by Rob Joseph, Director, BeaconCFO Plus
In your quest to become a more agile and efficient business, your organization can be your own worst enemy. Many businesses struggle with identifying and resolving bottlenecks—those things that hurt efficiency, detract focus from long-term goals, and lead to lost opportunities. Some bottlenecks are very easy to identify, but others are sneaky; you might not even realize they exist.
Organizational bottlenecks can include:
- Outdated technology
- Disengaged employees
- Superfluous expenses
- Risks for clients and consumers
- Confusing processes
- Too many processes
- Poor communication
If you don’t address bottlenecks, you risk losing revenue, losing customers, and losing employees. So all you need to do is understand where bottlenecks exist and work to eliminate them. Easier said than done, right? Focus on addressing bottlenecks in three areas—technology, process, and people—and start by answering these questions.
• Is our data well integrated, organized, and accessible?
Data is one of your greatest tools as an organization. If your data is disorganized or siloed, some decision-makers in your organization may be operating without the full picture.
• Are we fostering and supporting collaboration among our employees?
As your organization grows, it can become more difficult to promote collaboration without the use of capable project management software and practices. Small businesses, in particular, should put strong, scalable project management tools in place early on. An agile organization has capable software and processes in place to support its team.
• Are we investing in the most streamlined software available?
Many of us are guilty of holding tightly to old technology to avoid the discomfort of learning a new system. However, old tech is one of the most obvious bottlenecks in our organizations. Don’t hurt your company’s efficiency—and give your employees headaches—by clinging to ill-equipped software and systems.
• Are we hiring the right people?
Hiring the wrong person for a job can take a toll not only on overall efficiency but on the morale of your team. Other employees must shoulder the responsibilities of a bad hire. Wrong hires will happen, but you can improve your hiring process to ensure you are putting the right people in the right positions. Do your homework on a candidate’s qualifications, but also make sure the individual is a good fit for your existing team and company culture.
Does your organization need help to identify its bottlenecks and put more efficient processes in place? We can pair your organization with an experienced virtual CFO who can help you change course to become a more agile organization. Reach out today to learn more about our outsourced CFO services and discuss your company’s bottlenecks.