Streamlining, that popular phrase you’ve probably heard a million times no matter how long you’ve been in business for. But what does it mean and should you be paying more attention to it?
Cymphony always aims to ensure you have all the information available to you to help your business thrive and are informed before you purchase a solution that can enable your business to do more, and in this case, support you in streamlining your business.
In this article, we take a look at what streamlining really means, how it can help your business, ways you can streamline your operations, and what you can do today to start streamlining your business.
As always, we take a look at some of the statistics that support our theories too. We know how important the facts and figures are to you.
If you have any questions throughout the article and want to find out more about the solutions available to you, please contact an experienced member of the Cymphony team today to see how your business can become more efficient.
What is Streamlining?
First of all, lets answer the following question: what exactly is streamlining?
You might have heard the term come up in conversation and its becoming more of a buzzword as companies shift its operations to a digital economy. Have you ever stopped to wonder what the term actually means?
According to Oxford Languages, the official definition for streamlining, in the context of business, is ‘to make an organisation more efficient and effective by employing faster or simpler working methods.’
This can be done through a variety of different methods which you can find more information below, but the goal is to cut costs as much as possible without affecting productivity. You can also expect to be able to boost productivity through streamlining too.
Why is Streamlining So Important?
Streamlining is a concept that every business person should be very familiar with. It is making sure your business operates efficiently; with maximum productivity from minimum expenditure (of both time and money).
This is key to ensuring that your business will not only survive long term but grow to its maximum potential too. Keeping costs down is crucial for any business as it keeps your cash flow looking healthy.
Companies lose between 20% and 30% of revenue every year due to inefficiencies according to market research firm IDC. Don’t let your business be one of them!
You don’t want to end up in a situation where your outgoings outweigh your revenue, as this is a first-class ticket to debt. This, in turn, could lead to the demise of your business.
So, streamlining should be at the top of your list of business objectives. It will help you to make sure your company is financially healthy and functioning to the best of its ability.
You’ll be amazed at the results when you really start thinking about how you can simplify your operations.
How to Streamline a Business
There are various methods that you can employ to make your business operate more efficiently. To start with, you should take the time to do a careful review of your current operational systems.
See if any departments could be operating more effectively and that could spend less to achieve more. For example, could your customer service team follow a more effective script that solves problems faster? Could this allow you to reduce the size of your customer service team?
Another way in which companies make themselves more efficient is by digitising as many aspects of their business as possible. For example, by switching to email communication throughout your departments, you could drastically reduce how much you spend on paper.
You can send emails rather than letters, send receipts by email and send any forms and instructional documentation by email too.
Digitising also allows you to automate many of the repetitive processes. For example, automatically producing payslips means you only need one person checking them over rather than a team of people creating them.
According to Statista, 48% of enterprises reduce operating costs through automation and streamlining of existing business processes.
These measures will help you to save time and cut costs; streamlining your business and its operations in the process.
What is the Most Effective Way to Streamline Your Business?
One of the most effective ways you can streamline your business is by outsourcing a number of its operations.
Outsourcing means handing over responsibility for a business function to a third party company.
This can be a concerning thought for those who believe this leads to a loss of control, however, this is a common misconception. Outsourcing, in fact, leads to you having more control over your business meaning you are streamlining the operations of your business.
It gives you peace of mind that every department is being handled excellently, rather than being stretched to capacity.
You can find out in our blog post ‘Everything you need to know about the benefits of outsourcing for your business’, that the pros far outweigh the cons when it comes to streamlining.
How does Outsourcing Work?
As long as you do your research and make sure you’re outsourcing to a reputable company, the process will be easy and straightforward.
They should make sure that the integration is flawless. For example, if you outsource your customer service to a third-party company, you can expect it to be invisible from the outside.
Training is crucial to ensure this smooth transition. The staff used by the company you have outsourced to should have full knowledge of your company so they can supply all of the necessary information without hesitation.
Even the technical side of things should be straight forward. When you outsource to a company like Cymphony, they make sure everything is set up, so all you have to do is include some coding in your website. Easy peasy!
What are the Benefits of Streamlining Your Business?
Where do I begin? There are endless benefits but I’ve listed the most important below…
- Highlights and allows you to eradicate redundant or inefficient tasks
- Gives you peace of mind that all business functions are being handled well
- Lowers expenses while improving productivity
- Incorporates innovative thinking into your business strategy
- Makes processes more efficient and transparent which helps to reduce human error
- Responsibility for tasks is shared by fewer people
- Gives you more time to dedicate to valuable areas of your business
- Gives you more control which allows you to spot potential future problems
- Makes it easier to create business analytics
Could Your Business Benefit from Streamlining?
While reading through this article, you may have wondered if you’re doing the most you can to make sure your company is operating as efficiently as possible.
Maybe you’ve already put procedures in place to make sure you’re keeping your costs low and systems simple. But no matter how proactive you have been, there is always more that can be done.
For example, have you considered outsourcing your calls to call handling specialists? Maybe hiring a virtual personal assistant could help you make more of your time. Or perhaps upgrading your customer service interfaces to include live chat, could speed up the time it takes to problem solve.
Take a look at our blog post on why your business needs to use live chat, to get your creative juices flowing.
If you think there may be some stones left unturned in your current strategy, give Cymphony a call. We can give you some new inspiration on how to streamline your business!
Even if you’re a beginner to the idea, we can help you come up with a tailored plan for your business. You’ll soon be seeing some major changes in your cash flow and be benefitting from an easier to manage company.