Many business strategists think big and wait for the big moments to evaluate the changes they could bring to the organization. Performance evaluation is key to the success stories of many businesses around the world, but most businesses simply fail to consider the power of tiny changes and value additions.
The important thing is value additions, and positive changes always occur incrementally over time, and small modifications always play a significant role in transforming a business.
Here in this post, we are going to explain the 5 small but significant ways to add value to the business process and ensure outstanding long-term performance for your business. Here we go.
Make Solid and Transparent Business Milestones
Most businesses suffer from a lack of focus and this cannot be better addressed by any other means than by just setting clear and solid milestones that shape everything in order both in professional as well as personal life. Instead of shooting for the stars, businesses should come up with clear goals for their near and distant future. The career goals should be realistic and crystal clear to our expectations.
Setting goals is not a wishful process, and it demands a far more meticulous approach from businesses. Business goals are intrinsic to the business fundamentals and should be dealt with organically with a sustained focus on value creation. For example, the cost of building apps for startups is a key consideration and hence app projects would settle expectations accordingly.
Goals also create transparency into business priorities and create team alignment. When this happens, employee engagement and culture will improve, further helping you meet your goals.
Setting business goals involves a lot of considerations.
You may have several ambitious projects at hand. But until you break these projects up into smaller milestones or small chunks of tasks and objectives, the goals do not guarantee any assured success. The clear goal-setting segregated into short-term and mid-term objectives will ultimately help you taste success more often.
Irrespective of your business niche, the following tips will help you set goals more effectively and in a result-driven manner.
- Focus on adhering to the project deadline.
- Maintain an online calendar with important events and dates marked.
- Follow up every small goal or milestone with a well-articulated evaluation and feedback process.
- Make sure every milestone leaves a lot of learning for you to take inspiration.
Create Smaller Milestones
When considering progress, most of us give attention to achieving long-term goals or just focus on experiencing bigger breakthroughs. In a nutshell, to speak, we always focus upon big wins, whether we can achieve them or not.
But what we often fail to see is the importance of small wins relating to many things in our professional life or in terms of organizational values. We forget how these small but insignificant changes and value additions can transform a business. Simply remodelling the office space to help people share and collaborate more can bring in more efficiency.
The question is, how to evaluate such small changes and value additions? How do you keep track of various metrics that can guide business strategists to take small steps and set small milestones for addressing the shortcomings they detect? Well, there are several important metrics and data points that can provide us with relevant insights for planning such small value additions and setting up goals.
Some of these metrics just lie close to your reach. For example, you can easily evaluate employee productivity and areas where a lack of morale vigour is evident. Accordingly, you can set small goals and appropriate measures to boost productivity and boost employee morale.
There are other metrics and data points that exist outside of your organization, and you need to put rigorous research efforts to catch hold of these data-driven insights and create smaller but consistent milestones accordingly. For example, customers resonating more with certain web or app designs can be assessed through solid market research data, and you can take steps to rectify the design for addressing such necessities.
Lastly, the most important thing is that these small changes and value additions ultimately have a long-ranging impact on businesses. While you focus on so-called big goals, the unattended small aspects can eat away the growth potential and, over time, can have a pulling factor for the graph of growth.
Create a Business Plan and Set Priorities
Every business already has a plan and is likely to follow a definitive track. But only a handful of companies evaluate their plans and reconsider the objectives and priorities. Creating a detailed business plan requires organizing the basics, making a plan validated by the vision and mission of the company, and setting up specific business priorities for day-to-day business tasks. While setting up priorities, a company needs to consider the available resources and immediate requirements in mind, especially the various costs involved.
Based on the industry-best practices for setting up priorities in the right order, we provide some essential tips below.
- In your list of priorities give more focus to the “urgent” followed by the “important” ones.
- Always set tasks as priorities along with the details of efforts and resources for carrying out each one of them.
- Always be prepared to accommodate uncertainty and resulting changes that you need to bring in the list of priorities.
Have a Clear Idea about your Weaknesses and Shortcomings
We all strive for the vague ideal called “perfection” when we only know this can only lead to improvement instead of a fixed state of perfection at the heart of hearts. But to improve continuously is imperative for business growth, which irrevocably requires acknowledging our strengths and shortcomings in clear terms. For a business, it is essential to reassure these strengths and do away with weaknesses.
The most important is to never compromise by settling for “just okay” when the business can provide excellent results. This needs continuous self-criticism and evaluation of the business performance continuously. But first, a business should have a clear idea of its strengths and weaknesses. Here we mention some ways to have a clear idea about the strengths and shortcomings of a business.
- Know specific patterns of the business performance
- Get to know the things you can do easily for improving your business offerings
- Do a detailed SWOT analysis to have a detailed overview of all the shortcomings and strengths.
- Take notes on various situations in business and the ways you respond to these situations.
Use the Right Technology and Tools
Since every business is technologically driven now, and it is the choice of technology that often becomes a decisive and winning factor, choosing the right technology stack and office management software is essential for every business. Whether you are an IT company or a management consultancy firm, or a big FMCG brand, you need to make use of technologies such as ERP, CRM, SCM, HRM, SaaS and a plethora of tools.
Choosing the right set of enough future-ready tools to accommodate trending needs and scalable enough to accommodate evolving requirements is important. Here below, we provide some time-tested tools for choosing the right technology and tools.
- Consider what tools you need for the key business processes and how these tools can ensure improvement.
- What business tools are you using and how can they be improved or can be migrated to another system?
- What kind of resources are at your disposal to invest in these tools?
- Consider the training and support you need for these new technologies and tools.
All the changes mentioned above and value additions are not as small as you probably expected. But down the line, every business suffers from having less focus on these aspects. Though, leading enterprises across every niche never fail to underplay them in their strategic decisions.
Tuhin Bhatt is co-founder of Intelivita, a digital transformation agency to hire dedicated mobile app developers. In the startup world Tuhin is regarded as a powerhouse of unique and best app ideas that shaped award-winning app projects. He usually writes on cutting-edge technologies, future-ready development practices, eye-opening leadership principles, and trending entrepreneurial skills. @BhattTuhin
Originally posted in Small Biz Daily