Embracing Efficiency in a Narrowing Economy

The president unveiled his budget this week. Like so many others, he has acknowledged the need for shrewd management and growing efficiencies. Small businesses are rethinking both strategy and execution so that they can continue to move forward at a time when so many competitors are shuttering their doors. Local and state governments are streamlining services and consolidating functions to provide more services with less revenue. What can you do to be more efficient in this narrowing economy?

• Update your strategic plan. Many of organizations create a plan, only to let it collect dust when times are good. Or, even worse, some organizations don't have a plan. Revisiting your strategic plan is vital to take advantage of market forces. We took a look at capturing market forces in our February 11th and 12th webinars, The Strategy String. With the right strategic components in place, your organization will be creative and flexible in times of market changes. This will allow you to be more efficient with all of your business areas: marketing, operations, finance, technology, research and development, and sales. Ask your team: What parts of our strategic message are unclear? What information do you need to ensure that everyone is moving towards our company vision in the most efficient way possible? How can we make the changes needed to our strategy and how we communicate that strategy with minimal capital investment, yet encouraging an increase in productivity and focus on cost savings from the entire team?
• Leverage new technology. Technology is constantly changing and evolving. The tools that your organization might have put in place two or three years ago have most likely evolved. Innovative developers -- individuals and long-term corporate players -- have made it possible for organizations of all sizes to automate routine business processes and streamline IT needs with the growing availability of inexpensive, and even free, technology tools. Some tools require installation on your systems. Others can be leveraged with the rise of cloud computing to minimize your need for investing in expensive network and hardware upgrades. Ask your team: Are we using technology in the most efficient way possible? Should we re-evaluate our technology policies to be more responsive to new technologies or look at making an incremental change to capitalize on recent market forces? What new technologies exist that we can leverage with minimal capital investment, yet with maximum return on productivity and cost savings?
• Revise clunky processes. One of our local organizations is recognizing how much cash it's hemorrhaging thanks to clunky processes. IT systems don't talk to one another, and interdepartmental communications are non-existent. As a result, each process takes four times as many steps as some of their competitors' process to achieve the same results. Ask your team: Are there areas where departments are duplicating efforts or not talking to one another? Are we wasting valuable resources due to IT and other systems that have been cobbled together without thought to an integrated strategy and rollout plan? How can we update these processes with minimal capital investment, while maximizing our return on productivity and cost savings?
• Minimize wasted resources. The city of Bolinas, California has realized what it means to conserve resources. The city imposed a 150-gallon water limit on each household (yes, household, not person). That's the equivalent of a 15 minute shower. Yet, the folks of Bolinas understand that running out of water is more critical than making drastic changes to bathing, laundry, and drinking habits. People are dealing with one of the areas worst droughts in a self-sufficient, conscientious way. Organizations have already started conserving resources, like minimizing printing and turning out lights when folks leave the room. Have you approached this recession like the city of Bolinas has approached its drought? Ask your team: What resources can we modify drastically to encourage long-term conservation of resources? How can we look at inexpensive or free alternatives to some of the materials and services available in the market? What can we do to go beyond environmental savings and look at all of our daily activities to maximize our return on productivity and cost savings?

Increasing efficiency should be the goal of any organization, regardless of economic climates. Embracing efficiency does not have to be painful. Updating your strategic plan, leveraging new technology, revising clunky processes, and minimizing wasted resources are all areas that TsuluWerks helps it clients to achieve through its consulting and ConsulCoaching services. If your organization would like to increase efficiency to thrive in this narrowing economy, give Tracy Corley, the Empress of Efficiency, a call at 206-782-4040 x4.