Your Business Process Might
Have a Problem If...
Now that we’ve answered the question
we can talk about some clues that indicate
your business might be suffering from a process problem.
If any of these clues
to a process problem sound familiar to you,
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Every business would like to be more efficient and more profitable.
Developing a plan to reach those goals requires being honest about how your processes are currently running. Recognizing and admitting there is a problem is rarely easy, but here are a few more of the 10 basic clues to look out for that indicate your processes need more in-depth analysis and adjustment.
4. The process is slowed by and results in lost or unavailable data.
- As we touched on back in number 2, complexity within each step is an undeniable factor in data becoming compromised, resulting in it being incorrect or incomplete.
- There is also the potential for the loss of data if hand-offs from one employee or department to another are chaotic and do not occur based on a standardized timeframe (see number 1).
- A process cannot run efficiently if staff struggle to find information. If there is no single repository for necessary information which can be accessed by all staff easily and at all times… well that’s a problem.
5. The process is not meeting budget.
Your processes are meant to serve two main purposes that affect your budget in two major ways:
- Reduce costs
- Increase revenue
Sounds pretty simple, right? So if you cannot point to specific ways that a process shrinks your costs or contributes to your bottom line, it is, very simply, time to re-evaluate the process.
If you need a little help building a budget, check out our appropriately title blog, Building Your Budget.
6. The process produces decreasing profits.
What happens if your process goes beyond the number 5 problem of not meeting budget and actually contributes to a decrease in your profits? Well then you find yourself here at number 6.
If you want to know whether you have a process that is devouring your profits, here are a few things to look out for:
- Manual process that could be automated to take less manpower and less time.
- Useless processes that don’t add value to the customer.
- Processes that are too complex and require too many handoffs, thereby wasting employee time and energy.
- Processes often resulting in errors that require additional work to correct.
We hope you found value in this MYOBis installment
addressing a common problem experienced by all businesses.
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We're looking forward to seeing you again next month for
another installment in the Mind Your Own business series.
In the meantime,
if you need any additional advice,
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