The world is moving faster and faster, processes and the way things are done are constantly evolving, and it is the task of companies to adapt to this new pace in order to keep growing. Experts crave instant achievements and the power to optimize their valuable time.
That is why we have made a list of 10 strategies to increase your company’s productivity where you will find the keys to streamline all processes while maintaining a high quality in your products and services.
What is productivity?
Productivity refers to the relationship between production (creation of a product or management of a service) and those resources and means necessary to carry it out.
A greater increase in the means of production constitutes a fall in productivity. Conversely, an increase in productivity may result in a decrease in costs, even if the volume of business requirements remains unchanged.
How can I increase the productivity of my company?
1. Establish a financial plan
To consolidate the economic stability of your business it is essential to have a good financial plan. Keeping a record of all expenses and profits, is also a very basic way to increase the productivity of your company, because thanks to it you will be able to measure more accurately the statements of account while keeping a good track of the financial evolution.
Based on the data obtained after the implementation of a correct financial management, you will also be able to analyze all the guidelines to determine the profitability of your ideas, thus achieving the possibility of making decisions and establishing short and medium term objectives much more quickly.
2. Establish clear growth goals
Do you know your expectations? Do you know how much you want to sell and earn? Making an action plan on a semi-annual, quarterly, or four-monthly basis, and setting clear and measurable objectives to be met during those periods of time, will guarantee you better results. But in order to do this correctly you need to know where you want to direct your business.
Setting a specific destination is what will determine the path to follow and will allow you to set the appropriate goals to get where you want to go. Knowing yourself and your business well is what will mark the direction of each advance.
3. Implements task software
Getting properly organized will help you better manage your company’s time, and you will achieve more with less effort. An easy way to do this is by using a task management software that streamlines the distribution and monitoring of your team’s tasks, and which also makes it possible to set deadlines for each project.
This, apart from optimizing time management, will also allow you to keep track of everything that is being done, it will be a way to systematize your company. There are many applications you can use: In the TAS Consulting team we use ClickUp, however others such as Trello, Asana, Basecamp, among others, will be of great help for the organization of your business processes.
4. Devise a marketing plan
You will see that customers do not arrive on their own, in most cases, especially if you are starting out, you will have to invest in a marketing plan to attract them. And whatever the strategy chosen to attract them, you should not trust it, analyze it and always look for ways to improve it.
The market is constantly evolving and to stay on top it is important to determine what is working and what is not. Using metrics such as CAC (Customer Acquisition Cost) will help you keep track of the effectiveness of all your marketing plans, letting you know which tactics are worth focusing on, which ones should be stopped, or see if it’s time to create new ones.
As an extra tip, when you have already established a community of customers, try not to overwhelm them with excessive messages aimed at generating sales, be reciprocal and offer them valuable content to engage with you. Remember that it is more expensive to get new customers than to keep them.
5. Organize status meetings
Taking stock, evaluating work performance and performance, adjusting the assignment of tasks, is conducive to the establishment of a good organization and, therefore, to increased productivity.
Therefore, it is necessary to make sure to call only those employees directly affected by the meeting, set the purposes behind an agenda and make sure that the agenda is respected. It is preferable to opt for short meetings focused on a specific point.
6. Make sure your employees understand the vision of the company
For the vision you have for your company to become a reality and not just words on paper, your employees must do what needs to be done and how it needs to be done. For this, it is necessary to communicate the key aspects of the organization to your employees (including your customers, investors and the community). The values, purpose and brand promise will be the pillars that will support your company culture and help you form an identity that will help you attract the right people and talent to fit the company.
7. Generates motivation
Certainly, an employee aligned with the company’s vision and culture will be committed to the company’s objectives and will feel motivated. But this same initial motivation can wane, regardless of whether the salary is good, if you don’t offer other benefits such as training time, long-term projections, or productivity bonuses.
In the end, keep in mind that these same benefits translate into recognition for a job well done, and if your employees are paying off, they are well deserved. In addition, letting them know that you appreciate their efforts will not only keep them motivated but will also drive them to improve, which is a very good thing since the success of most companies today goes hand in hand with the evolution and progress of their employees.
8. Optimize the quality of your products and your customers’ experience
“One of the things I’ve always found is that you have to start with the customer experience and work the technology backwards. You can’t start with the technology and try to figure out where you’re going to try to sell it.”
To improve your company’s productivity, it is not enough to simply adjust work protocols. The way in which you perform that work and the elements you take into consideration to do it, will also play an important role. Focusing on improving your product, from the right perspective, will surely save you a lot of money and time, and that perspective is, at least for a great entrepreneur like Steve Jobs, from the customer experience.
Think about what needs your customers have and how you can complement them with your product or service portfolio?
9. Know your limits
Never over-promise. You must know the limits of your business and commit yourself according to the capabilities you have at the moment.
This does not mean that you miss opportunities for growth, but offering or selling more than you can because of the anxiety of pleasing every customer that knocks on your door, will only cause the wear and tear of your team, and possibly, an imbalance in the quality of your products or services, something that will undoubtedly damage your business reputation and decrease organizational motivation.
10. Take a break
Because not everything is work, sometimes it is necessary to stop, take a break and replenish energy to analyze the scenario later with a renewed mind. Rest is essential to relieve stress levels that tend to be recurrent in work environments.
Between each activity and prolonged work time, take a break to relax and reduce mental exhaustion. Likewise, offer your employees recreational spaces where they can disconnect and comfort themselves, this will prevent them from getting tired very quickly and will make them feel more comfortable with their workplace.
Remember that many of the best ideas have emerged in calm environments. For example, we have the famous case of Toru Iwatani, who came up with the idea of the Pac-man videogame during a pizza outing with his colleagues, which would later make his company Namco billions of dollars. So maybe the next coffee break will be the secret ingredient for your team to get a good dose of inspiration.
Did you already know some of these tips for increasing business productivity? If not, you probably need to update the way you run your business. Of course, it may not seem easy to implement all of these tactics overnight, but with our legal counsel and management services, we’ll take the hassle out of it. Contact TAS to start the process of taking your business to the next level. Enter here.