4 Ways to Reignite Your Business

Employees are key! Take your business to the next level by providing training, fair wages, a proactive environment and benefits.

By: Connie Laughlin

1. Get rid of internal dysfunction!
Rid your business of old operating systems. If it malfunctions all the time and is costly to service, chunk it! Antiquated equipment can be expensive to maintain, terribly inefficient and a wasteful use of man hours.

Stop unnecessary reporting and redundant meetings! When you schedule a “required” meeting, ensure it’s scheduled on days that will shorten the decision turnaround time. Simplify all business processes!

2. Cut back on expenses!
Eliminate administrative duties that aren’t tied to revenue. All team members should be focused on one thing: revenue! Cut unnecessary expenses such as travel, employee parties and conferences – but don’t skimp on much-needed continuing education, training and periodic raises for employees.

Energize your business by first shrinking it, then engage employees by training them and showing them you place a high value in them. As you’re cutting back, invest in your core values and processes. Net profits should show a definite gain, and employee engagement will be stronger than ever if you’re doing this one right.

3. Empower employees.
Are your employees weighed down with too many reports or administrative duties? Never forget: Employees are a strategic asset. They should be prideful, empowered and well-trained.

Are your employees motivated? If not, they need direction. Remember, employees who are micromanaged have their limitations. Well-trained and empowered employees have no limits.

Make sure your team knows that even though you run a tight ship and make changes from time to time, you’re better protecting their interest, as well as the company’s interest.

4. Control and manage cash flow.
When cash flow is a problem, it’s not only hard to balance the books – it also makes offering benefits out of the question. Without quality benefits, it’s hard to maintain cream-of-the-crop employees.

Get creative with your collectibles, talk your way into COD and wire transfers and other means to get money in the bank faster and use factoring companies when necessary. Tight relationships pay off; be clear and concise in expectations. Get invoices out immediately. When you’re in an off-season and get hit with slow-paying accounts, it can take a real bite out of your business.

Don’t get caught off guard. Be sure you’re legally protected, insured and conducting your business professionally with the least amount of time spent by your staff or administrative duties with the least amount of associated risk.

The only way to streamline a business, plus ensure risk management, is to outsource HR. Don’t buy software when you can cost-effectively outsource the service. By the time you transition over, it’s already outdated or you decide you’re unhappy with it.

Connie Laughlin is a business consultant for UniqueHR. For more information, contact her at 361-852-6392 or conniel@uniquehr.com.