Inefficiencies are toxic for small businesses. The margins between success and failure for most small businesses are razor thin. Those who operate small businesses with growth in mind must always look to find new ways to streamline their processes and reduce unnecessary costs. Therefore, many businesses look to My Business Venture to help them identify inefficiencies in their business model. Often, it is difficult to identify flaws in a business plan when you are in the thick of the action. My Business Venture has a proven process and an ability to look at things from a wider angle. My Business Venture has identified the most common inefficiencies that are causing small business to close their doors for good.
- Failure to Automate
The quickest way to reduce costs is to maximize the time being spent working by every employee. Sure, it starts by ensuring the staff is full of hard workers who can be trusted to make the most of their time, but these employees need to have all the tools they need to get the job done properly. Technology has allowed businesses to leverage software that removes the need for redundant tasks. Small businesses that rely on paper documents or have an outdated mail provider are doing themselves a great disservice. Sometimes, outdated technology in the form of slow laptops can end up costing a business a serious amount of time and money. Every business should look into industry specific software to see if it can cut out wasted time.
- Failure to Gather Feedback
There are few things more valuable to the growth of a small business than honest feedback from employees. Gathering feedback from employees can be beneficial in a multitude of ways. For starters, employees who feel like their opinion matters will be much more engaged in not only their work but the success of the overall company. Successful small businesses are able to form an “us” mentality across the company. When everyone is trying to steer the boat in the same direction, amazing things can happen. In addition to boosting morale, valuable information can come from employees on the ground floor. They can share their biggest personal pain points and help identify what the customer feedback has been like. If an employee is noticing a trend of complaints or compliments, this is information that can be leveraged to improve the business. If a positive workplace culture is still a work in progress, some employees may feel more confident with anonymous surveys. My Business Venture recommends taking the anonymous route if the first round of feedback proves less than enlightening.
- Failure to Capture Data
Small businesses must have easy access to relevant information. This means a central database that can help with everything from average customer shopping behavior to inventory management. Every piece of information is an opportunity to learn about the strengths and weaknesses of the company. If data is not managed properly, these opportunities go wasted. In addition to internal data systems, online listening should be leveraged by every small business. Customers have never had more opportunities to share their opinions about a business than they do today. Social media profiles, review platforms like Yelp and Google reviews make it easier than ever for customers to share their experience. Small businesses need to take advantage of every review whether it be positive, negative or neutral. When alerted that a review has been left, small businesses should be crafting a public response within 24 hours. This will show all who encounter the review that a business is serious about ensuring a great customer experience.
- Failure to Grow Effectively
A lot of small businesses start fast and then end up failing because they scaled up too quickly. If a small business provides a high level of quality to early customers, they should be able to deliver the same level of quality to future customers as well. Small business growth can be an intoxicating proposition, but it is imperative that small business owners ensure that their business is scaling up at a rate that can be done without impacting the quality level of the work coming from the business. When quality dips, it not only alienates older customers that are accustomed to a certain level of performance, but it causes newer customers to jump ship faster. Slow and steady can seem boring, but it’s often the proper strategy for a small business that is serious about lasting.
- Failure to Pivot
Successful businesses are not stubborn. They are willing to pivot to meet the demands of their customer base. In the digital age, the landscape of an entire industry can change on a dime. If there’s a better way to deliver a service, it should be taken advantage of for the good of the customer and the good of the business. No small business owner should be completely set in their ways. A willingness to take a new approach can often be the difference between success and failure.
