It’s so frustrating when we have minimal finances to invest back into the business but the company is still struggling. When you start to examine your expenses do you find yourself thinking that you need a little bit more money and everything will be okay? The fact of the matter is that when you’re trying to improve their business it’s not necessarily about the finances but it’s more about the processes.
So how can you improve your business processes without having that essential cash injection? And is it even possible?
Are You Able To Claim Tax Breaks?
If you don’t know exactly what you can claim for then you are missing a trick. Research and development or R&D is a crucial component that allows you to examine the parts of your processes that are falling flat. This is why R&D is so important to the UK economy right now and having that opportunity to claim a subsidy from the government so you can examine your processes is something that you might not have realized you were entitled to.
Choosing Your Goals.
That ability to examine each and every process is all well and good but if you don’t have the people power or the finances to cope you need to choose your goals wisely. Picking one area that has an impact on the top or bottom line is crucial but when you execute a goal poorly this could very well be due to the fact that you said yourself too many. It’s far better to choose a handful of goals, especially when you are a small to medium-sized business.
At the same time, it’s important to remember that your employees understand these goals effectively. When you start to implement process improvements the main reason that it doesn’t work is that your employees can’t change their habits. Pick your goals wisely but also communicate it properly.
Focusing On The Cheaper Processes.
While it may be common sense to focus on the cheaper processes first you may feel that you have to drill deep into the bigger problems. When you are undertaking an overhaul of your business started with the cheaper processes can help you to get into the habit of problem-solving. Because there is a temptation to completely overhaul the business from top to bottom this is never a good idea because it can cause too much change too quickly.
By focusing on the process first you are naturally saving money but you are also able how to fix the smaller things before you start to tackle the larger ones. It also gives you that feeling of accomplishment because you are going in the right direction. One of the main issues that businesses have when they’re trying to fix pressing problems is that they have to go in and “rip everything out” before starting again. By focusing on the smaller processes you are exerting control over the problem but also tackling it in a holistic manner.
While we don’t like to spend much money, it is essential on occasion, but if you are looking to improve the business in the short-term without spending above and beyond it’s worth trying these approaches first.