keyboard and coffee

Automating Your Business

/in /by

11 actionable areas to automation

We like to see highly efficient businesses… because that leads to more profit, a higher valuation, and happier stakeholders.

Automation is one way to increase efficiency.

The benefits of automation include:

  • Eliminating or reducing hours spent on repetitive tasks to improve productivity
  • Making processes cheaper, faster, and less error-prone
  • Improved reporting and data analysis, leading to better decision-making
  • Standardisation of processes, resulting in more consistent outcomes
  • A team focused on more productive activities (without the distraction of mundane work)

Automation is not a new idea but the opportunities to automate continue to grow all the time.

Let’s look at some business areas where automation has proved to be particularly impactful.

1. Marketing

Marketing Automation Software (MAS) can manage outbound marketing campaigns, measure lead generation, analyse customer behavior and simplify sales processes. A close ‘relative’ is Customer Relationship Management (CRM) Software that manages existing customer relationships to improve retention and generate additional sales.

2. Data Sharing

Businesses need to efficiently store and share files internally and externally. There are inexpensive ways to do this, for example, through Google Docs and DropBox. Automated File Transfer Protocol (FTP) and SSH File Transfer Protocol (SFTP) software solutions move files to servers which enables efficient, secure data sharing.

3. Business Reporting

All businesses generate data… but data is worthless unless converted into reports for analysis and review by managers. Automation tools make these reports available in real-time or as frequently as the business needs them. Some reports also forecast future performance to support decision-making.

4. Communication

Given the complex (internal and external) relationships in business, it is not surprising that communication is a hugely time-consuming activity. Automation helps in various ways, such as setting up alerts or reminders to take action effectively and on time.

5. Email Communication

Many employees rely on email as a primary communication tool but don’t necessarily use it efficiently. Automation tools can help organise stacks of daily emails, sending automated responses to some and directing everything else to specific folders for further attention. This leads to efficiency and more impactful communications.

6. Meetings

Many businesses use calendar tools to set up and organise meetings. Meeting automation platforms (MAPs) are used to support the meeting itself and improve communication before, during, and after the meeting.

7. Bookkeeping Tasks

Bookkeeping can involve many manual steps but automation of Accounts Payable saves time and money in the processing and payment of bills. The same can be said for invoicing, tracking accounts receivable and expense management.

8. Facilities Management

Automation enables consistent, centralised processes which provide a high level of service and maintain audit trails. This applies to any facilities challenge such as building security, repairs, energy management, vendor management, incident reporting, escalations, safety, etc.

9. ERP Integration

Larger businesses may use an ERP system IN ADDITION TO automation tools to get information from – or feed information into – the ERP. With all systems working from the same dataset, companies get a single, unified source of business data, which guides major business decisions.

10. Hiring

Hiring employees is a process from job posting to onboarding. Human Resource Management Systems save time in managing candidates, making offers, and developing employment agreements. A well-organised recruitment process also reflects well on your business, especially in a challenging hiring environment.

11. Employee Analytics

Managers need to track employee performance and behaviour, ideally through automated customised reports. Understanding this data helps improve employee productivity, satisfaction, and retention.

Investing in automation tools requires a commitment to change. Best to appoint a ‘Change Champion’ to drive the implementation (versus leaving it to a group who take this on ‘part time’).

And measure ROI over two years or more because it can take that long to see the fruits of an investment in automation.

advice

4 Priorities for Successful Businesses in 2023

/in /by

What’s your business strategy for next year?

Where will you focus and why?

We got together with a group of high-performing businesses to discuss their priorities, especially the ‘big picture’, strategic ideas.

Here’s the list we came up with. How does this compare with your focus areas in the coming 12 months?

Delegate!

Business owners tend to take on a huge volume of work themselves. It’s challenging to get it all done… and it wears them down.

Why don’t they delegate more? Some worry that work quality will suffer. Others say there is simply no one to delegate to. In both cases, they have failed to invest the time to build an organisation that can absorb more work. This is bad for the business because it cannot scale AND for the owner who continues to work excessively. It is also bad for employees, who don’t get the opportunity to step up.  Sure they may make errors… but we all started somewhere. And if they can’t successfully complete their work, you should find new people. Or perhaps outsource.

Focus on Value Creation

Business owners should aim to create a valuable business, and that means one NOT dependent on any one person (or a few people). A valuable business relies on good products, sound processes, a competent team, excellent technology and relevance in the market.

Very few business owners focus on value-creation and need to shift their mindset FROM “I work to supply widgets” TO “I am building a business that provides widgets”.

In the latter case, the objective is to set up other people, processes and technology to complete the work to the satisfaction of customers. With that in place, the owner can focus on other activities and the business is WAY more valuable.

Leverage Customer Relationships

For most businesses, there is huge unlocked potential inside the EXISTING Client base.

This should be a major driver of growth and the good news is that you don’t have to sell a lot more to every customer. A well-run Customer Classification exercise usually reveals a few customers who are in need of more services. Then you can get really precise about understanding those needs and offering them a relevant, profitable solution.

In many businesses, these opportunities go wasted as the owners get super busy with day-to-day work and become reactive versus proactive.

Digital Marketing

High-growth businesses increasingly understand how to present themselves in a digital world. This includes publishing content to stand out from the competition and ensuring they reach a clearly defined target customer. They measure success and constantly improve the approach to attract more quality leads.

Traditional marketing like networking in business groups and referral programs will continue to be valuable… but a digital strategy is increasingly important in high-growth organisations.

So there you have the key strategic objectives of some high-growth firms for the coming 12 months. Of course, there’s a ton of detail that supports these ideas and each business will have a slightly different set of priorities.

Need help increasing business efficiency or personal productivity? Contact Notch Above’s team of Xero Certified Bookkeepers on 1300 015 130 today.