When it comes to running a business, it is essential to have a handle on your business processes. Having a comprehensive understanding of your business processes will ensure that you are making adjustments and improvements where necessary and protecting your bottom line.

Evaluating your processes on a regular basis is a great way to ensure that you are doing everything you can to maximise efficiency and minimise costs. Below are some tips to consider when looking to maximise your business processes and increase your profitability.

• Utilise the services of experts or professionals when it is necessary, such as for tax advice or accounting. An expert will be able to help you resolve the issue far quicker than it would take you to do so.
• Keep your equipment in good shape. Faulty or broken equipment is more likely to cause delays in your workflow and efficiency.
• Recognise your team and encourage prioritising work-life balance. Offering flexibility where possible and positively affirming your team members actions will keep them motivated and engaged with their work.
• Evaluate your supply chain risk. You should attempt to establish alternative suppliers, but also source from alternative supply chains and review stock levels.
• Have a succession plan in place and monitor it regularly if sale or retirement is on the horizon.  
• Monitor your cash flow and make sure you are not leaving yourself short.
• Stay up-to-date on any news and developments in your industry or your location (whether you are based in Perth WA or internationally).
• Make use of relevant training opportunities for yourself and your team.
• Identify parts of your business, products or areas that are not profitable and consider eliminating them.
• If possible, you should evaluate the pricing structures of your industry competitors to ensure you are not pricing yourself above the market or are undercharging.
• Automate your processes to reduce errors, improve your customer service and streamline processes.

By taking the time to evaluate and protect your bottom line, you can ensure that your business is running as efficiently as possible and that you are maximising your profits.