Every business needs an investment in equipment and people to succeed, and the investment requires careful planning. In addition to equipment and technology assets, you need to hire workers with a variety of skill sets. Use these tips to think about your business needs, eliminate wasteful spending, and grow your business.
Successful businesses make constant improvements to operate profitably and outperform the competition. Your processes for manufacturing a product, delivering a service, and invoicing customers may require dozens of steps to complete. Management tools, such as lean six sigma, can help you analyze each business process and eliminate unnecessary steps that cost you time and money.
Assume, for example, that operate 15 retail clothing stores, and that you use a large warehouse to store and ship inventory to each retail location. Your warehouse manager hands out written inventory orders and workers use the orders to pull items off the shelves and load the inventory into trucks for shipment.
To save time, you assign each worker a mobile device, so that the employee can view each order remotely. The new system saves time because workers no longer need to walk to the warehouse office to pick up a hardcopy inventory order. You reduce the number of labor hours required to ship inventory to retail locations, which lowers your labor costs.
Every business needs some basic equipment to operate, and changes in technology impact the tools and equipment you need to run your business. Your stakeholders, such as investors, creditors, and regulators, may require you to keep a variety of records, and you need to protect the records from theft.
Cloud computing allows you to retain the vast majority of your records on off-site computer servers, which reduces the need to keep hardcopy paper files. If you must store paper files, use locking file cabinets and limit the number of employees who have access to the file keys. Use a paper shredder to dispose of paper files that are no longer needed.
Work with a tech consultant to select and program laptop computers for your staff. Using laptops allows your staff to work remotely, and to be productive when traveling.
The most important asset for any business is people, and your firm needs people with a variety of skill sets to grow the business. Hiring the right people requires a great deal of effort, but the time you invest can pay off when you find the right person for a job opening.
If you have a job that must be filled, make sure that you write a complete and current job description. The requirements of a position can change rapidly, and you need to ensure that the job description fits your current need. Updating the job description will help you attract qualified candidates and minimize any confusion about the position.
Assume, for example, that you need to hire a warehouse manager for your retail clothing operation, and that the job description has not been updated for three years. The old description emphasized the need for retail industry experience and the ability to manage people.
Warehouse automation now requires a manager who can train workers to use technology, and the ability to train is now that number one job requirement. You need to update the job description so that you can attract and interview people who fit your current needs.
Flexible and adaptable
Technology allows workers to complete more tasks in less time, and your employees may handle a variety of tasks in a particular day. Increasingly, business owners need workers who can adapt to change, and this ability should be a consideration for every person you hire.
Make the investment
Your business needs a certain amount equipment and people to succeed, and your firm requires a variety of skill sets to grow the business. Invest the time to plan for your equipment needs, and to prepare for the interview process. These steps can help you grow your business and minimize staff turnover.