Finally

Training matters, and we hope we have shown you why. You ignore it at your peril, so when working out your business expenses for the next quarter, factor in the relevant training as a priority. Both your business and the people who rely on your business will benefit as a result.

When it comes to money, you can never have enough. Of course, you get those glorious people that always feel so content with what they have. While they may seem strange and insane to those of us that always need a little income boost, wouldn’t it be great to be in that position too? The best thing is, you can be. You just have to get smart about it. Whether you’re employed and work full-time in a company, you work from home, or you fall somewhere in-between, you can quite easily diversify your income in any way that you’d like. You just need to know what your options are. So if this sounds interesting to you and you’re interested in earning more each month, here’s what you can do.

1. Create A Blog

First of all, you could create a blog. Now, this is something that so many people do – but it works. Here, you’d be looking to create content based around a topic that you either love or know lots about. It can seem quite intense, but it’s a great way to make sure that you’re able to keep this up. When you’re creating content, you can then look to earn money via advertising revenue. So start writing, get your site set up, and promote away!

2. Create Products

The next thing to do would be to create some products that you can sell. Now, don’t worry too much, because you won’t have to start knitting or hammering away. Here we’re talking about information products, so things like downloadable eBooks or even courses online. Even if you think that you have no idea how to do this right now, you can learn. And the best part is, you only need to create one product and then watch your sales stack up over time.

3. Join Affiliate Campaigns

Then, you’ve also got affiliate marketing that you can earn money with. This is something that you can do as a blogger, and earn money from via your blog. But you can also do it without blogging. Maybe you want to create a specific content site or you just want to be present on social media? Then you can still make money by recommending products and then earning a commission of any sale that you make.

4. Start Trading

If you want to try something different, there’s also trading. Now, for this, you’ll want to start off slow. Find a platform, like CMC Markets, and invest a small amount and carefully. Make sure that you read up about online trading and stocks before you start, just to make sure you earn, not lose.

5. Buy And Sell

Then, you’ve also got the option of buying and selling different things. Here, you’ve got a few options. You could look to hunt through flea markets or garage sales for things that you know you can then sell to make a profit. But then, you could also look to buy products from a wholesaler like Alibaba, and then sell them online to make a profit. Either way, buying and selling items can give you an additional source of income.