The road to making your business as efficient as it can be, after you have set it up, is long and often left unexplored. An improved scheme for business productivity is pertinent to all ranks- employers and employees alike. The optimal business productivity scheme works best when the line of action of both parties coincides to create an environment that is salubrious to the growth of the enterprise.
Most business people are unaware of this necessity. In a world that is hyper-connected with every other corner of the terrain, it is tough to keep up with constant improvements to keep your business afloat and successful. Today, more and more companies are rapidly adapting to the expeditious technological advances, creating a huge demand for increased productivity. This demand is growing exponentially, and with each passing second, bringing into being a lacuna where there is too much demand, and too little yield to combat it.
In the globalized market, where some developing countries are making windfall profits thanks to their cheap labor costs in comparison to those in the first-world countries, it is testing to ascertain the source for dwindling productivity.
Traditionally, productivity is a measure of the efficacy of the conversion of input (capital, machines, labor, raw materials, etc.) into output (goods and services). However, over the course of years, this mathematical measure of the input-output ratio has diverted into an incorporeal estimation. “Working smarter” is the official motto for an increase in productivity.
Granted that the tactic of working smart does work wonders, there are a few more pointers which will help you increase your business productivity.
Recognizing the need for improved business productivity is truly the first step to achieve it. You have to ensure that you are conscious of all occurring tabulations. Do not be presumptuous and hypothesize that your business is doing just fine. It is extremely important that you look at your statistics objectively, and qualify your choice of a particular policy or supplier or marketing budget. Once you start questioning these minute, seemingly unnecessary details, it will be conducive to the bigger picture. Not only will this facilitate your understanding of the intricacies of your operations, it will also motivate you to change orthodox ways of functioning in general, in turn contributing to your business productivity.
Acclimatizing yourself to the latest technology is the easiest route to adapting to the increased demand for productivity. With 300 billion emails exchanged every day, computers and smart phones are the harbingers of the new-age in business. In this context, it is obligatory to mention that automation software is the real game-changer. Instead of spending capital on labor and materials, the deployment of automation software can save time, money and resources, while being more efficacious. This also capacitates your employees, who are now put off of tedious hours of paperwork, to centralize their focus onto the necessary areas that require skill and to reduce unnecessary stress about documentation deadlines. One way to implement this method is to use workflow automation software, which digitizes your logistics and streamlines the mechanism of your business. Additionally, you could also upgrade the current equipment to maximize the output, which in turn would enable you to boost your productivity.
Staff relations are perhaps the most crucially overlooked factor on the road to productivity. Operational changes are of diminished values if the staff working for you is discontented with the quality of work and the ambiance. Make sure to allow for an interpersonal growth in the workspace by encouraging a healthy work-life balance, employing work-teams rather than overburdening one single person with all the work, delegating tasks and creating a general sphere of discretionary accountability. Sanctioning remote work and flexible work hours go a long way in ameliorating the focus of the employee and augmenting the quality of work done. In a study conducted by Gallup, it has been proven that a staff that works remotely (at least part-time) are more attentive and able to hold their concentration for longer than otherwise. Another research issued by Dale Carnegie Training revealed that, unsurprisingly, the companies who have more engaged employees at their disposal transcend those whose employees are dispassionate by a whopping 202%. What’s tragic is the latter category is closer to conforming to the current situation; disengaged employees are the norm, not the exception. Studies have also determined that as high as 70% of the workers in the United States are disengaged, incurring more than $450–550 billion per year in lost productivity in businesses.
Apart from administering operational changes and enhancing interpersonal relationships in the workspace, it must be acknowledged that an increased productivity is a collective responsibility. Salesforce Hub cites the debilitating company-culture of many enterprises as a “productivity killer”, focusing on major issues such as too much stress and too little commendation. Mistreatment of employees leads to the embitterment of relationships to the point of no return. Take into account all the elements which are leading up to low productivity and analyze the situation rather than playing the blame-game. Discerning the existent problems and contriving the necessary solutions are possible only in alliance.
In these ways, increasing your productivity rate will open up countless prospects for your enterprise, escalating it to new heights in propitious circumstances.