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The Guide to Increasing Business Productivity

By Jodie Korber on 8/03/17 9:00 AM

Increasing business productivity is synonymous with increasing business growth. By unlocking and addressing the challenges affecting your employees, you can improve productivity, lower operational costs and increase business performance.

To help your business out, read on to find three key ways of increasing business productivity.

  1. Address inefficiencies

Many employees often find that there are certain processes that slow down their ability to produce work. This is often a red flag for bottlenecks and inefficiencies that are usually the main source of employee frustration.

If you recognise any of the following in your business, it’s time to assess how you address these issues:

  • Employees or management sitting around waiting for reports, data, product information, marketing metrics, or any other critical detail necessary to move forward
  • Information silos that result in double-upping of tasks
  • Manual admin tasks that take up time and reduce the time spent in front of clients
  • Chronic late deliveries

Start your productivity assessment by creating a flowchart that shows how the operations of your business work. You might consider creating one big chart for the overall business and then breaking each segment down into smaller pieces so you get a clear picture. Note down how long each process takes and look out for areas that aren’t keeping pace.

How efficient is your current model? - Take Lanrex's Tech Maturity Test

 

  1. Eliminate the Waste

Waste is a word that can mean many different things in business. When it comes to productivity, wasted time is your biggest concern. Sales are the heart of most business revenue, so it is a practical starting point. Look closely at the various services and products your company offers and the input and output for each one.

  • Input = time and money that goes into that product or service
  • Output = amount of revenue it generates

The goal is the breakdown of your business to get a closer look at what works and what doesn’t.

Once you have the figures in hand, start making comparisons. You can automatically eliminate anything that costs more than it is worth — that frees up time for products that do generate income.

Follow this same strategy when assessing other elements of your business. For example, you can compare staffing in different divisions to trim waste and increase productivity. Examine your vendors the same way and look at company assets to ensure you have all the right tools in place and that they pay for themselves.

 

  1. Is your IT adding more to your bottom-line?

An IT strategy sets out the infrastructure that holds up a business’s strategy. Where productivity boils down to the company’s ability to execute a working strategy, the role of IT is to help streamline the execution to deliver results.

There are a number of ways you can use IT to improve the business flow. For instance, why not find a way to automate repetitive processes in your business? Today’s IT systems can perform many varied tasks, from smart scheduling and warehouse robots to standardising internal approval processes and comparing supplier prices.

Business technology is also the answer to faster and more effective communication. IT creates a formal framework for communication that opens up those lines while still providing a level of security. With the right communication strategies in place, you can expand your metrics to measure work performance, set up remote workspaces to reduce operation costs, and enhance employee motivation.

IT provides connectivity through employee portals to improve productivity throughout the organisation as well, resulting to zero communication delays, which cost the business time and money.

Today’s technology is the answer to:

  • Connectivity throughout the business
  • Information access
  • Setting up the foundation for business growth
  • Risk management
  • Real-time metrics
  • Delivering a competitive advantage
  • Business transformation
  • Performance analysis
  • And more…

Boosting productivity means you get more out of each hour of the day — that means more revenue, more customers, and more recognition for your brand. Efficient productivity is the one thing all successful companies have in common, and this is how your business can stay a step ahead of the competition.

If you’d like to learn more about how IT can be your business’s competitive advantage, contact Lanrex today.