Your management system may involve hidden costs. Let's go over five concrete actions you can start implementing starting next week to improve your management system and save money.
If communication between departments is lacking, it can lead to duplication of work and costs. Avoid this by creating a communication plan. Identify what information needs to be shared, who needs it, and when and how to share it.
General and unclear goals such as “increase sales” lead to ineffective efforts. Therefore, be sure to set specific, measurable, achievable, relevant and time-bound (SMART) goals. For example, “increase sales of Product X by 15% in the next quarter by expanding marketing in Region Y”.
Start researching which processes within your company can be automated or improved with technology. It can be anything from data analysis to project management or internal communication. Start by identifying a process that can be streamlined and implement a pilot project.
Find out how engaged your employees are and what areas can be improved by conducting a simple anonymous survey of employees. Then create an action plan, based on the result, to increase engagement.
Regularly evaluate the effectiveness of your management system. That can include reviewing KPIs, processes, staff feedback, and customer complaints. Identify areas that need improvement and create an action plan.
Start with these actions as early as Monday to optimize your management system and save money in the long run.
