Are Bottlenecks Sabotaging Your Time: Why Quarterly Process Reviews Are a Must for CEOs

posted by Administrator on 08/25/2021 in Blog Posts  | Tagged ,

How often are you reviewing your processes to ensure they aren’t producing unnecessary time bottlenecks? If you were to ask most CEOs, the answer may surprise you.

Researchers have found that up to 44% of employees (including CEOs) are wasting time at work every day because of process inefficiencies. That could account for hundreds of hours a year of lost time spent doing extra work or steps that don’t move the needle. So, if you have not reviewed your most time-consuming processes this year (or in the last quarter), then it’s time now to do a deep dive and see where you can save time by creating more streamlined processes. Here’s what you’ll want to look for when you do an internal process audit:

  1. How much time does the process take in comparison to the revenue it produces? If you find that a process that accounts for only 10% of sales is taking more than 10% of your employees’ time, then there’s something that needs to be fixed here. The goal is for the percent of sales to match (or be less than) the time it takes to complete the task. Obviously, tasks that have a higher revenue-generating potential may take more time, on average, but it’s equally important to track those items as well to ensure you’re not overcomplicating a process that can be easily reduced or automated altogether.

  2. Is every step in the process really needed? Many times a company’s processes are built by people who are also learning the process at the same time. This can result in redundant steps or missing steps that may ultimately add to more steps being added onto the process at the end. That’s why you’ll want to study each step and determine if it can be shortened, automated, or eliminated completely.

  3. Is there a better way to do the process in less time? This often comes down to research. All too often companies settle for doing something a “certain way” because they don’t have the time or they lack the expertise to figure out a more streamlined approach. Whether it is hiring a consultant or considering a new system, it’s vitally important to stay open-minded to the fact that there is usually a better and more time-efficient way to do what you’re doing. Even if your teams can carve out 2 hours a month to research other tools to improve the process, it’s well worth the time investment to generate time savings that can result when you find a more efficient way.

These are just a few questions to consider when you review your company’s internal processes. But, CEO beware: these questions should be applied to not just operations, but also to how you work as well. 

Ask yourself, what processes or steps am I taking in my day-to-day work that could be eliminated, altered, or updated in some way? 

Chances are very good that if you take the time to do a thorough deep dive into what you do on a regular basis, then you’ll be able to pinpoint at least one way that you can save time and work more efficiently.