Making a company more efficient can have a direct effect on its bottom line. After all, when your employees, managers, and external contractors all work well together, they will be able to get more work done daily.
Take it from J.D. Perry, Baton Rouge based entrepreneur with over 20 years of experience in the finance sector and a wealth of experience in managing teams and companies. Mr. Perry served in a variety of roles in larger trust institutions, including that of a Senior Vice President of Trust Division for First Commerce as well as the Chief Executive Officer of JP Global Capital Management.
According to J.D. Perry, the founder and President of ViaCap Partners (the parent company of Moss Point Financial), if you would like to make your business run more efficiently, there are specific items that you should act on, such as:
Pop Open the Bottlenecks
If you want a leaner, more efficient company, the first thing you should do is look in the mirror. Identify where operations bottleneck, and determine why. Common causes include personnel shortages and outdated processes or equipment, but the details will be unique to your business. The key is to find the bottlenecks and fix them.
Few solutions can be as impactful as automation. Not only does automation simplify your life, but it can drastically improve quality. It also boosts your bottom line. Let the algorithms handle the back-office work, and you can focus on profit centers. Automate tasks like advertising, order processing, and specific aspects of customer service.
Outsource to Specialists
Proper administration of your business is essential, but it shouldn't take up too much of your time. Consider outsourcing functions like accounting, payroll, and human resources to a third-party organization. You'll save money and free up resources to spend on growing your brand.
Minimize Travel Time
From business travel to shipments of supplies, countless productive hours are lost to transportation. Rely on technology like web conferencing, advanced phone systems that route to mobile devices, and tracking tools to cut costs and speed up operations.
Boost Employee Morale
Staying up-to-date with the latest communications technology will also improve morale. If your people can collaborate from home without missing a beat, you're not just more efficient but a great place to work, too. Not to mention, when employees are happy, they work harder and feel more invested in the company. They may just bring the bottlenecks to you.
It can be challenging to spot and eliminate efficiencies in a business. However, if you follow the advice outlined above, your company will soon be a well-oiled machine.
About J.D. Perry:Before settling in Baton Rouge, J.D. Perry graduated from Lamar University with a Bachelor's Degree in Finance and received a Masters of Business Administration from the University of Houston. Notably, he is also the holder of the Certified Trust and Financial Advisor (CTFA) certificate among others.