How to increase the overall efficiency of your startup

Tips to get you started:

  • Put an action plan together for your business. Planning is everything!
  • Pinpoint what makes you standout – customers need to know what makes you different.
  • Create a step by step system for your business - it will improve your efficiency by a substantial amount.
  • Be diligent when hiring staff and hire those who have the same passion and drive as you do for your business.
  • Take responsibility for all actions and always evaluate. Learning from your mistakes will be one of the greatest lessons you will learn as a startup.

Here are 5 important points to improve the efficiency of your business:

1.       Have a vision for your business and how you plan on getting there

The key to planning is firstly having an understanding of where your business is and how you plan on achieving the growth you envision for your business. Ask yourself; where do I see my business in 5 years? Plus, how will this fit into my lifestyle in 5 years?

Ensure that your plan:

  1. Is simple. Be very direct, even if it is one page
  2. Is out of your head and onto paper
  3. Has a clear and passionate vision
  4. Is concise
  5. Aligns with your family life and lifestyle choices
  6. Has a guide to coping with changes and risks that your business may come up against

Creating a plan is vital and whether you get this done by a professional or you complete it yourself, it is the thinking that is most important. By assessing and questioning your own choices, you will learn much more about yourself and your business - which means you could very easily change tactics and decisions you came up with before developing your plans.

2.       Be clear about what makes your business different

Just saying your product or service is of great quality isn’t enough. You need to ensure that you set very clear differences between your business and your competition. If potential customers do not understand what you are selling and why they should buy it then they will simply judge your product or services based on price alone rather than what makes you unique. Put yourself in your customers shoe and ask yourself;

  • What makes me different?
  • Who will value the difference that my brand brings to the market?

By promoting a difference in your product and what others have to offer, you will be highlighting what an outsider would see and that would make them acknowledge your uniqueness. The differences you are proposing must be something they can identify with or else it is not enough to get them to buy into your brand. This is where knowledge of your target market comes in, you will need to know who they are, what they like and where they like to spend their free time.

3.       Create a good business system that will decrease future issues

Want to increase your overall productivity? Then develop a good business system that will continuously work for you. Without systems you decrease your overall efficiency and become very one dimensional, you need to focus more on just your overheads but on the overall processes within your startup.

A good starting point is to assess the process your customers take; from initial contact to payment. This allows you to track where you are creating the most value – it could be that you receive more customers going through to payment via social media or mailouts.

Pinpoint what the major operations in your business are and build a process for dealing with each of them. Major processes could be; finance, admin, staff, marketing or risk management. 

 4.        Ensure your employees are in alignment with your business

Make it a habit to motivate your staff so that when you succeed they also succeed. If they are aligned with your business, they will want to work harder to achieve the same success for your business as you do. Running a good staffing system will naturally attract and help to retain good people, who will work harder for your startup.

Always show your staff what good productivity and good results look like, this will allow them to work towards achieving the same level of output; and always reward good work. If staff performance is not up to scratch, initiate some form of training or mentoring. Do not lose good because their output does not always meet your expectations; train and improve.

5.       Stick to your growth strategy to achieve results

As working alone to create and run a small business can prove lonely at times, it does not mean you get to slack off. You have come too far!

You now have a product with staff and a growing customer base so to fall short now would be very difficult to swallow.

Should you ever feel de-motivated?

  • talk to other business owners, regardless of whether they are within your sector or not
  • join a business peer group (there are many online groups to choose from)
  • seek the services of an independent professional advisor  (a business advisor will be able to look over your company and help you plan better)
  • go to networking events

Starting a business isn’t an easy; it involves a lot of hours and financial investment. Therefore, planning ahead is important and will save so much time in the long run. There will always be challenges to get over, so remain passionate and always plan ahead. Developing a system that details all your aims along with a process of evaluation will save a lot of time.

 

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