As one financial year closes and another begins, it's the perfect time to take a step back and evaluate how well your business operations are running in terms of efficiency and effectiveness. The new financial year brings a fresh opportunity to identify and change the pain points, inefficient processes, and areas for improvement.
This can be a daunting task – so where should you start? Your team! Their feedback on what worked well over the past 12 months and what caused productivity bottlenecks will allow for open and honest opinions from those doing the day to day. Plus, the more buy-in they have the more likely they are to adopt the changes.
Questions to ask:
· What repetitive tasks took up too much time
· What tasks are unnecessary in getting to the final result?
· Which tools or software systems didn't integrate seamlessly?
· Where did we experience communication breakdowns?
· What processes frustrated employees or customers?
· In what areas did we fail to hit our targets or deadlines?
· What can we do better?
With this feedback in mind, it's time to dive deep into process mapping. Visually document each core workflow, step-by-step, from lead generation to customer onboarding to service/product delivery to after sales service and follow-up. Note where handoffs occur between teams or potential failure points.
Now, you can start optimising the potential.
Determine what tasks can be automated, reassigned, consolidated, or eliminated entirely.
Identify methods for reducing human error and miscommunications ensuring you spread your focus to operations like accounting, HR, and IT as well.
Work with the team for how they can work better and take on the responsibility for the results.
Leverage technology to streamline operations through tools like:
· Project management software
· Cloud-based collaboration platforms
· Customer relationship management (CRM) systems
· Marketing automation and lead nurturing tools
· HR management and performance tracking
As you refine processes, document them thoroughly with checklists, procedures, and training materials. Establish protocol for process reviews and incentivise employees to suggest improvements year-round.
Start the new financial year stronger than ever by taking control of your operations! Putting the time in now will allow you to reap the rewards at the back end. The sooner you improve them the sooner you benefit.