Transforming Your Profit Margins by Transforming Your Workflow
It’s commonly said that there are two types of business. There are those that rely solely on the talent of their employees and the people around them, and then there are those that implement processes that track, measure and report back on the performance of their employees.
It is the second sort of business which is usually the most successful. So if you’re not a particularly process-driven company, or you’re half way there and want to know some insider secrets as to how you can dial it up to 100%, then follow the points below. With some hard work, it’s easy to transform your profit margins by adapting your workflow to incorporate a more process-driven strategy.
1 – Introducing Reporting and Performance KPI’s
You may have built up a team of people who are talented, competent and motivated. However, you will never know their true performance until you introduce KPI’s – or ‘key performance indicators’.
By introducing regular reporting on performance KPI’s for each area of the sales and operations process, you will be able to adjust and tweak areas of your business accordingly. This means improving processes and habits of your employees which may not be up to standard, but also means you can build on the current success of your teams and celebrate a job well done.
This will foster a work culture of measurement, tracking and reporting in your workplace and will help bring the best qualities out in your existing workforce.
2 – Smoothing Out Your Processes
To become truly process-driven, you’ll need to look at your existing workflow and see how its various parts can be adapted or redesigned to allow for tracking and reporting.
Every business operation from customer acquisition, finance and sales can be broken down into a step by step process. Try creating a flowchart of your overall business and breaking that flowchart down into more specific processes, which will allow you to find any bottlenecks in the process line and give you a good indication of which tasks need to be improved upon.
3 – Tightening the Belt
Tightening the belt is easier when you have strong processes in place because they allow you to see how to best make sensible, strategic cuts.
On the other hand, however, you might want to increase your spend to streamline your workflow. For example, how would you benefit from receiving the cash tied up within unpaid invoices in just 24 hours time?
Immediate invoicing through invoice finance will likely help you to turn around a product faster to a client. This improves your service speed, saving up precious resources and time for staff, so they can get on with making more sales.
Instant invoicing methods, like those available through Touch Financial could be the answer to tightening your business processes.
Ultimately, these are just a few ways in which you could increase your bottom line. By transforming your workflow through streamlining, implementing new processes, research and financial support you’ll start to see the results in no time.
