How to Optimize Business Operations to Accelerate Growth

Did you know that the first concept of workflow was introduced in the early 20^th century by Frederick Tailor and Henry Gantt? Striving to optimize industrial efficiency, they focused their research on the rational organization of work and were the first to introduce queuing systems.

With the rise of sophisticated IT solutions, the mere notion of business process optimization (BPM) has changed. Today, AI-powered tools and the workflow management system can be applied to any business, irrespective of its size, budget, and industry.

So, why are optimized workflows important and how do we implement them?

Let’s find out!

Why is Optimizing Business Operations Important?

Your competitors are adapting their operations to the changing norms and disruptive technologies. And, if you don’t do the same, you will soon start lagging behind them. On the other hand, staying on top of trends and optimizing your business operations brings numerous benefits to the table, including:

• Maximizing workplace operations and productivity
• Reducing human error
• Minimizing operational costs
• Making your customer service consistent
• Maintaining the highest quality of services
• Making data-backed business predictions

Compare your Current Process Life-Cycle against your Goals

Before you start optimizing your business operations, you first need to set clear goals to guide you. Once the objectives are set, it’s time to audit your current business operations and productivity. Start by dividing your key business processes into smaller components and analyzing each of them. Pay attention to the number of employees and departments involved in these processes and measure how much time and resources they need to get the work done. Then, collect this data into a comprehensive summary of your overall business performance.

You should also compare your current performance with the business optimization goals you’ve set. Identifying your business’ key problems, you will be able to fix these problems and build your BPM strategy around the operations relevant to your business growth.

The Aspects of your Workflow to Optimize

The next step is, of course, building an actionable implementation plan. It needs to include the main processes that need to be improved, the tools you will use in the process, the stages of optimization, teams that will implement the change, and clear end results.

Now, there is no uniform rule to optimizing business operations. The implementation depends on your niche, size of business, budget, and much more. Here are a few examples that may serve as an inspiration to you:

● Online Invoicing

Invoicing is probably the least favorite aspect of your job. Research says that 64% of small businesses have unpaid invoices that are over 60 days old. Poorly managed accounts receivable may hurt both your bottom line and client relationships. Most importantly, not having full control of your cash, you won’t be able to give your business a nudge it needs.

One of the simplest ways to keep your accounts receivable under control is to switch from paper copies to the online landscape. Let’s take cloud-based fee financing as an example. A fee financing provider allows a client to pay the invoice in monthly installments, while you will be paid the invoice in full within a few days.

● Use Collaboration Platforms

As a manager, you need to improve your teams’ collaboration and enable an interrupted flow of information between them. This is where collaboration software like Slack or Skype for Business shine. Instead of formal, time-consuming emails, these platforms will enable simpler and immediate communication between your team members.

You should also invest in great task management tools like Basecamp, Asana, or Trello that let your employees leave comments, share files, and collaborate on multiple projects and tasks effortlessly. Apart from making the communication between your staff members smoother, these platforms also increase the transparency of your business operations and help managers track their employees’ progress over time.

● Invest in CRM Software

Simply put, CRM is the process of acquiring and nurturing leads. Of course, to turn those leads into paying customers, you need to provide them with exceptional user experiences. Understand their preferences, identify their major problems, and tailor approach to the specific needs of each customer. Only this way will you be able to turn your leads into paying customers.

This is where automating your sales and marketing efforts shines. With the help of the right CRM software, you will be able to (re)engage your customers, provide customer support across multiple channels, personalize your interactions, and track the performance of your campaigns.

Create a Change-Capable Organization

Your planning and strategizing would be purposeless if you don’t have a team that recognizes its importance. They need to have the knowledge and skills needed to meet BPM objectives. Most importantly, they need to understand how reaching these objectives will skyrocket your business operations in the long-run. As a manager, you should talk to your employees, hear them out, and see whether they’re on board with the stated goals and objectives. Only if each staff member is ready to embrace the change will your business process optimization work.

Keep Testing your Operations

Even though your BPM plan may look spotless on paper, you need to test how it performs when implemented. Most importantly, you need constantly check whether your teams have adapted to these changes.

Remember, not aligning your workflow optimization tools and practices with your business goals will only kill your business growth.

Author Bio:

Lauren Wiseman is an entrepreneur, currently based in Melbourne and a regular contributor to bizzmarkblog.com. She assists clients in growing their personal and professional brands in a fast-changing and demanding market environment. Covering finance and investment topics, Lauren strongly believes in holistic approach to business.

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