Are you tired of not meeting the Market’s demand and losing customers because of inefficiency in supplying their demands? This post is for you.
Every entrepreneur desires to have a productive business because, as this is part of what guarantees success and the needed cash flow needed to keep the business afloat.
“Productivity means a balance between all factors of production that will give the maximum output with the smallest effort” Peter F. Sticker.
Productivity in business refers to how efficiently and effectively you (and) or your employees achieve the goals and tasks set before them.
It is important to note that spending more working hours does not necessarily translate to an increase in business productivity.
Here are some tips to help increase productivity in your business:
1. Be Strategic
Commit yourself to a realistic goal and have plans on achieving it. As your business is growing, you review your plans and goals for your business.
Also, creating a marketing calendar that covers your marketing activities for a certain period helps keep your business organized and in check, thus making it easier to track and manage your marketing budget.
2. Have Access to the Right Tools
Studies show that businesses that utilize modern technology tend to be more productive and profitable as it helps support the employee in their tasks. It increases individual production performance, efficiency levels, and overall productivity. It accelerates work rate and ensures good management of resources which could cost the business
3. Effective Management and Supervision
Have a system and structures that maximize employees’ ability. Therefore, there is a need to communicate clear goals and instructions to the employees. A well-written job description clarifies the role of employees and helps managers and the employees develop specific performance objectives that are important.
An established driver of employee productivity is periodic contact with their direct boss. This is because their boss hopefully helps them overcome roadblocks, brainstorm ideas, and better understand how the overall company is served by their individual or team activities.
4. Delegate Tasks
Have a structure for delegating tasks instead of multitasking yourself or your employee (s).
Multitasking can hurt an employee’s productivity by 40%. According to Forbes (2021), multitasking will damage employees’ productivity rather than improve it. Studies have shown that it can be exhausting for the brain to continually move from one job to another, making an employee less successful. The result shows that multitasking kills productivity at a faster rate because it eventually hampers workflow, resources, and profit.
5. Employee Training and Development
Research shows that employees’ lack of proper training is the most common cause of low productivity in business. Inadequately trained employees may slow down productivity.
Training and equipping them with the necessary knowledge and skills will boost their efficiency, and make them reciprocate the same value given to them.
These tips are sure ways to drive profit, reduce operational costs, maximize resources, and improve customer service.