Do you need an operational review?

In today's times, the old saying "don't leave money on the table" seems a waste of time to say, but many businesses are in fact doing this. Inefficient operations drain your profits a little at the time, and some business do not even realize this is a problem. Make small improvements in the following areas can help stop this problem.



1- Outdated technology. For many small companies, the intimidation of technology often hinders them from making more of a profit. The more a company moves to a digital office, the more efficient the company will be. There are easy programs out there that will help you analyze your business to see where you are losing or making money.

2- Not having a strategic plan. Some questions to answer are: Why are you in business? What do you want to become? Who are your core clients? What will it take to achieve your firms vision? Determine how you will implement these questions into your business.

3- Partner issues. Do not accept non-conformance or mediocrity issues from your partners or employees. They drain more profits than they provide.

4- Serving the unprofitable clients. Determine which clients are making a profit. Cut the clients that are draining your company.

5- Not enough new business. Question your marketing efforts. Determine which ones are making you money and cut the ones that are not.

6- Poor engagement management. Pricing, productivity, cost to serve the client, and client management are the four key activities to engagement management. Make sure you are focusing on each of these areas.

7- Fixation on hourly billing. Learn how to bill on the value of the work to your client. Before you give them a price, ask them what they think a fair price for the work might be. You might be surprised how much they are willing to pay.

8- Poor or weak billing and collection process. Not collecting money of course has a direct impact on your cash flow.

9- Not keeping score. It is important to visually see how you are comparing to others.