5 Easy Ways to Improve Your Business Bottom Line
Would you like to impact your P&L statement with a 30% increase in sales? Who wouldn’t! But what would it take to increase your sales by 30%? Would you need to hire an extra sales person – or two? Pay for additional on-line or print advertising? How many leads do you have to generate to increase your sales by 30%?
Would it surprise you to learn that there’s an easier way to have that 30% positive impact on your bottom line?
"The Gartner Group estimates that a 5% reduction in operating expense has the same impact on the company's P&L statement as a 30% increase in sales."
Most companies find that it’s far easier and faster to achieve a 5% reduction in operating expense than it is to increase sales by 30%. This post explores ways that your company can cut expenses. Start today, and you’ll see results fast.
- Reduce Paper Overload
Do you have complicated, paper-centric business processes? When documents are loosely controlled, must be hand delivered from employee to employee or entered into databases manually, your business incurs higher processing expenses, as well as lower efficiency that can add additional cost through human error and missed deadlines.
- Define Your Processes
If you’re sending documents to two people to process when they could easily be processed by one, then you’re losing efficiency, control and money. When too many hands get involved in a workflow step, the likelihood of errors increases greatly. This costs the company time, affects the bottom line, and frustrates customers, business partners, and shareholders.
- Automate Business Processes
Use a Business Process Management (BPM) solution to send documents -- such as invoices, sales contracts, membership applications or other types of processed information – to the next step seamlessly by allowing the user to set up as many workflows as they need, consisting of an unlimited number of work steps. Work steps can even be given a deadline if required.
Experts at Gartner estimate that in 2016 “70% of the most profitable companies will manage their business processes using real-time predictive analytics or extreme collaboration.”
- Stay Current with Technology
Not only will technology leave you behind, but your profits may leave you behind as well. Businesses which employ an effective BPM strategy experience measurable profit increases due to increased efficiency. If your managers are among the 53% (according to a survey by Haploos) who never or only occasionally use performance data to measure processes, then your current processes might be inefficient and you don’t even know it!
- Encourage a Culture of Improvement
While any business or organization can benefit from a workflow solution, it’s easier when the company has engaged its employees to define, document and respond positively to productive change. The company that uses feedback from the process users finds customer satisfaction rates skyrocketing, employees happier and more committed to their jobs, and better decisions are made throughout your organization.