The Key To Growth
THE KEY TO GROWTH
How has remote work impacted productivity for businesses of all sizes?
With the advent of COVID, we learned how to work from home because everyone was stuck at home. For those working with large corporations, it was challenging because these companies were resistant to change. They believed working from home would decrease productivity, but the opposite was true. Most people, when equipped with the right tools, were more productive working from home.
The same applies to smaller companies. They are now realizing they can build virtual teams with skilled individuals who aren't limited by geographical location. Companies can hire talent from anywhere in the world, leading to greater efficiency and productivity than if they relied only on local talent. Over the past three to four years, technology has been crucial in two ways: first, by raising awareness that remote work is possible, and second, by enabling companies to implement it effectively.
Why must entrepreneurs adapt to new business strategies?
Many entrepreneurs resist change because of how quickly things evolve. They often have a specific idea of how they want to run their business. However, once you're in entrepreneurship, it's essential to be agile, adapt to trends, and understand how things are changing.
Brick-and-mortar businesses, especially those with older owners, often want to stick to traditional methods rather than adopt more modern approaches. Even online businesses that started in the last five to six years can be hesitant to try new strategies. They might think, "This has always worked—why change?" But new methods, like automation, could create a stronger or additional revenue stream and free up more time.
Entrepreneurs often believe they need to work harder, but in reality, they need to work smarter. Technology enables entrepreneurs to do just that. The mindset is starting to shift, and hopefully, more will embrace it.
What tasks can business owners automate to save time and focus on growth?
The biggest question I ask is: What daily or weekly tasks do you dread doing but still have to do? These could be checking emails for client messages, ensuring bills are paid, or confirming incoming payments from clients—tasks that are repetitive and monotonous. These activities become so habitual that you may not realize how much time they consume.
If you can eliminate tasks that take 10, 15, or 30 minutes each day, you could gain several hours each week. For example, your email could be checked automatically, with alerts for urgent matters, or payments could be set to process automatically. This gives you more time to focus on working on the business, rather than in the business, which is essential for growth and scaling.
How can automated processes create more efficiency?
Many tasks can be automated, especially for brick-and-mortar businesses, construction companies, handymen, lawn services, and similar businesses. You can automate accounting and payroll, as well as set up monthly payments to come in automatically from clients, eliminating the need to request them every month.
For marketing, instead of distributing flyers, door-knocking, or sending direct mailers, you can use social media advertising and Google AdWords. You can geographically target your audience on platforms like Google and Facebook to attract potential clients who need your services. This can all be automated and monitored weekly or delegated to someone who can adjust the strategy to reach your target audience and improve your results.
What is the process of creating efficient and automated workflows?
There is some upfront work involved. First, you need to understand your daily procedures. Many companies lack playbooks or standard operating procedures (SOPs). They need clear guidelines so that if someone new joins or someone steps away, there is a reference for daily operations. The first step is to optimize your business by creating these blueprints, playbooks, and SOPs for daily, weekly, and monthly operations.
Next, review the software you're currently using. The average business uses 50 to 100 different software tools weekly without realizing it. Unless your business is very simplified and still uses pen, paper, and a basic cash register, you likely rely on multiple software programs. The goal is to integrate these tools to work together seamlessly. For example, your point-of-sale software should automatically update your accounting software and register transactions with your bank. This automation minimizes manual work. In an online business, this process is even more automated since you aren't handling cash.
Once you establish your procedures and playbooks, you can better leverage the software you're already using to create a more efficient and automated workflow.
*This interview has been edited and condensed for clarity.*
