More efficiency equals more revenue. It’s science.
What’s the one thing you can make two times more efficient?
I’m finding that when challenges arise, such as the recession we’re about to face, the most proactive step you can take is to increase efficiency. Amplify something in your business to do two times better. You may even find that once you’ve started the momentum it leads you to the solution you need to move the business forward.
I’m putting this challenge out there to business owners: Find a way to double your revenue with half the effort. If you find that, you will transform your business and can redefine your industry – with you as the leader. Even if you only make incremental steps, you’re still ahead of the competition.
Think about increasing revenue while decreasing costs to generate that revenue.
Think about increasing efficiency while reducing effort.
Those are the things we want to achieve in our business right now.
The cons:
Uhm. None? The only thing I would say is while creating more efficiency, be sure you’re also creating more personal connection with your customers as well as employees. You don’t want things so automated that people feel processed. No one likes that.
The pros:
Reduce all the extra resources needed when there are inefficiencies. Save cash, labor, technology, and time.
How will you know if your efforts to create efficiencies are working? Measure your return on investment, process and operational efficiency, eco efficiency, and labor.
How do I implement efficiencies?
Automations – Can you create automations in your business to free up employee time? We have a few automations set up for email and resources, so our employees can focus on serving in other ways.
Communication – Encourage open communication. It increases efficiency by creating better clarity, and eliminates endless email chains or waiting for responses.
Shorter meetings – While you want to have that awesome communication, make sure meetings are brief and to the point. Prepare for them ahead of time, and follow a short agenda. We have daily meetings, but they run about fifteen minutes. We all know what the other is working on, and can offer insight or help if needed.
Task management software – We use Monday. This allows us to consistently make updates without interrupting anyone else. We store pertinent information here for each project as well to make it readily available to other team members.
Now is the time to get started. What’s the one thing you can do twice as well in your business?
You’ve got this!
-Mike
For more resources to help you sustain and scale during hard economic times, check out The Recession Response page, where you will find free resources and downloads.