As we approach the end of 2022, many companies will have started planning for the year ahead. Making smart decisions to drive your business forward will be key to capitalise on opportunities in your industry and this will often start with how you operate in-house.
This article will look at three different ways you can make improvements to your business, with each option at different pricing points. Even if you there is not much budget to work with, there are always ways that a business can improve how it operates.
1. Implement a New Business System – High Cost
Implementing a new business system takes a lot of time and money to do properly but the benefits are tremendous. Take a new ERP system for example. It can become the backbone of a growing company by facilitating a joined-up way of working, allowing you to bring departments together to share information, work in real-time, and provide a level of service that will wow your customers.
With many modern solutions offering the ability to use a Cloud-based ERP the price has come down significantly from previous years. While this does help with cost, the time required to select, implement, and optimise a system is still great, making this a high-cost high-reward option.
2. Improve Your Reporting Functionality – Medium Cost
To make smart business decisions you need good reporting. Ideally you would have a system that takes data from a variety of business departments along with historical data and can output detailed reports based on this information. However, such systems can be expensive so what alternatives are there?
Having clear processes in place for handling data can make a huge difference when using more manual ways of working to collate data together. We recommend taking time to look at how you currently input data, where it is input, and how frequently. Then make sure that all departments have processes in place, so that data is being entered correctly across the company. While you’ll not have the advanced features offered by specialist kit, you can ensure the data you are using is being handled properly.
The biggest cost of this review is time as it can be difficult to track all the ways that data flows through your business. However, taking the time to set up better processes will allow you to compile more accurate reports that can unearth opportunities or concerns within your business.
3. Find & Remove Bottlenecks – Low Cost
Bottlenecks in a company can be a real efficiency killer. Therefore, finding and removing these can result in quick, cheap wins for your company. For many companies we would say start by looking at your supply chain.
We recommend starting here because of the sheer number of opportunities that exist. You can look at raw material supply, how you store products before sale, or even the delivery of products to clients. You are likely to find many opportunities for improvement here, so list them out and consider what ones are the best to tackle. Not only should you consider the benefit of tackling each problem, but also consider the likely time, cost, and difficulty of doing so. By the end of this exercise, you’ll have a clear list of potential projects that can get your year off to a great start.
If your business could benefit from a helping hand in shaping and defining business improvement opportunities for 2023, then get in touch with our team.