Efficiency is becoming the hallmark of many businesses in present time. All businesses, despite size and sector, have the ultimate goal of embodying efficiency in all their operations.
So, how can you improve efficiency in your business? This article will consider ten ways of improving efficiency.
1. Time Management
Many people have a false notion that they are good time managers. Research shows that only about 17% of people are good time managers. Hence, the greater majority of people are unable to track and manage their time well. It is imperative for one to track the time that they spend on certain tasks. Tracking will enable you to know which activities are taking up most of your time; and whether they are adding value to your business. Once you do this, you will be able to schedule your time and activities and you will focus on the essential ones to your business.
2. Improve on Communication
If you’re a manager, one essential thing that will improve efficiency is communication. How well you communicate with your team or employees will greatly determine the flow of work. Make a point of ensuring that there’s a clear and convenient way of communicating. Whatecer method you use for communication, whether it be emails, phone calls, structured meetings, instant messaging. or social networking platforms, ensure there are clear rules to keep the communication relevant, clear, and that it is not interfering with the effective time management of the team.
3. Give your Employees Incentives
All humans respond positively to incentives. In fact, if you want people to be at their best and peak performance, just give them a promise of a reward after. They will all strive to be at their best. And since you want the best for your business, give your employees an incentive. Your business will run more efficiently. When giving these incentives, remember that it’s different strokes for different folks. Take into consideration each employee’s tastes and preferences. You could take them out for a luncheon, or you could give them a bonus.
4. Delegate Tasks
Sometimes, you may have too much on your plate. Don’t be afraid to delegate. Even if you value your business so much that you cannot leave it in the hands of another person, sometimes delegating is inevitable. Let someone else who’s qualified take over and handle a specific task that you have to do but you don’t have the time to do, and ensure they know what to do, when it is due, how the results will be measured, and the consequences if the task is not completed effectively. This will have a wholesome effect in efficiency, in that, the task will be done within the time frames, and you will also have imparted some sense of responsibility and experience to the employee you delegated to.
5. Listen to your Employees
If your employee has a proposal on how a certain task can be handled efficiently, by all means, listen. The benefit of listening to such ideas is wholesome as you will benefit from the proposal itself and you will boost employee morale. Ensure you always advise the team member what will be done with their proposal and if nothing will be the explain why. The premise here is inclusivity.
6. Use Technology That’s Reliable and Secure At All Times
Security and reliability are two pillars of efficiency. Specifically when dealing with technology, have a system that will get the work done as effectively as possible.
7. Have Smart Goals
This may sound cliché, but the truth in it cannot be undervalued. Having smart, measurable attainable, realistic and timely goals is the key to a more efficient business. Have your employees know these goals so that they are more productive.
8. Monitoring and Evaluation of Performance
It’s important that business owners monitor and evaluate the performance of key business aspects over time. With the use of performance indicators, you can gauge how your business is progressing, what actually works, what does not and how you can improve.
9. Provide an Environment that Fosters Feedback
This can be done on two fronts; the employees and the customers. When you roll out a certain policy, have your employees give you feedback in terms of whether it’s achieving its intended objective. In the case of customers, have them give you feedback on the product or service you’re offering. Also, give a platform for compliments or complaints that either may have. With adequate feedback, the efficiency of operations will be enhanced.
10. Create a Flat Management System rather than a Tall One, but have a system!
Too much bureaucracy is bad for business efficiency. It delays decision making and slows action. A flat management system greatly reduces bureaucracy that is characteristic of tall management systems. Having a good system boosts efficiency as it speeds up action and decision-making as the number of people involved is less.