Many companies are struggling with productivity and efficiency for many reasons. Identifying these reasons and improving on them is the first step to boosting your bottom line.
Analyzing your current processes
If you feel that you aren’t producing as much as you should, the problem could be the production processes you use. Some of the questions you need to ask are:
- Is your production process outdated or labor-intensive?
- Can your workers meet their deadlines?
- Are your core business processes efficient?
- How do your processes compare with those of your competitors?
- Does everyone in your team understand the company’s objectives?
- Have you correctly mapped out your strategic priorities?
The answer to these questions can point you in the right direction towards improving productivity and efficiency. Some of the steps you can take to boost your productivity and efficiency include:
1. Set goals and stick to them
A company must have goals that all employees focus on. Work with your employees to develop short-term and long-term goals. The goals you set should be realistic and achievable. Setting unrealistic and unachievable goals will discourage your workers and lower their morale.
Once you’ve set the goals, develop a system you can use to monitor their progress. And as time goes on, you can make the necessary adjustments to accommodate the changes in the market or customer needs.
2. Keep up with industry trends
As a company, you’ll not be operating in a vacuum. You have to observe what other players in the industry are doing so you can keep up with them or even do better. This doesn’t mean you have to copy or paste what other businesses are doing. You can improve on what they do.
For example, currently, many companies are cutting costs by allowing their employees to work from home. This is something you can implement almost immediately. But first, you’ll have to identify the employees who can work from home, then provide them with the support they need. Working from home only needs a laptop and internet connection. You also must provide them with the software they need to collaborate with the workers in the offices.
3. Invest in Technology
Automation is the current trend in all industries. You may not know it, but your employees could be wasting about 40% of their time by doing tasks that can be automated. So, you need to identify the areas in your company that need automation. These may include meeting scheduling, reporting, data entry, packaging, and others. Apart from automation, you should also buy modern tools and equipment. For example, if you are in the architectural industry, buying a modern large format printer will be a plus for your company.
4. Keep your employees motivated
Employees are the force behind your productivity and efficiency. If you want things done right and in time, keep them motivated. Think about ways in which you can reward those who work hard to motivate others. For example, you can offer them some bonuses or vouchers or take them on a trip. Don’t forget to pay them well and in time.
Provide your employees with the tools they need and make their work environment conducive and secure. You’d not want to deal with so many sick leaves and absenteeism resulting from injuries at the workplace. All these will lower your productivity levels and increase inefficiency.
5. Changes Should Not Be Hastened
If there’s any change you need to make to boost efficiency and productivity, make it gradual. Give your employees time to understand the changes and adapt to them. Making abrupt changes may be counterproductive. Some of the employees who can’t cope with such changes may resign.
Also, ensure you explain to your employees all the changes you want to make and the reasons why you want to do so. Some of the changes you make may require that you scale down the number of employees. So if there are any employees to be relieved of their duties, they need to understand why, so they don’t convey a wrong message to the public.
To keep your company afloat, make sure you follow the tips above. Productivity and efficiency are the two most important factors to keep a company profitable. Remember that when making any changes in the company, you must involve your employees in all the steps so they can feel as if they own the changes.