Inefficient Processes Are the Biggest Drain on Small Firms
Small business employees and customers are the worst effected by productivity losses
Inefficient processes are the biggest drain on small business time and have the biggest negative impact on customers and employees, a survey by Planview and Loudhouse has outlined.
The report, which featured over 500 businesses, found that 44% of business leaders believe dealing with inefficient processes is their top time-waster, followed by administration (43%), meetings (41%) and a lack of strategic goals (28%).
57% of business owners said ineffective processes had a negative effect on employees and 48% said it had a detrimental impact on customers.
Almost all (96%) of the small businesses surveyed said they think technology helps to improve productivity. Companies with tech driven processes were over three times more confident of success than those businesses that weren’t tech-enabled.
The research also found that over half (56%) of small businesses would use time wasted to have more personal time and 44% said they would reinvest their time back into the business.
Maria Nordborg, director at Planview, commented:
“Productivity losses are not just a problem for the management team. Both employees and customers are likely to be the ones who suffer as a result of inefficient working methods.
“We can see that efficiency and technological investment go hand in hand so business leaders need to define what efficiency means for their organization.”