How do I assess business operations for opportunities to invest in improvements?
To succeed in today's economy, small business owners might consider assessing their business operations to find where to invest in improvements. First, small business owners may wish to look into opportunities to streamline and simplify their existing day-to-day operations. For example, it may be a good idea to check if systems are out of date and research new ways to conduct business, such as switching from handwritten books to cloud-based accounting and sales software.
Small businesses may want to measure their company's performance by determining clear business goals in addition to sales and revenue goals. By setting measurable business milestones, small businesses can establish targets and figure out ways to meet those targets. Also, it is recommended that small business owners monitor industry technology trends and issues so they can stay up to date and keep an eye on how their competitors are harnessing new technology.
By setting goals and measuring progress, you can assess where to invest resources or innovate.
How can technology be used to scale small business operations?
With the business and legal worlds becoming increasingly digitized, the tech industry has developed new tools to improve communications, the customer experience, and the ability to scale small business operations.
Project management software is one of the most popular recent innovations that can help with scaling a company. It simplifies project management so employees don't end up siloed into some projects or drop the ball on others. These can also help automate workflows and coordinate projects across teams more efficiently.
Small business operations likely cannot scale without effective communication tools, either. Effective communication is key to ensuring the job gets done. Instant messaging apps can help keep the lines of communication open, enable better teamwork, and provide an engaging platform to share content internally and externally. It is an easy way to increase productivity and connectivity between team members.
Since small businesses may need to effectively and quickly hire a workforce, or close deals and sales, legal technology can put the necessary documents, and the attorneys to review whether each document works for your business, at your fingertips, at a fraction of the cost.
How can technology help me measure results and improve?
Small businesses are often not aware of the online tools available to help measure results and improve their operations. These tools can measure business activities, track overhead expenses, revenue, and more.
Every action a business takes that can be measured can provide insight into a business's performance. With the right technology, you can measure almost anything. From the amount of time employees spend with customers, to the amount of revenue or profit each activity generates, the more you measure, the more you can adjust to improve your results.
Many business owners are surprised to learn that many of these apps or software programs are free, or available at a low monthly cost. Small businesses may even have access to tracking tools through their bank, or other services they already utilize. With the tech that is available, business owners can start measuring and tracking results without having to hire pricey consultants. Time management and invoicing software can reduce paper use and streamline cumbersome processes like tracking expenses, recording client hours, and issuing invoices.
What can I do to directly impact customer experience and satisfaction?
Customers want service that is helpful, empathetic, and effective. Small businesses can review and improve their customer communications to quickly improve customer satisfaction.
Customer satisfaction is closely tied to meeting their expectations. This includes timeliness of service, accurate fulfillment, specific shipping timeframes, as well as quality assurance. Keeping customers informed at every step often leads to happy customers. Fortunately, you may be able to automate many types of customer communications. Also, by improving communication with customers, it can help you discover what your customers want you to do.
How can technology reduce the legal fees for my small business?
Lawyers can be expensive and their fees can add up quickly. With the available legal technology today, small businesses can access legal services easier than ever and at a fraction of the price.
Many legal documents contain standard language, such as a Bill of Sale or contracts for products and services. For example, Rocket Lawyer has attorney-made documents available online. Each document can be tailored to each state's laws, and can be reviewed by an attorney if you make any changes. Easy access to these common forms can save a lot of money on legal fees as small businesses typically have to pay a lawyer to draft these documents for their business. Additional features, like Rocket Sign®, can help small businesses get contracts signed quicker, safer, and with more confidence.
Legal tech can also help to bring down the overall cost of getting legal questions answered and hiring a lawyer. Rocket Lawyer members can ask a lawyer their questions, and are eligible for significant discounts on hourly rates for network attorneys.
If you have legal questions about updating your business processes, reach out to a Rocket Lawyer network attorney for affordable legal advice.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.