Popular Tags

News Room
News
room

7 Ways to spring clean your business

By Bidvest Bank
17-09-2017
As we move into a change of season, many of us are spring cleaning our personal lives – maybe you’re doing a detox diet, or clearing out the clutter in your home. But there’s no reason why this attitude of renewal can’t be applied to a business too. Whether you’re a small enterprise or a large corporation, there are always ways you can make your business leaner and more efficient, which makes it more profitable too. As an added bonus, optimising your business will also help give you and your employees fresh motivation to keep performance high. With that in mind, here are 7 ways to spring clean your business:

1. Revisit your website

Take a good look at your existing company website and see whether it needs a refresh. Does the information need updating? Is the look and feel becoming old and staid? Remember that your website is your company’s online shop frontage, so it should look both enticing and professional, while also being an accurate representation of what you do. You could also use your website redesign to add more information that you find clients ask you repeatedly on the phone or in person – for example by bulking up your FAQ section. 

2. Invest your excess cash

While it’s true that one of the most crucial success factors of any business is cash flow, what if you have too much of it? Money just sitting in your business bank account isn’t working for you, so consider investing it somehow. A good start could be depositing a portion of it into a high interest notice account for a set period of time. Bidvest Bank, for example, has a minimum of R5000 investment, and gives you a range of account options depending on how quickly you may need to access the money.

3. Save by buying in bulk

In many cases, software that you use in your business comes with either a monthly subscription option, or a once-off or annual payment that’s discounted. Or, your suppliers may give you a 5% discount if you settle early. Provided you have the cash available, consider being more efficient with how you pay for things your business needs, and you’ll save money in the process. You’ll also get more peace of mind by not having unpaid bills waiting for your attention. 

4. Relook at your insurance

This may seem obvious, but many companies don’t think to revisit their business insurance policies on a regular basis. At least once a year, check with your insurance provider that you’re getting the best deal possible in terms of premiums, and that you’re still covered for everything you should be. Especially if your business has expanded or changed in the last year, you may find that you need more comprehensive or slightly different coverage going forward. 

5. Be strategic about hiring employees

Streamlining your hiring process allows you to recruit employees more quickly. This means you spend less time and money on the recruitment process, and your company has a smaller window of time where there’s a resource gap. One simple way to do this is to have an online questionnaire that potential employees complete along with their application. This allows you to quickly pre-qualify (or disqualify) candidates based on high level criteria before you move to the interview process. 

6. Track your time

These days, there are lots of simple time tracking software products on the market that let you track exactly what you and/or your employees are spending time on each month. In most cases, these tools also allow you attribute revenue to those hours too. Doing this gives you a more accurate picture of what projects or activities you’re spending the most time on, and whether or not the remuneration you’re getting is in line with this effort. 

7. Outsource 

Be honest with yourself about what your company is good at doing and what it’s not. For example, you may be really good innovators in your industry, but your accounting abilities fall short. In this case, consider outsourcing your accounting and payroll functions to a financial management firm, so that you can get the strategic advice and correct financial reporting you need. Or, if you’re struggling to keep up with your workload but aren’t ready to hire more employees, you could outsource the work to external contractors in order to cope with the extra demand. 

Streamlining, detoxing, optimising…whatever you call it, taking time to make sure your business is running efficiently is well worth it in terms of overall productivity and profits. Keeping your business lean and agile also helps you stay ahead of your competitors, which can help you win more business and retain clients over the long term. 

Sources:

https://www.entrepreneur.com/article/83162
https://www.americanexpress.com/us/small-business/openforum/articles/10-steps-streamline-business/