It’s a new year, so it’s a great time to consider increasing business efficiency and getting the most out of 2023.
In a recent interview, CEO of Business Success Consulting Group, Adi Klevit, and Founder of MyB2BCoach, John Lund, talked about increasing business efficiency using processes and strategy. Here, we share ten recommendations they made.
Ten recommendations for increased business efficiency in 2023
Tackle 2023 with these ten recommendations:
1. Make your company goals clear to all.
As you enter the new year, reaffirm your company goals. Do not just release a memo listing the company goals. Instead, share how you and the executive team plan to reach those goals.
John made a great comparison between company goals and a beach vacation. If you and your employees all closed your eyes and imagined a beach vacation, you would all have thought of something that falls under the category “beach vacation.” But some would envision Bali, others Hawaii, some the cliffs of Dover, others the sands of California. The same principle is true for company goals, so it’s wise to share the how, not just the what.
2. Implement automation.
Automation is the name of the game in 2023 and beyond. Here are a few things you may be able to automate:
– Manual data entry
– Phone calls (or simply dialing)
– Compiling reports
– Evaluating data
– Email funnel
– Lead assignment
– Meeting scheduling
– Calendar reminders
– Welcoming a new client
These are all generic suggestions. Your business is unique, and you likely have particular tasks that you could automate.
3. Learn how to use the software you have.
John told Adi that he encounters clients who use fifteen or twenty different software products, many of which are redundant. That means they are wasting time and money buying and learning how to use these products.
You can solve this problem by learning to use your existing software and making an informed decision about what to keep and what to throw away.
4. Document your business processes.
Your company is using processes to function. These may be the standard actions one individual takes during their day-to-day, or the general process your veteran sales manager drills into each new team member. The best way to keep the company functioning and growing into the new year is to document these processes so that they can be improved and built upon as your business scales.
5. Name and focus on your target market.
One aspect of process documentation that came up in John and Adi’s discussion was disparate processes geared toward individual clients. Some companies treat each client as a separate entity, creating a process geared explicitly toward that client. This could mean a customer service manager has to learn one hundred different processes for one hundred different clients. That is unsustainable – and frankly, too much to ask of your employees.
The way to resolve this problem is to focus your processes on your target market rather than on individual clients.
Let’s say your business is a B2B marketing company. Your first step to building functional processes would be determining whom you serve. For example, does your company help small, medium-sized, or large businesses? From there, you can drill down to more specifics. Perhaps you really want to focus on providing repeatable marketing strategies for restaurants that offer franchise opportunities.
This is much more specific than “A B2B Marketing Company,” and naming this target market allows you to build effective processes that benefit your clients.
6. Use templates.
John provided an excellent hack for any business owner contending with all of the different types of software they have to deal with for presentations, building websites, developing landing pages, and more.
Many professional and plug-and-play templates are now available. Using these allows your company to refocus on what’s most important – serving your customers.
7. Gear your processes toward a set strategy.
Take time at the beginning of the year to develop or review your business strategy. It can be easy as an entrepreneur or business owner to get busy putting out fires and jumping to new ideas. Building a strategy and gearing your processes to forward that strategy can help keep your business growing.
8. Set aside time for education
You and your team need to stay educated on your market, the software you use, hardware updates, and more. Set aside the time so that your team can develop processes from their deepening well of knowledge.
9. Set up processes for every part of your business – from vendor processes to client service.
Many companies tackle the most obvious processes first. These are usually sales and hiring processes and procedures. However, there are many moving parts to your business, and the majority of these moving parts could use a process.
10. Focus on building a flywheel effect.
The flywheel effect is featured in Jim Collins’ book Good to Great. This is the concept of setting up a system that may require significant effort initially but pays dividends by running on its own, picking up speed, and compounding on that original investment.
We have discussed three actions that can help you set up your own flywheel effect in this article:
1. Setting up processes and procedures.
3. Setting clear strategies and goals.
Implementing these three actions keeps your business moving forward, even if you have to step away or a key player leaves the company.
Set your business up for success in 2023! Get in touch with Business Success Consulting Group for a free initial consultation.