More and more companies are looking for ways to lower overhead. For starters, many are confronting increased complexity as they operate across many different markets, in terms of both regulation and customer demands.
Tackling this complexity tends to raise overhead. And they are seeking to balance developed and emerging market opportunities. Developed markets are returning to growth, but there is no easy path to success and competition is fierce. At the same time, multinationals are also trying to increase market-share in fast growing emerging countries—even if doing so is not that profitable at first.
To drive profitable and sustainable growth, companies must identify activities that drive value, take out costs that aren’t contributing to business goals and reinvest those savings into growth initiatives that improve competitiveness.
We’ve watched companies grow from improving and adapting processes throughout their businesses and learnt a few things along the way. In doing so, we’ve identified four main ways to improve business efficiency, resulting in increased business growth-rate:
1-Control your processes
From tracking employee expenses to managing accounts and costings, from monitoring inventory to winning a new sale, your business processes are key to ensuring your business is efficient. By having all of your business units in one central system, with workflows set for every business-critical process, you can ensure that your employees work to the correct procedures and no vital information is missed. You can also track outcomes and assign resources to projects.
2- Get the data to work for you
Data is the backbone of your most important business decisions. If your data is inaccurate, hard to use, or not accessible on the go, your outcomes and response rates pay the price. A report by IDG identified the importance in accurate data, with the finding that "companies with effective data grow 35% faster year-on-year". Here at TasLondon we ensure to keep a clean constant up-to-date record of all your data and finances.
Accurate business intelligence allows owners to make the right decisions for the company, at a faster rate. Access to real-time data can also help customer service departments to be more efficient. This combination of faster decision-making and improved customer service supports business growth by increasing customer retention and allowing businesses to make continuous improvements based on results.
3- Allow productivity on-the-go
Business often takes employees out of the office - attending sales meetings, meeting with clients or researching new suppliers. By providing productivity tools for on-the-go, employees can remain connected and improve efficiency by working wherever they are.
The research by IDG confirmed that companies with mobile access to data sell 5% more new products and services. Using modern business management software (the next generation of ERP solutions) lets you to access insights across all devices, increasing productivity. For example, if a salesperson has had a successful sales meeting, including a signed business agreement, they could upload the document whilst travelling on the train, inform the relevant customer service manager and get the project started quicker than ever.
4 - Make cross-departmental collaboration easy
Business works better when departments are able to collaborate.
With all of your business clear on business aims, plans and strategies, you will be in a better place for success. In a survey by eConsultancy, 96% of executives said lack of collaboration or ineffective communication is the main cause of workplace failures.
The right support and direction can help employees to collaborate across departments, get better information about projects and clients, and saves time by removing the need to keep multiple records. Having all documents and figures in one system gives your teams the tools they need to be more efficient by finding the information they need, when they need it.