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Aug 12

5 Reasons Efficient Workflows Generate More Revenue

Reading Time: 3 mins

Is your goal to increase revenue? If so, you need to work on optimizing your workflows. Whether you’re an employee, an entrepreneur, or a business owner, efficient workflows directly impact your ability to generate revenue.

 

What is a workflow?

A workflow, according to Box, is “a process that moves a document or task from one step to another.” The ultimate goal of a workflow is to “improve the speed, reliability, and standardization of complex business processes.”

When a workflow is efficient, things get done quickly, reliably, and accurately. Each of these elements contributes to higher revenue, but standardization is required to make it work. Standardizing processes through efficient workflows creates the efficiency that ultimately contributes to increased revenue.

 

There are several ways efficient workflows lead to more revenue

Here are 5 reasons to consider optimizing your workflows when your goal is to increase revenue.

 

  1. Higher productivity

Optimized workflows increase productivity. When productivity increases, it has a direct impact on revenue. For example, when productivity increases, tasks are completed sooner and with greater accuracy. A higher level of productivity will increase the quality of the final product delivered to the client.

When clients are satisfied with results, they’re more likely to continue doing business with you and to recommend you to others. Being in high demand with your clients will justify charging more for your services.

 

  1. Fewer costly mistakes

People make mistakes when engaging in repetitive, mundane tasks. For example, if your website developer is constantly setting up new WordPress installations, they might forget to perform a few tasks like allowing search engine spiders at launch or changing the admin directory location to prevent cyberattacks.

These oversights are simple mistakes, but they can be costly. For instance, not allowing search engine spiders to crawl the site will render all SEO efforts useless. If you build a website for a client and that client is spending $30,000 per month on SEO, that oversight will negatively impact your client. Depending on how long it takes to notice the issue, they might sue you for damages.

Other mistakes can cost you time and money simply by making you redo your work. Without efficient workflows, you might end up making mistakes that can’t be fixed without starting over.

An efficient workflow will prevent careless mistakes at the root.

 

  1. Higher accuracy

Delivering final products to clients and meeting their expectations with a high level of accuracy is the foundation for growing your business. Once you earn a great reputation for accuracy, you’ll get more referrals and better reviews from clients. When you’re in high demand, you’ll generate more revenue from additional clients and higher fees.

An efficient workflow automatically increases accuracy. Workflows are most powerful when they’re well-documented and leave nothing to a person’s memory. Having a specific, well-documented workflow (including a partially automated workflow) leaves little room for missing the mark.

 

  1. Less employee frustration

Employees get frustrated when things don’t work. Once in a while, it’s not a big deal, but when employees have to perform the same tasks day in and day out, and the process is frustrating, they’re going to become bitter.

Bitter employees are more likely to make mistakes, intentionally sabotage projects, and possibly quit on the spot. By improving employee workflows, you can make their jobs easier and instead of becoming bitter, they’ll be productive.

 

  1. Systems support automation

The ultimate increase in revenue will come when you automate as many processes as possible through set systems. For example, you might have workflows for several important tasks like following up with leads, getting client feedback, and generating testimonials. Within these tasks, some processes can be automated.

For example, when you request a testimonial, automation can deliver the testimonial to a specific employee for review and automatically add the task to their assignments in a task management program.

 

Workflow efficiency will improve over time

Improving the efficiency of your workflows won’t happen overnight. Workflows aren’t just created once and then forgotten; they are continually improved over time. For example, as more efficient ways of doing things come to light, that knowledge is incorporated into improving related workflows.

Of course, having efficient workflows doesn’t guarantee your employees will follow every procedure to the letter. If you’re a business owner, to ensure your workflows function, you also need to place importance on training employees. Make sure they tell you when something doesn’t work so you can make the workflow more efficient.

 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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