Let’s talk about waste.
Waste is anything or any process within your business that stands between you and the business of your dreams. It is anything that takes up needless time, money, and/or energy.
This first post in this two-part series, we will identify some of the most common areas of waste with the goal of helping you understand and think about the areas where waste exists in your own business. I aim to show you the power of simplification and waste elimination for any online service-based business. To help you identify areas of waste in your business I have included the FREE Uncover Hidden Time & Profit In Your Business Guide at the bottom of this blog post, so be sure to grab it to get the most out of this info.
Keep It Simple
Simplicity is key when it comes to running a successful online service-based business. Whether you're in the process of hiring and onboarding new team members or focusing on creating a seamless payment and checkout process for your customers, keeping things straightforward is essential.
Take a moment to look at some of these processes you have in place. How many steps does it take for someone to pay you or buy something from you? How many steps does someone have to go through for onboarding?
It is much harder to create simple systems than it is to create complex ones (read that again). If you have seen a growth spurt or other pivotal changes, you will likely find that some systems have become complex and cumbersome.
The Impact of Over-Planning
Over-planning can cause significant roadblocks to business progress. While detailed processes and systems may seem appealing, they can hinder efficiency and productivity. Instead, focus on streamlined systems without excessive detail.
Even as you go through and assess your business for areas of waste, it's about addressing one thing at a time and leveraging high-impact efforts for maximum results. That is why I recommend that once you have identified the areas of waste in your business you mainly focus on your top three areas of waste. This will allow you to avoid overwhelm while creating a meaningful impact.
Five Areas of Waste in Online Service-Based Businesses
These five areas of waste are common culprits that can hinder the growth and success of your business. Recognizing which areas need to be addressed and taking action and simplifying will be your first step to sustainable scaling.
Complexity can be the silent killer of efficiency in your business. It often creeps in when you try to be everywhere at once, offering numerous services that may not align with your customer's journey. To combat this, focus on providing strategic guidance for your customers. Help them navigate your offerings by creating effective funnels that lead them smoothly from awareness to conversion.
Think of your business as a puzzle; every piece should fit together seamlessly to create a coherent picture. However, when components don't align, fragmentation occurs, disrupting your business's efficiency and effectiveness. This might happen when your tools and software don't integrate well or when your processes are disjointed.
When you neglect to keep your content and programs up to date, knowledge depreciation sets in. Outdated knowledge can lead to confusion and inefficiencies in your business. Ensure that your content and programs remain relevant and aligned with industry trends.
It's a common entrepreneurial trap: prioritizing the creation of new things over-optimizing existing ones. Consider dedicating time to optimize your existing systems and processes. Simplify where necessary, and reduce unnecessary complexity to improve overall performance.
Quality matters, especially in the realm of online service-based businesses. Poor quality can manifest in various ways, such as subpar content, unreliable services, or inconsistent customer experiences. Review your processes and deliverables to identify areas where quality might be compromised.
Embrace Getting Rid of Waste!
By focusing the top three areas of waste in your business, you can expect to reclaim your time freedom, increase profit margins, and gain greater autonomy in your business operations.
Remember, it's not about working harder; it's about working smarter and more efficiently.
So, are you ready to simplify your business for success? The second part of this two-part post will cover the remaining areas of waste and, most excitingly, actionable steps on reducing your top areas of waste and continuing on the path to building your dream business.
by Crista Grasso
Crista Grasso is the go-to strategic planning expert for leading global businesses and online entrepreneurs when they want to scale. Known as the "Business Optimizer", Crista has the ability to quickly cut through noise and focus on optimizing the core things that will make the biggest impact to scale a business simply and sustainably. She specializes in helping businesses gain clarity on the most important things that will drive maximum value for their clients and maximum profits for their business. She is the creator of the Lean Out Method, 90 Day Lean Out Planner, and host of the Lean Out Your Business Podcast.