Ways to create a lean and efficient business to make the most of recovery
Boosting your business’ efficiency isn’t just important when things take a downturn. It can ensure you’re in a good position to support the rebuild of your business, maximise the opportunities of recovery, and build a sustainable business.
Retain innovation from the tough times – It’s true that ‘necessity is the mother of invention’, and the need to be more efficient – to make more from less – will have forced you to make some tough decisions and bold new steps as sales fell away. Those steps to reduce unnecessary costs and better utilise resources could offer a firm basis for your business to enjoy a strong, lean and sustainable future. Perhaps you reduced waste, made your operations more productive, or even reviewed and cut non-profitable lines – methods that protected your business then can help build growth now. Returning to normal doesn’t mean returning to old ways and the inefficiencies of yesterday.
Invest in greater efficiency – Even in the midst of a downturn, but especially as we look towards recovery, you may have identified opportunities to make your business even more efficient. These may have required an investment of time or money, that just wasn’t available then. As sales levels improve, considering new solutions to boost your recovery and make sure your business remains robust through future cycles, makes sense. Automating your back office functions for example, could allow you to redeploy staff to more value-added activity, machine-learning and IoT could revolutionise your processes and cut downtime, and digital solutions such as blockchain could streamline your supply chain.
Funding efficiency – Adopting a long-term approach to achieving greater efficiency and increasing your productivity and profitability could mean new methods, new processes or systems or investing in new equipment or machinery. Asset finance can help you manage that investment in new equipment or technology by spreading the cost, to help you consolidate your efficiency gains and make the most of your recovery.
Please contact your local HSBC representative to discuss how we can help you and your business.