Running a business across multiple spots? It’s a whole different ball game when it comes to keeping everything in check.
We’re going to break down the must-know tricks for managing resources like a pro, from planning your moves and watching the money to sharing what you’ve got and making smart deals.
Plus, we’ll talk about how tech like automation and real-time data can really smooth things out and help you make better calls. Nail these strategies, and you can handle the multi-location juggle like a champ, setting your business up for some serious growth and long-term success:
7 Tips for better managing multi-location business resources:
Use Proper Resource planning
One best practice is to take your resource planning as seriously as possible. Make it a priority to meet three times a year to assess and re-adjust our planned schedule according to its effectiveness, employee and budget-wise.
Moreover, using a Gantt chart will streamline your workflow and further promote accountability and transparency within your team. It’s definitely easier to organize and monitor your resources too and re-allocate duties as needed to avoid employee burnout.
For instance, if you used to have a lot of roadblocks on projects that required different departments in your team to work together. It’s mostly due to miscommunication, so this chart will not only guide you throughout each task but will also make collaborating on projects much easier.
Monitor cash flow carefully
Keeping a business running longer means managing resources carefully. Cash flow makes or breaks a company. Cutting unnecessary costs is the first thing you should focus on. Fixed costs can drain flexibility fast.
Prioritize essential expenses while always paying attention to the cash flow. If the resources are limited, it will most likely be arranged through simple spreadsheets, but it doesn’t matter what the method is if it works.
With such an approach, you will be able to cut unnecessary costs and see the spending pattern. As the budgets will grow with business development, it’s also worth it to add automation and optimize the operations
Have a SOP for all operations
If you manage multiple locations, standardizing operations across all sites can create consistency and reduce redundancy. For instance, implementing centralized communication and resource allocation tools simplifies management and ensures everyone is aligned.
Consistently reviewing performance metrics helps identify areas for improvement and ensures resources are being used wisely.
Avoid overstaffing in your underperforming locations
More often than not, businesses try to overstaff their underperforming locations in hopes of increasing sales. However, this is often not the most effective use of your resources. Instead, you should try to allocate more resources to your better performing locations.
Scott Chesarek, Co-founder of J&S Transportation said “We’ve applied this in our business & saw a significant increase in revenue. Increasing resources in our high-performing locations by 10% boosted sales by around 17%.”
He also added, “as for our existing employees, they were able to have some breathing room, which led to even more productivity in our internal operations”
Leverage cross-location resource sharing
Another key strategy is leveraging cross-location resource sharing. In businesses with multiple locations, there are often resources underutilized at one site that could be invaluable at another. Whether it’s equipment, staff, or inventory, sharing these resources can help cut costs without sacrificing quality or service.
For instance, you can rotate staff between locations based on seasonal demand, and share marketing materials across branches to keep costs down. This approach helps maintain service levels while stretching budgets further.
Negotiate better terms with your business partners and suppliers.
When you’re managing a business with multiple locations, getting the best deals from your partners and suppliers can make a big difference to your bottom line. It’s all about negotiation. Start by doing your homework: know what you need, what your budget is, and what your suppliers offer. Then, don’t be afraid to ask for better terms, like discounts for bulk purchases or extended payment plans.
Remember, your suppliers want your business just as much as you want their products. Instead of each location ordering supplies independently, consolidate purchasing under one system. This not only allows you to negotiate better bulk pricing but also reduces over-ordering and waste.
Apply Automation When Possible
For effectively managing business resources, you need to integrate automation and real-time analytics for efficient systems. You should automate routine tasks using AI to minimize human error, and with real-time analytics integrated, you can track performance metrics, adjusting accordingly when necessary.
Streamlining operations and offering precise data management helps sustain an organized and effective environment.
Automation brings consistency and efficiency because it reduces manual intervention, leading to fewer errors in routine tasks. This improvement not only saves time but also frees up human resources for strategic activities.
Conclusion
In summary, If you can follow the above tips, you’ll be able to better allocate your resources across multiple locations without breaking the bank. This will also ensure you have sufficient resources in every location to conduct your business properly.