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Putting efficiency at the core of business growth

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No matter what products a company offers or industry it operates in, almost every business ever created has two main objectives: to deliver these products for profit and to grow consistently. Given this, businesses would normally aspire for better output, pushing performance benchmarks, sales targets, and innovation and productivity rates to more heights year-on-year. However, is this the most effective way to reach peak performance?

When pushing for growth, organizations should put high importance in promoting efficiency. Without being efficient, the amount of work done would normally be disproportional to the amount of output produced. If you think your organization is not geared towards efficiency, here are a few aspects to keep in mind.

Revisit the basics thoroughly

As employees and decision-makers within an organization continue to perform daily tasks, the risk of falling victim to inefficiency becomes bigger. Therefore, it’s important for businesses to review the culture and processes in place across the board.

Finances

Efficiently saving money doesn’t just require maintaining a firm grip on your organization’s cash flow or a close look at your balance sheet. In fact, there may even be times when opportunities are not fully maximised in a savage effort to cut back expenses. Knowing which expenditures help provide the biggest growth opportunities could make a big difference.

Time

In addition, time is just as equally important for your company as to everyone else. Compared to other resources, time cannot be manipulated to increase. Employees should learn early on that time is very valuable, and should be allocated in highly efficient means. A culture where time sensitivity is strictly adhered to could help drive higher productivity without putting in a significant increase in work hours – saving both the employer and employee valuable resources.

Communication

Wasteful communication also poses a risk for efficiency. Through the years, digital communication means have become commonplace at work, leaving little room for face-to-face interaction. While emails are usually preferred over two-hour meetings, it might be better to discuss complex ideas in person. Email, chat, and talking over the phone should not replace the need to talk in person, as these digital means can’t carry essential communication aspects such as tone of speech and interpersonal connection necessary for effective discourse.

Embrace technologies with efficient benefits

Pushing for growth while being efficient at the same time is quite a feat to pull-off. While it may look easy on paper, managers know all too well how hard it is to operate at peak performance while making sure things are running as smoothly as possible. Thankfully, advances in tech has ushered in a myriad of business tools geared to help employees become efficient. For peak efficiency at work, there are several time and workflow efficiency tools that your business could use, as well as enterprise-level payroll software products to help manage your organisations’ time logs, such as Payroll Metrics.

Promote synergy and inclusiveness with a positive culture

As companies focus on streamlining their processes in pursuit of ever-higher targets, they sometimes lose sight of the importance of a positive culture at work. However, based on a number of studies, companies that fail to combat a cut-throat environment and operate with a negative culture could end with negative results:

  • Healthcare expenditures are 50% higher
  • Disengagement, which can cause as much as 37% higher absenteeism, 60% more in errors and defects
  • Workplace stress, which accounts for over 50% in voluntary turnover

See to it that your workplace promotes engagement among colleagues. When effectively done, this could help eliminate unhealthy competition, encourage collaboration, and yield better output throughout the organisation.

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