Around 20% of new businesses fail within the first two years of launching, Investopedia reveals. One of the biggest reasons behind small business failure is disorganization. If you find yourself often wasting time searching for paper documents or simply feel you’re not as productive as you could be, then organization should be your priority. By organizing your physical space, implementing smart project management strategies, and practicing good record keeping, you’ll free up time and energy, and boost your productivity. In turn, you’ll be better able to focus on keeping things running smoothly and successfully scale your business.
Organize your physical space
Nothing hampers growth and productivity like physical clutter. The average CEO wastes one hour every day searching for paper documents, which is stressful and makes it harder to focus and think creatively. Plus, mishandled paperwork is also one of the main reasons behind poor customer service. So, organizing your physical office space can instantly increase productivity and efficiency. The easiest way to do this is to cut down your reliance on paper. Keep as many documents on your computer as possible. This keeps your desk clear and makes it far quicker to search for whatever document you need.
Manage projects effectively
Whether you’re producing a new product, updating old equipment, or implementing a new procedure, successful business projects facilitate growth. But, 65% of all projects fail on average — which gets expensive as failed projects typically go over budget by 200%. So, strong project management is key to achieve project goals and avoid overspending. Ideally, your chosen strategy should be flexible and customizable to your unique project needs. Hybrid project management is a good approach as it combines two existing strategies: agile and waterfall. Agile involves splitting projects up into smaller individual chunks that can be adjusted to suit changing circumstances, whereas waterfall involves a linear, fixed, step-by-step structure. With a hybrid approach, you can pick and choose which methods to use throughout each project phase, which makes it easier to keep your project on track and within budget.
Practice good record keeping
Get into the habit of keeping accurate, clear, and simple records of your business. This is the only way you can see what items/services are selling well, and understand exactly how your business is doing financially. It also helps you to spot potential challenges you may run into in the near future, so you can make changes needed to keep things running smoothly and grow. Your records should include all your important financial transactions, such as, all your incomings, outgoings, and tax documents. With easy access to this information, you’ll be able to see if you’re in the right position to expand a product line, start a new project, or discontinue an underperforming product, for example.
An organized business is one that’s free and able to grow. With simple and streamlined systems and processes in place, you’ll find you have more time, energy, and clarity to pour into business growth strategies.
