You might be used to a certain method of working in your business, whether it’s at a particular level of seniority or utilised by all employees. When you have an approach that is doing its job – i.e. engaging with clients and making profit – you might resort to the old adage ‘if it’s not broken, don’t fix it’. Irrespective of your current level of success though, it’s always worth evaluating your operational systems, as ‘broken’ doesn’t necessarily mean failure in a business context – it simply means that you could be becoming stagnant. When there’s always the opportunity for more growth, why not take it?
What is system building?
System building is essentially a form of project management that looks at your day-to-day operations. By looking at your manufacturing and sales as a step-by-step process, you can identify any weaknesses and resolve them through specific evaluation and resolution, rather than having a blanket approach or aim, such as ‘increase quarterly profits’.
When you look at system building, you need to be thorough. It’s worth dedicating some time to this, even if it means identifying potential issues on a minute scale. For example, is your pricing competitive, particularly in light of COVID-19? Is your business model more flexible after the pandemic, and if so, could this tempt a wider client pool – such as providing services remotely and therefore having nationally-located customers?
More importantly still, could you outsource any aspects of your business? Now’s the perfect time to look outside your company for a helping hand with, for example, taxes, which are subject to regular Government changes as a result of the pandemic’s effect on our economy. By outsourcing areas of business ownership that aren’t your specialism, you could save yourself time and therefore money.
Work with us
At Highwoods & Associates, our professional team of Public Accountants can help your business with all accountancy and tax needs, allowing you to build a system that increases your business’s success. Speak to us today to find out why outsourcing to us could be your best decision in 2021 yet.