When trying to cut costs, a ‘slash and burn’ approach can actually end up hurting your business in both the short term and long term. Instead, streamlining your business process management can save costs while setting up your business for success in the future.
According to research from Bain & Company, companies that digitised critical processes to prove efficiency achieved a compound annual growth rate of 17%, compared to those who did not.
So what sort of business processes can you improve? Often, you can answer this question by identifying your teams’ biggest pain points and the processes that take the most time and energy.
Ultimately, this depends on your organisation, but there are several common processes that small and medium-sized businesses can improve for greater efficiency and cost savings. The Small and Medium Business Efficiency Toolkit outlines the new fundamentals required to build these efficiencies, using nine real-world examples from SMBs across Australia and New Zealand.
Here are five of those processes and how to improve them.