As another year rushes past us, it can be hard to find the time to sit back and review your business objectively. Before you gear up for another busy 12 months, make it your New Year’s resolution to run your business more efficiently, so you can work smarter, not harder in 2015.
Planning. Ask yourself where you want your business to be in five or 10 years—and what you need to do now to achieve that goal. Talk to your business advisors, such as your accountant, and if you are set on growth or diversifying into new markets, consider a business mentor.
Establish A Structure. Implementing good structures and systems is essential. Effective workflow processes ensure a smooth collaboration between employees, partners, suppliers and customers, and is a sure-fire way to boost efficiency while also reducing costs.
Invest In Training/Upskilling. Investing in employees is a key to ensuring their success and the success of your business. Learning programs, mentoring and new opportunities shows your team you are committed to their success. This will in turn commit them to the success of your business. The many benefits of continued investment in employees include improved teamwork, increased loyalty and more highly engaged employees who will go above and beyond their roles.
Use Technology. Streamline tasks with technology such as accounting systems and customer communication. Delivering fast, knowledgeable service is the best way to keep customers satisfied. Video conferencing enables meetings to take place with people on the other side of the world and many tasks can be completed quicker than ever before.
Reports. This one cannot be emphasised enough. Too many SME owners take the head-in-the-sand approach—that as long as the books balance, they don’t have to bother with the specific numbers. With a good accounting system, you are able to collate current reports quickly and easily. If you’re not familiar with what reports to pay attention to, or how to best utilise the information, ask—your accountant or business advisor will be able to help.
Share The News. Bring the team in so each staff member knows where the business sits and how it is doing. You don’t need to go into specifics if you’re not comfortable in doing so, but it does help staff if they know the basics. If you’re having a lean year, let your staff know and encourage them to suggest improvements. If you are having a good year, share your success with the team. By doing so, staff are able to see how their small tasks contribute to overall business success. It also builds loyalty because staff feel they are part of something.
Established in 1991, MYOB is now Australasia’s largest business management software provider. Its 50+ products and services have helped more than one million businesses in Australia and New Zealand.
MYOB serves businesses of all ages, types and sizes, delivering solutions that simplify accounting, payroll, client management, websites and much more. With a network of more than 20,000 accountants and other professional partners, it provides the support and tools that help make business life easier.
Today, MYOB is extending its solutions online and delivering innovation through cloud computing, enabling clients to make smarter connections with their business partners and customers.