Posted by Drew Estelle on Jan 12, 2019 4:49:12 PM
Staying Lean: How to Keep Overhead Low and Sales High
With all the satisfaction that growth of business brings, it also brings pains along with it. There comes a time when you notice your small staff’s time and efforts are running a little short. Around this time things generally decline, and chaos begins to slowly creep up with inefficient task management. Now's is the perfect time to reevaluate the needs of your business.
Lean business is a methodology that is used to describe efforts to get more value from fewer resources. Instead of spending on numerous new hires, invest in resources that keep you agile, productive, and efficient with less overhead. Here’s how.
1. Automate your invoicing
Sophisticated auto-invoicing software can take the pain out of manually invoicing your customers. With software, all your invoicing information can be automatically generated and instantaneously sent to your customers. A system like this eliminates the countless hours it takes to document customer’s billing information, calculate totals, record payment status, maintain waitlists, and correct inaccuracies. Besides this, you no longer have to chase down payments, which cut down cart abandonment rates. With the assistance of technology, you can delegate more important tasks to your dedicated team, and eliminate the need for an invoicing specific role.
Related Reading: 6 Reasons You Should Stop Manually Invoicing Immediately
2. Invest in inventory management software to increase fulfillment efficiency
Manual inventory management has similar pitfalls to manual invoicing. It’s time-consuming and riddled with human error that can make or break your business. In the age of Amazon, customers expect swift delivery of their orders, and you don’t have any time to lose to satisfy that need. Picking, packing, and fulfilling requires a high degree of coordination, organization, and attention to detail to run smoothly. Inventory management software can put all those details in one place with detailed, real-time reporting on where and how orders are processed throughout the supply chain. This helps your existing team members speed up and increase the accuracy of each of these processes by leaps and bounds.
3. Choosing a unified eCommerce platform to connect all selling channels
Since customers make purchases through multiple selling channels, you’ll need a way to collect and organize order, inventory, and fulfillment data from each. A unified eCommerce platform will provide your team a cohesive data set that will make selling across all channels as simple as selling through a single one.
For example, a unified platform can get a bird's eye view of what inventory sells where, what your best sellers are, who your top buyers are, all payments, order, and waitlist statuses, and your potential revenue via inventory value. Do you sell through a Shopify website, social media, and a mobile app? Do you accept different payment types, such as Sezzle, Paypal, or credit cards?
A unified platform combines all the goodness of auto-invoicing and auto-inventory management in one place. You can see each sales channel, payment type, and inventory all at once. See it as your central control panel and the secret weapon to making quick, informed business decisions.
Related Reading: Why All Successful Retailers Have Multiple Virtual Storefronts
4. Hire the right team members
Automating your business does not negate the need for human resources. We’re not saying to stop hiring. Business operations are only as successful as the people behind them. Instead, hire sustainably. Here’s how.
Don’t settle for less. Get the right hire for the right role. When acquiring a new hire, you need to consider whether your hiring criteria is better suited for a niche participant or someone who is flexible and multi-talented. In either case, pick self-starters. People like these are adaptable to change if ever you need them to. Keep in mind; your business needs will vary with your growth, so plan accordingly. You may need another team member sooner than you think.
Scaling a business is no easy feat, but with the help of technology and the right talent, you can eliminate significant overhead as it expands. In lieu of excess spending, you can allocate your extra funds and time to other helpful resources to grow your business as big as you can dream it.