Faster processes means lower costs, which ultimately means fatter profit margins. While the logic is sound, the delicate part is figuring out where exactly to start since you don't want to be changing processes that are already working. IT is an area of your business that can always use some improvement.
With technologies being launched on a routine basis nowadays, there's almost always a new and improved version of hardware or software that you can adopt and invest in. Here are five things to target to yield faster processes for your business:
Computers
Modern computers are designed with a greater degree of computing power and, thus, more functionality. Unfortunately, most entrepreneurs and business owners choose to delay investing in new computers in lieu of the short-term cost savings. Even if you are using computer systems that are only a few years old, keep in mind that performance of computing systems can double or triple over that span of time, which makes it worthwhile to invest in new systems every year or so. Forcing your users and workers to use and wait on older computers can have far higher costs than the initial savings.
Phone Systems
Another everyday device that businesses use are phones. With the modern fleet of handheld devices being released into the markets with an equally powerful set of components and features that can match desktop computers
, investing in your business' phone systems makes absolute sense. While pagers seem like a viable device for staying connected with co-founders and employees, they tend to be outdated and limited in terms of what it can do. Phone systems are your main connection to your consumers, business partners, and suppliers. Add more lines to your phone system or upgrade your answering machine to make sure all calls are fielded in a timely manner.Copiers
Although it can cost as much as a room full of computers, a high-end copier can do wonders for your workplace. Today's models can do pretty much what your regular printer can, if not more, from reducing or enlarging the size of documents to automated sorting. With the new generation of digital copiers that are capable of connecting through WiFi, you'll also be able to send faxes and scan documents. This removes the need for a separate copier and printer, which are both bulky and consume unnecessary amounts of space.Unnecessary Processes
Time is arguably the only asset you have that is more valuable than cash. Perform a quick, high-level mapping of your current business processes and identify the ones you can nix off without any impact to your operations. For instance, you might be using a system to generate reports that never get used or you may be using a middleman rather than just deal direct. These unnecessary processes cost money and, more importantly, time. By removing them entirely, you can save more time, which can be used to streamline other areas of the business.Outdated Processes
Outdated business processes, whether it be bookkeeping or database management, take a great deal of time, money, and manpower, resources that your startup could be using to grow itself faster. Using a GPU database is a good example of automating processes. This database technology, as the name implies, utilizes a graphical processing unit to manage the database. If you are a business, chances are you'll need a database to store user credentials, account preferences, and other user-related information. Databases are typically faster and more flexible when it comes to processing different types of information.
Final Thoughts
Trimming the metaphorical fat from your business' processes can increase profitability and accelerate growth over time. Keep in mind that these five things are only the tip of the iceberg. There are a lot more ways to get rid of costly and unnecessary processes, such as by outsourcing menial tasks to more affordable freelancers and creating a responsive website that will serve as your digital business card around the world.By 
Kevin Faber |
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Kevin Faber is the CEO of Silver Summit Capital. He graduated from UC Davis with a B.A. in Business/Managerial Economics. In his free time, Kevin is usually watching basketball or kicking back and reading a good book. | |
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