Time is a valuable commodity especially when it comes to business. For a large, established company, delays in any of the major or even in the back-office processes can result in several problems, from a damaged image to something as serious as bankruptcy. Think, for instance, of the undesirable effects that late collections in your financial department can have on your company. Or, for another example, consider the negative impact of employee tardiness, underperforming staff and other human resource problems. For a young startup, it could be even worse – it could mean folding up of your operations, all your efforts and expenses gone to waste, all because of delay and inefficiency.
It is not easy to pinpoint the factors that may cause delays; and, it is far more challenging to address whatever you find. But, there are some ways to effectively reduce this operational risk. Here are some suggestions.
Use third-party companies
There are companies out there that can, for a fee, perform processes your business needs. Experts at Jennings Morton Friel Associates share that it may be more advantageous for you to outsource processes such as finance and HR recruitment. The time and other resources you save in so doing are well-worth your expense on third party services. Instead of having your attention divided, you can just focus on what matters most for your business.
Human error is the cause of about 80% of delays in some industries like pharmaceuticals and manufacturing. By limiting the human part, you can improve processes and reduce the possibility of mistakes. There is a range of software you can use that eliminates or dramatically reduces the need for manpower. Investing in such software may not always come cheap, but like using third parties, the cost is worth it.
Simplify your processes
Perhaps the most important part of making your processes faster and error-free is simplification. But you can’t do this at the drop of a hat. You need time and perhaps a few discussions with your top decision-makers and contributors. As the benefits of simplification far outweigh any negatives, you should consider investing in this kind of approach for its long-term rewards. Not only can this make your company faster and more reliable, but it can also make your business more desirable to top talent.
Speed and reliability don’t happen by chance. If you want to enjoy the benefits of efficient processes, you must invest money and time now and reap the rewards over the long term.