Implement new or improved business operation processes
Evaluate your business activities and processes to find ways to improve productivity or reduce your costs. Money you save by implementing these changes can be invested in other business activities.
Improve administrative efficiency
Find ways to increase the effectiveness or efficiency of tasks not involved directly in the delivery of the product or service. Business management tools in the form of software or services could help the administrative side of your business. Efficiencies in staffing, planning, budgeting, controlling and managing information could save you time and money.
Evaluating your production processes can help you spot areas where you can streamline your operations and eliminate redundancies. This could lead to automating processes, improving facilities, implementing technologies, and training employees.
Optimize your distribution
Adjust your distribution system to accommodate market demand or to improve the distribution of your products. Consider activities such as eliminating low volume distributors or consolidating distribution and warehousing.
Find new suppliers or outsource parts of your operations
Manage your suppliers and make sure you are getting the best prices. Also, you don't have to do everything yourself. Consider outsourcing or subcontracting elements of your business (buy rather than manufacture) to focus on what you do best.
Take advantage of underused resources
Do you have resources that are not used to their full capacity? Does your business go through periods that are busier than others? You could try to find business opportunities that make constructive use of those resources during the downtimes. This might involve seasonal or periodic shifting of management priorities and training employees to do new tasks.
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