We know from our work yesterday where your firm is wasting time. The question I want to answer today is – how is your firm going to get it back?
The strategies I recommends fall into one of three categories: automate, delegate or eliminate.
Let’s walk through an example of each and what it might mean for your firm.
We know the product or service of yours that is taking the most time away from your team. The goal is to get between 25-50% of this time back.
Automate
Map out each step of delivering your most time consuming service. Circle the 2-3 steps in the process that take the most time. Automate them with software and technology.
Delegate
This strategy leverages economies of scale to benefit your firm. If you hire a more cost-effective team to complete some (or all) of the steps in this process then you can get some (or all) of the time back AND save financially by hiring a more cost effective team (perhaps offshore).
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Eliminate
This strategy has two options: short-term and long-term. The short-term option is to evaluate whether or not you can cut time-consuming, but perhaps unnecessary steps out of your process altogether. Perhaps you’re printing documents that no one uses and it’s taking forever to do so. If no one uses them, cut it out altogether.
The longer-term strategy here is to evaluate whether or not it is in your firm’s best interest to continue offering this service at all. How profitable is it? How much do your clients value it? Do you and your team find the work miserable?
You might be able to drop it and replace this service with something better that’s more profitable for your firm, more valuable for your client and makes your team happier as well.
Again, your goal is to leverage one of these strategies to get between 25-50% of the time back. Next, you’ll reinvest this time to boost your firm’s profitability.
PS. If you missed it, read my article on where your firm is wasting time it’s the first step in this process.
Talk soon,
Sean