Business

Six Business Distractions That Could Be Costing You Money

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Once your small company is up and running, it’s important to fine-tune your operation regularly. This process involves identifying what is working and searching for ways you can be much more productive as a business, from top to bottom.

Perfecting your company model will need removing whatever drains time and energy out of your staff. Through your following review, look to root out these common business distractions that cost businesses money.

1. The most recent, most fantastic app

Though some technology trends will help your company, it may be simple for an entrepreneur to be fascinated with the latest little bit of technology. Perhaps a new work management app just hit the market and appears to be an update over Slack, Asana, or other top products. While an app like this may boost productivity, you must be conscious of the implementation and learning curve to get your team adequately trained on how to use the new tool.

Consider the length of time needed to understand the main benefit of a potential upgrade. Sometimes, you could only be exasperating your team without truly improving your company’s workflow.

2. High-maintenance clients

Though loyal clients will be the lifeline of a business, some may be much more trouble than they’re worth. If your small number of clients demand the attention of half your staff while providing merely a tiny percentage of your revenue, those clients might be a distraction. Consider setting boundaries to help keep these clients from monopolizing your time.

What are questions that your team answers over and once again? Try to find ways to free up your team’s time by making answers to frequently asked questions available for all customers – perhaps on your website or social channels.

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3. Competition envy

It is easy to admire competitors’ success, particularly when trying something new. Be careful, though; this kind of envy can result in mistakes. You intend to avoid following a company right into a new business vertical that doesn’t make sense for your own company and business goals.

A small company has to focus on its strengths until there’s enough wiggle room to venture into new territories. Take notes and study any boasting you could see on social media or praise heaped onto a competitor when they expand right into a new area. You could find some nuggets that will help you when the time is right – for you.

4. A great (or terrible) few weeks

You can’t always explain every high and low you see in business. Sometimes, you can find anomalies. Maybe the stars aligned, or perhaps an old referral finally came through with a deal. Whatever the reason for the sudden shift in revenue, you shouldn’t allow it to dictate your future business plans. Avoid rash decisions like replacing staff or adding new employees, and soon you recognize the movement as an actual trend. Successful businesses don’t become rattled with a slightly different result.

5. Endless meetings

Before your following meeting, here is another little experiment, and send out an anonymous questionnaire. Ask employees what they take away from the typical arrangement. When you have multiple pow-wows each week, your employees may have difficulty stepping into a rhythm. Please make an effort to limit how many meetings get personnel far from their core duties and into unnecessary group sessions. Everyone must be on a single page, but an email or quick 5-minute one-on-one conversation can achieve the same end in less time.

6. Office rivals

Irrespective of what sort of workplace you run, there’s probably some rivalry between ambitious employees. A veteran business leader may manage to utilize this to their advantage, pitting one employee against another in a healthier competition that drives improved results. To prevent any potential feuds, ensure that any incentives or contests you could have clearly outlined rules and that associates understand what they need to do to achieve a particular goal. Keep it friendly, professional, and dedicated to the more expensive perspective.

 

 

PaulFrancis

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