3 Ways You Can Make Your Business More Profitable and Efficient in 2021

The Coronavirus has probably imposed more challenges to running a business than any other single event in recent history. However, while the external pressures may be great, many companies are still handicapping themselves by not effectively running the most basic internal systems. 

If you follow these 3 steps that relate to improving your leadership and business operations, you can increase efficiency and create a greater revenue. Here we go.

1. Be a Leader, Not a Manager 

Professor, Warren Bennis has saying: “The manager accepts the status quo; the leader challenges it

As a leader it’s your responsibility to not just run a business, but to also improve it. The premise of entrepreneurial growth rests on identifying your company’s strengths and weaknesses, implementing positive change and removing what’s holding you back.

If you identify yourself as a leader rather than a manager, you will be able to take ownership and realize that statically improving the business is on you. 

2. Get Lean

The big question you should ask here is: ‘What are the things you’re currently doing that people won’t pay for, and why are you still doing them?’

Striping a business down to its bare essentials is how you not only increase efficiency but also decrease costs. However, you should still be careful not to inadvertently devalue your brand by removing other benefits. 

Some questions to consider are: 

  • What your client wants? 
  • What processes are required to bring about those client goals? 
  • What waste exists in your current processes? 

3. Invest in Your Companies Growth

The difference between a successful start-up and a scaled-up business is the development of systems which foster growth from the very ground levels.  

The University of Oxford says that scalable infrastructure as well as strong leadership and appropriate marketing are the top three key requirements for businesses level up. 

If leaders are not growth orientated but rather just stuck in the business of the day-to-day, then of course they are not going to grow. Conversely, the more you invest in your company’s growth and effective processes, then the more profitable and efficient it will become.  

In Conclusion 

If you can successfully apply these three strategies and mindsets to your business and leadership, you’ll find that operations run more smoothly and your business steers in the right direction.

The3rdgear is an established and recognized leader in helping businesses achieve these key outcomes. If this is something you’d like to discuss, please get in touch with us