How To Find Inefficiencies In Your Business

Ever feel that your business, team, or motivation is feeling a little… sluggish?

Maybe it feels like you’re wasting your time (and your team members’), money, tools, or resources.

Let’s take a long, hard look at inefficiencies.

Inefficiencies can do a number on a business or team. Oftentimes they are rooted in organizational speedbumps or a lack of effective communication. Inefficiencies have the power to slow an entire mission by compounding tactics that simply don’t work.

But how do you identify them?

Let’s dig in to find out.

Get vulnerable.

You don’t have to be Sherlock Holmes to find out why certain tools or procedures aren’t working.

Get open with your team. Ask them honestly what they feel is working and what isn’t. You can do this by sending out a survey where employees can anonymously provide feedback on what they feel is serving them and the company vision and what isn’t.

Let your team do the talking. It’s easy to think we know the solution on how to run the show, but truthfully, working together means everyone should have a say in the matter and feel safe to speak up.

Additionally, empowering your team to be open in sharing creates a space where everyone feels valued and heard. You can’t have an effectively collaborating team when the individuals aren’t feeling that their opinions are valid. Building a community that values open communication is the number one priority in skyrocketing your efforts.

Time to crunch some numbers.

How’s your budget looking?

Getting analytical about your budget is a telltale sign of where your inefficiencies are stemming from financially.

It’s like that feeling when you check your bank statement and think, “I spent how much on coffee this month!?” Yeah… it sneaks up on you.

Be critical about what’s actually worth spending on and what isn’t. You might find that nixing the new software subscription (that no one is really a fan of) is worth it in order to invest in upgrading somewhere else.

Streamline your spreadsheet to get clear on where investment should be going and where it shouldn’t. Again, asking your team can be a huge clarifier in this as well. Maybe what everyone really wants is new laptops and not the weekly lunch meeting.

How can you invest in order to best optimize your budget?

Slow down.

We know what you’re thinking.

I’m trying to make my business more efficient, and you’re telling me to slow down?

Hear us out: When you slow down enough to take a long look at where your precious minutes, money, and resources are going, you get a much clearer picture of how to keep your company frictionless.

Where do you spend the most time in your day?

Are those meetings really that necessary, or could they be restricted to a shorter time limit?

Does your energy really need to go toward further outreach, or could you use it to dive into projects you’re already invested in?

Take the time to get clear on your vision and what you want to accomplish. When you’re so busy with the day-to-day tasks, it’s easy to get lost in the rabbit trails that are ultimately leading to inefficiencies throughout the whole organization.

Give yourself the extra time off to reflect on how you can optimize your processes and bring it to the team. Be critical about what can be improved, and utilize the feedback from your crew. Don’t hold back, and be relentless about what matters most: your time, your money, the mission, and overall well-being of your team and yourself.

The future is now.

Let’s be real: it’s 2021. There are smarter ways to get efficient than letting outdated software or practices hold you back.

Whether new technology is the answer or business consultancy is what you need, don’t let yourself get stalled on the things that aren’t working.

There’s always an answer. Ask for help from a trusted friend; allow yourself to receive honest feedback; splurge on the tools your team needs that will pay you back in time and money.

At Project 10K, we know how important your mission is to you. We’re here to help you tackle your inefficiencies and get your team to skyrocket. Ready to hop on board?