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Why do you want to increase efficiency in your business?
Well, increased efficiency = increased productivity, which has been proven to (logically) lead to increased profits.
The bottom line is that company efficiency is great, if not crucial, for your bottom line. And what company doesn’t want to increase that metric?
Implementing business efficiency strategies is a crucial step in maintaining the health and profitability of your business. But you need to make sure that you are putting the right strategies in place. Ones that work, and ones that will endure with the fast-paced and changing times that we are in.
Fortunately, we have rounded up seven of the top performing efficiency strategies that you can implement to fast track your business.
Read on to find out what these are.
1. Allow Your Teams to Work Remotely
Remote working and telecommuting is on the rise, but managers are still reluctant in some cases to allow their workers to operate from home. The main concern around this setup is the likelihood of decreased efficiency and productivity.
But these concerns could not be more ill-founded. Because telecommuting and remote working have proved to have massive benefits for both companies and employees.
One survey shows that working from home and remotely increases employee efficiency.
Another 2-year study conducted by Stanford professor Nicholas Bloom found off the charts productivity increases among participants working from home, which was in some cases equivalent to a full extra day of work.
The same study also found that telecommuters and remote workers had fewer sick days. They also took shorter breaks and took less leave. In addition, the company saved a total of $500 000 on office space rent.
Combine the surge in productivity with the expenses that a company can cut out by allowing their staff to work remotely – and you have a recipe for company success.
2. Make Sure That Your Company Network Is Fast
If you want your employees to work fast and efficiently – you need to make sure that the system they are working on is fast. Otherwise, you will have an entire workforce drumming their fingers waiting for screens to load.
To cut out this time draining problem make sure your company does whatever it takes to have lighting fast servers that can assist everybody to operate at their most efficient pace.
3. Try out Gamification
Many company positions are fraught with boring and repetitive tasks. Boring, mindless work can suck the energy from any good employee and cause them to work slower and slower. Enter gamification.
Gamification is a system whereby employees are rewarded for completing tasks, much like in a computer game. Rewards can take the form of simply having a leader board that promotes inter-department competitiveness. Or they can consist of bonus leave, bonuses, and increased promotion prospects.
Besides these standard rewards types, you can also consider implementing some unconventional ways to reward employees.
4. Implement Project Management and Utilize Tools for It
Project management can improve efficiency by leaps and bounds. To ensure that you are taking full advantage of the function of project management, make sure that your company is applying it to all areas where it can be used.
To help employees be efficient about project management it is also a good idea to utilize project management software such as Trello or Slack. These platforms will easily spread and record employee communications and keep teams on track.
5. Get SEO Down
What has SEO to do with efficiency in business? Well, turns out, in these times – quite a lot.
SEO is the practice of optimizing websites so that Google can find them and display them to people. And, your company has a website, right?
If your company’s site is not optimized for Google and other search engines and therefore ranks lower than a competitor’s, guess who gets the business.
On the other hand, if your company’s website is outranking your competitors, you will be raking in potential clients and sales, with a minimum of hands-on engagement from your employees.
This is why having killer SEO in place for your company’s site is an absolute must and a surefire efficiency hack.
If you don’t feel like putting in the time and man-hours to nail SEO in-house, a great option to look at is to find SEO services that will take care of this highly specialize and ever-changing area for you.
6. Treat Meetings like TED Talks
Meetings are an infamous time suck. But, they are also vital for team communication, which is critically important. So what is the solution?
A solution to the meeting conundrum is to treat them like TED Talks. Presenters at TED conferences have to distill all their information and insight down into power-packed presentations that fit within the required timeframe.
While this may sound a little extreme, it is important to remember that a drawn-out meeting wastes the time of all staff who attend it. Time which they could have been using to complete their tasks.
If many of your company’s meetings take the form of conference calls, then also check out this post of ours on how to run successful conference call meetings.
7. Don’t Burn Your Wings Pursuing Business Efficiency
This may sound a tad dramatic, but we were just trying to work in a Brooklyn Nine-Nine reference. And that is to make sure that you do not develop a Holt-like obsession over company efficiency and end up burning your wings Icarus style.
While efficiency is important, company growth should be the overriding metric. Extreme obsessing over efficiency can actually harm your growth metric, as all focus shifts to optimizing your office efficiency, and growth strategies fall by the wayside.
Which is why one of the ways to increase company efficiently is to practice it in a holistic manner. Tunnel vision and the optimizing of efficiency to the detriment of all else can easily damage the very metrics you were trying to improve by upping efficiency.
Business efficiency is exciting stuff. What’s even more exciting is the effectiveness of these efficiency measures that we have shared with you.
Armed with these top performing strategies for improving efficiency, your company is primed for a growth breakout.
If you are all about top performing strategies, then also make sure you check out our post on how to use technology to reach your business goals.