As a business and an employee, your goal is the bottom line. A recent study revealed that on average, companies lose about 20%-30% of revenue a year due to inefficient processes. That’s equivalent to 78 working days a year per employee. Time and money that could be going to expanding the business, increasing salaries, or providing needed tool. Yet it doesn’t stop there. Inefficiencies go beyond the bottom line to effect even more aspects of your business.
The old adage that “time is money” shows that when you’re wasting time to inefficiencies, you’re wasting money as well. There are bottlenecks and hidden hiccups in your processes that are wasting people’s time and energy, which causes…
Suffering Team Morale
Employees know when their time is being wasted. They can feel the inefficiencies even if they can’t articulate them. It hurts their morale, makes them feel like the aren’t being valued, and ultimately lowers their loyalty to a company.
Reduction in Quality
What’s worse, inefficiencies are causing a reduction in your quality, which affects your customers. So not only are your employees suffering, but also your clients.
Inefficiencies are hurting everyone, not just the bottom line…so what can you do to fix them?
Streamline Human Resource Processes
Get your human resource processes in order before something like COVID-19 happens. So many companies are scrambling and struggling to figure out what to do that they’re making mistakes, wasting time and money, and upsetting employees and customers in the process. Get plans in place before something like the coronavirus happens again.
Add backups to your teams
Inefficiencies can boil down to there not being enough people to get a job done. Adding floaters who can do a number of different jobs could be just the thing to relieve stress on your customer service team or fulfillment team when things get busy in their departments.
Hold fewer, shorter meetings
Stop wasting time with meetings that could easily be a quick email or phone call. Value the time of your employees (and yourself) and get them back to doing the things that make money, rather than just talking about it.
Hire a Process Improvement Company
Does all of this seem daunting? That’s because it is. These few changes are just the start to ways to decrease your business’s inefficiencies. A great way to tackle all of the problems of a business at once is to hire a process improvement company. That way you have a dedicated, trained team working on implementing changes. It’s an investment, but what would you do to save 78 days a year per employee of waste?