HOW CAN A BUSINESS IMPROVE EFFICIENCY?
All businesses should be running at their most efficient. Increasing your efficiency can help you raise your profit margins, stay competitive in the market and even improve your innovation. Try these 6 tips to get ahead.
1. PROVIDE THE RIGHT TOOLS
It seems obvious, but you might be surprised how many businesses aren’t providing their employees with the skills and tools they need to do their jobs. The one-time fee or yearly subscription cost you may pay for a tool will often repay itself tenfold in terms of getting work done quickly and accurately.
2. DO A DAILY STANDUP
Also called huddles or scrums, a short, daily team meeting should be a part of your routine. Keep your team updated on what everyone is working on, who needs help and who might have extra time and problems or questions team members have. Face-to-face communication is the most efficient. Other than this meeting, try to limit interruptions throughout the day.
3. CHANNEL YOUR TEAM AND COMPANY FOCUS
Don’t confuse being busy with being productive – they’re not necessarily related. We all know someone who is always busy, but never seems to get anything done. As Tony says, “Where focus goes, energy flows,” and it’s crucial to keep your employees focused on just one task or goal at a time. Make it clear what’s most important, and efficiency will follow.
4. KNOW WHAT TO CUT
Examine your operations and the processes you have in place. Look for redundancies, dated or excessively complicated processes or unclear procedures. These are all prime candidates for consolidation or elimination. But don’t cut corners. Prioritizing efficiency over quality or safety only leads to bigger problems down the line – when they’re more expensive to fix.
5. NEVER STOP IMPROVING
Running a successful business takes a certain mindset – one of constant improvement, hunger and the knowledge that there is always more to learn. It’s a personal trait, but it is also one that you can make a part of your company culture. It will encourage risk-taking and innovation, which are both important in creating efficiency.
6. USE TECHNOLOGY
In terms of tools to help us make business – and our lives – more efficient, there has never been a more exciting time to be alive. Use technology strategically to complement the strong workforce you develop.
The first step to increasing your business efficiency is to zero in on your goals, communicate them to your employees and set reasonable benchmarks to measure your success