I’m ready to start improving my business… where should I start?
In a time where businesses need to be efficient to survive, one of the best things you can do is improve the effectiveness of your operations. But that is easier said than done. For many businesses, they don’t know where to start and what information to track. Below are our top 3 tips for getting started to improve your business.
Track
The first step to improving your business is knowing where your inefficiencies are coming from. When making decisions about how your business will be run, it should be underpinned by information. Start by determining a set of relevant metrics and building a mechanism to track them in your everyday operations. Whether this is done through a spreadsheet or dedicated tool, you can set yourself up to make informed decisions for the future of your business. From tracking how many customers you get from your marketing campaigns, to how much non-billable time your staff are working, tracking this data is the initial step to further improvements.
Analyse
Once you have collected your data, you need to present it in a way that makes sense to you and your business. Whether this is in tables, graphs, scales or all of the above, present your information in a way that allows you to easily read and understand it. Set aside time in your calendar once a month to analyse the data you have collected and consider what it is telling you about how your business is performing. Are your online ads bringing in business? Do you spend more time than you realised doing stock runs?
Adjust
Now that you understand your information, it’s time to make some decisions about adjusting the way you run your business. What has analysing your information told you about what isn’t working as well as it could? If you’re not making a positive return on your marketing spend, it could be time to reevaluate your campaign strategy, or hire an agency to optimise your online presence. If you’re spending increased amounts of time at your wholesales, you can review your inventory strategy to reduce trips for commonly used items.
By building ways to track your current operations and analysing this data, you can have the confidence to make decisions on how to improve your business.
Need help determining what you should be tracking to help your business succeed? Get in contact with us by emailing georgia@bellconsultinggroup.com.au
