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How can I improve my business efficiency this year?

Business is for those who have a strong will and passion to make a difference through their product or service. It is thus powered by a person’s belief and ability to adapt to an ever-changing economic landscape. This needs thorough planning and implementation of the plan. Typically, a business should start with:

  1. Having a business plan if you don’t already have one; if you do, revisit it
  2. Having a business plan is NOT enough. For it to be implementable, cascade it down into a roadmap with actions to be taken and a timeline to establish by when
  3. Make sure your legal structure is right and still relevant. This is important as changing structures in the middle of the year might be troublesome and cost a lot more.
  4. Now, save time as much as you can. How?
    1. Automate whatever you can
    2. Maintain discipline; don’t get carried away by interruptions. One tends to lose productivity every time there’s an interruption
    3. Stick with established processes. Don’t keep experimenting with every new product that comes into the market
    4. Put in place a job management software. There are plenty of them in the market; get a simple one and get one that will help you keep your jobs and task in line
    5. Promote a culture of communication and transparency
    6. Know when to stop. Just because you might be working from home doesn’t mean you keep working 24x7
  5. Make your team, your strength. This is important because you can’t do everything but hey, also remember every team member is different. Don’t try to clone them into being yourself – a common mistake many business owners do. When you leave them to do their best, you will have more perspective on the business.
  6. Make team members accountable and be accountable yourself too.
  7. Keep your books and compliance in order
  8. Focus on building relationships with clients for long terms – a focus very important to have, especially now, with Australia’s changing economic landscape