What Processes Are Silently Letting You Down?

Roughly 45% of small businesses close within five years of opening, with a lack of revenue being the primary trigger behind their premature closure. While this can be somewhat daunting to think about, being aware of this very real danger can help you put your best foot forward when it comes to running your business.

After all, this encourages you to be a little more analytical at every step of your journey, allowing you to abandon processes that aren’t working and refine those that are. However, this can sometimes feel easier said than done, especially when you are unaware of which of your current processes are letting you down.

What are the benefits of efficient processes?

Simply put, efficient, well-documented and automated processes are crucial for keeping your business afloat, especially when it comes to sustaining and enhancing your revenue stream - something which 46% of business owners in the UK are currently struggling with. 

There are many reasons why efficient processes are beneficial for your business. For example, they reduce human error that could otherwise stand in the way of a healthy cash flow, such as delays in sending out invoices or even basic typos. Automation ensures consistency within all financial tasks, which becomes crucial as your business grows and you have a larger team of employees working on similar tasks. After all, if each team member took a different approach to financial management, you’d soon be in a tough situation.

The right processes can also help you to streamline business operations, especially when automation technology is used to your advantage. Do you often feel that a large chunk of your day is dedicated to mindless or inconsequential tasks? You aren’t alone. However, this is a clear sign that something needs to change, especially when you consider the fact that time is your most precious commodity. Streamlining operations allows your team to focus on the tasks that they are actually hired for, fuelling growth and expansion while also improving upon other factors, such as employee satisfaction. 

What’s wrong with your current processes?

If you answered this question with “nothing.” Think again.

While you may feel as though your current operations are in top shape, especially if they have brought you to where you are today, this oversight could be limiting your success. After all, there’s always room for improvement. 

However, as mentioned above, it can sometimes be difficult to identify the faults within your current processes, especially if you have been in operation for several years. 

Think carefully. Do you ever wonder what happens between departments? How documents can be altered by different teams so much that their original meaning is lost? Or, have you noticed that different departments use different language, numbers and phrases when discussing the same topics? 

These are all clear signs of a lack of cohesion within your processes (and your business at large) - issues that may seem relatively minor but are actually causing productivity and efficiency to drop quite considerably. 

On a similar note, have you noticed an increase in burnout within your core team? Are employees missing deadlines or falling short of their long and short-term goals? While it's easy to blame the employees in these instances, they are often not the real culprit - your processes are. For example, if they’re spending hours of their day tied up in spreadsheets or administration, this greatly reduces the amount of time they have on their hands to focus on other tasks, no matter how time-sensitive they may be.

Simply put, there are various ways in which your current or outdated processes can be silently letting your team down, and the longer this goes unaddressed, the more issues you will face. After all, this is likely the primary cause behind revenue leakage, which can rapidly put your business on the path to closure.

Good processes, on the other hand, are an asset to your business, both now and in the future. After all, this means that you are able to minimise downtime and missed opportunities, putting you in the best possible position for growth, even during the current climate. By widening and protecting your revenue streams, you’re also safeguarding yourself against financial losses - and who likes losing money? 

Another way in which you could be unwittingly contributing to revenue leakage is due to not setting up the proper protections when switching from one system to another. While you may have the best intentions in mind when making the switch, you need to ensure that you are making the smarted possible decisions. 

As such, while you may have a wide variety of tasks on your to-do lists right now, it is important that you add a process revamp to the list (ideally right at the top).

Improve Business Processes With Revenue Operations

If you’re looking to improve operational efficiency and put your business on the path to good financial health, you’ve come to the right place. With over a decade of experience, we’re on hand to help you improve business operations, paying close attention to the way in which your current processes are harming your bottom line. 

To achieve this goal, we can carry out a range of tasks on your behalf. For example, we can identify revenue leakage (sales and ancillary) that you may not have previously been aware of. We can also aid in business process mapping and business forecasting, both of which can play a vital role in your future development.  

These services are designed to support your business throughout every stage of its growth and development. This means that you can rest easy, knowing that you are doing whatever it takes to keep your business afloat while also making your day-to-day life (and the lives of your employees) much easier.