Last Updated on May 7, 2023 by asifa
People who run a small business with a limited staff will always pose difficulties that larger companies don’t face. Managing with less in all parts of the operation requires an iron will, attention to detail, and knowing your limits. Here are some suggestions for running a small business with greater efficiency.
Table of Contents
Narrow the Focus (Most of the Time)
The focus on the business must necessarily remain narrower to avoid it running away from you. Therefore, the marketing plan must be specific enough to not waste money on the low return opportunities. Instead, aim for solutions that provide the best bang for your buck to stretch the marketing budget as far as it will go.
When it’s time to look for ways to grow, pay attention to what parts of the business show the most promise. Apply additional effort and resources there to develop the promising results into something larger.
Know When Using Third-Party Providers is Sensible
Trying to do everything won’t work. Similarly, a stretched IT team of one, two, or a handful of people isn’t going to cut it for long. Eventually, they’ll reach an impasse with what they can handle and find problems they cannot resolve. Using managed IT services is one way around this problem for SMEs. It can help to keep IT costs contained because some providers work on a fixed fee, so business expenses don’t spiral up. They can also be tapped for certain services and not others, to avoid losing control of the IT (or feeling like you have).
Delay, Skip, or Limit Expenditures on New Items
Regardless of what the item is – a SaaS app, office furniture, or new lighting – see what can be done to delay it, or to skip the purchase altogether. When it cannot be avoided, then limit the spending on items that are necessary but offer little value. Look for less expensive ways around the problem or to make the purchase, instead of buying new every time. The depreciation on new items is shocking; it’s not always essential to eat it. Use office furnishings from office cleanout resellers, refurbished PCs over new, and other shortcuts to manage expenses better.
Apply Multi-Skilling for Staff
Involve all staff in the process of multi-skilling. This way, they can cover the work of other members of staff when they’re off work. Also, with any planned cutbacks, they may need to cover two positions eventually. If they already know how to perform both roles, that’s ideal. Also, don’t be afraid to use freelancers to perform one-off or short tasks to get them knocked out in little time. This can allow your main team to stay focused on their work and not get distracted.
Read More: How do I save money Easily?
Make the Time Count
Research has shown that the typical office worker is only busy half the time, and the rest of the hours are lost. The lost time is attributed to meetings, email processing, chit-chat, and personal calls. Many of these things can be reduced or eliminated. It may even be possible in certain roles to reduce the work hours if staff will get right down to it and complete their work sooner.
Running an efficient small company is often needed to survive in the rough and tumble business world. Many SMEs go under because they fail to keep costs contained and didn’t make the most of existing resources while they could. Avoid those mistakes if possible.