Productivity and operational efficiency are crucial aspects of any company. They are internal, and therefore, manageable factors that ultimately determine your business profitability. You can do something to improve them and your chances of entrepreneurial success. To develop them, you only need to focus on two things: processes and people.
Processes are the activities that make or break your business. Without them, your company will cease to move forward. Therefore, it is also of primary importance that you find ways to improve their efficiency. The first step is to review all your processes end-to-end and identify ‘bottlenecks’ and other problem areas.
The key here is to address these problems and to explore all viable solutions like technology. For example, if your company is involved in franchising, you may want to look into automating your royalty payments accounting. You will have to invest more, but your company will reap its benefits in the long run.
Your staff is necessary since they run your business. Without them, companies would not exist. So, invest in them. While there have been lots of things written to describe how one may improve employee productivity, they all recommend different strategies to attain it.
But all of them seem to agree on this one business tenet: an employee needs to be engaged. Engaged employees are a happy lot, and they will boost your company’s performance. Their general satisfaction may stem from a variety of reasons from perfect cultural fit, skills match, good management, and work-life balance.
The key here is to identify that specific cause of an employee’s happiness and to sustain it. One tool that measures employee engagement is the Gallup Q12 Employee Engagement Questionnaire. Research on it and find out how you may be able to use it.
As a conclusion, you need to take care of your people and processes. If they are in good shape, they will serve as your company’s metaphorical well-oiled machine. Ultimately, their productivity and operational efficiency will drive your business to success.