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Which internal processes could your business stand to make more efficient? Why?
In our most recent study, the Q4 FOCUS INDEX SURVEY, we asked respondents what they would do differently in their businesses, if they could re-do the last 6 months. Most respondents claimed they'd first focus on improving process efficiency; specifically citing HR and Operational efficiencies as top-of-mind. Which processes does your business need to make more efficient? Why? Check out the full results to the survey here!
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3 Answers
Accounting for us hands down. We need to better tools to measure profitability.
I run a managed IT services business, and we sink a lot of money into various support tools per client, so we need to know our Cost of tools per client and then integrate that into a total overhead (operating cost - minus tools) to get a better picture of profitability.
According to most measures, 95% of all business activity is Non Value Added. According to UniPart, the figure is over 99%. The definition of Value Added activities is:
1. Correct the first time.
2. Changes something
3. Customer is willing to pay for it.
Therefore, perform Value Stream Analysis of your processes, and identify the parts that are Non Value Added and stop doing the most expensive components of those.
Check out "Lean for Dummies" by Williams and Sayer for more guidance on that.
I find many clients are lax in accounts receivable collections. Collections is the life blood of any business because it drives the working capital engine which allows all the other activities continue.
Improvements don't take much, and may not even require IT upgrades. What it takes is to focus (albeit sometimes in a negative fashion) on your customers and get them to pay for the services that agreed to purchase in a timely manner as agreed when they made the purchase.
Remember, contrary to collection agencies, nasty and threatening not only don't get you paid, but loose the customer as well.
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