What cumulative effect or cost are little things having on your business?
Business owners often tend to ignore the importance and impact of little activities that don’t take much time. “It’s just a couple of minutes!”.
But if you were to add up all of those “couple of minutes” – how much are they actually costing your business each year? If you have a staff member taking 5 minutes longer once per day to do a certain task due to inefficient systems, then over the span of a year (48 working weeks), that 5 minutes per day adds up to 20 hours. That’s half a week!
In an organisation with 20 staff, this stacks up to 400 hours over the space of a year.
What “little things” are costing your business tens of thousands of dollars each year?
Data Entry and Double Handling
This could be customer information entry to multiple systems, different time tracking systems, finance data, order tracking information and so on. The best way to minimise this cost is to create a more efficient system using automation and integration.
Communication
Inefficient communication is another time-consuming activity that incurs hidden costs. This can be in the form of chaos in internal and external channels, lack of direct communication or excessive communication that causes distractions. This needs to be structured, transparent and organised.
Inefficient Measurement and Reporting
Generation of reports and performance measurement can also be overwhelming. Some companies have such complicated performance indicators that the measurement is more time consuming than the actual task. An efficient reporting suite with correct measurements is the key to clarity and high-quality data for decision making.
Concept Angle can help you identify what “little things” are costing your business time, money, and resources, and incorporate better systems, process and technology solutions to solve these issues. Book a free discovery call today to find out more.