The start of the new year is the perfect time to make changes that will help your business run better all year long. Below are four resolutions that will help you develop more efficient processes that will make your business more productive and competitive.
- Identify areas of opportunity
You know you need to make some of your business processes more efficient, but where should you begin? Take time at the start of 2020 to step back and examine your existing processes, asking questions such as:
- Which processes frustrate customers, clients, and partners most?
- Which work gets duplicated?
- Where are errors happening, and why?
- When and where are process bottlenecks causing delays?
- Find more ways to involve your employees
You probably know that it’s time to digitize more of your business processes, and maybe you’ve already begun doing so. As you move forward with further changes in 2020, it’s critical that your employees remain fully on board with your digitization efforts, since so many of the changes will affect their daily work.To gain commitment from employees, make sure their voices are heard in the decision-making process. Have managers ask employees for feedback on existing processes: What are their frustrations? What software do they find difficult to use? What ideas do they have about how to streamline their daily processes? Changing longstanding practices can be hard, but involving employees from the start will help smooth the process.
- Automate, automate, automate
If you’re still relying on manual business processes, you can make huge strides toward greater efficiency by automating common tasks, from billing and collections to month-end closes and reporting. Automation not only saves time; it also can help you reduce errors, lower costs, and provide better service to customers and clients.A host of automation solutions are available. As you consider each, be sure to research how well they integrate with your other software and solutions since you don’t want to end up with a lot of siloed solutions that complicate the very processes you’re trying to streamline.
- Invest in the fundamentals
To have the biggest impact on your business efficiency, look at the fundamentals—the software and systems you and your employees rely on every day. Are you using best-in-class systems? Or are you settling for lesser performance and old features that are slowing your business down?The start of the new year is the perfect time to consider investing in solutions such as a best-in-class ERP system like Sage Intacct, the industry-leading cloud financial solution. A new ERP platform can help you automate everyday processes, and it can provide real-time visibility, enhanced reporting options, and easy integration with your other applications.
Get a fresh start in 2020
Michaud Accounting Solutions works with businesses and nonprofits nationwide and has decades of both accounting and software expertise. We can help you identify the best ways to improve your existing business processes, from evaluating available options, to selecting and implementing the right solutions to grow your business.