There are many ways to increase the profitability of your business. In some instances, increases in sales come through improved advertising techniques or rebranding your company to be more appealing to your target market. However, more often than not the key to making a business more profitable is to improve its efficiency.
When productivity is high, it means that more work is being done in a shorter space of time, saving you money and increasing your overall sales turnover. So, if the turnover of your business appears to be running a little too slowly, whether it’s due to slow decision making processes, outdated software or unenthusiastic employees, here are five ways that you can improve its overall efficiency.
Encourage in-person communication
No matter how good your intra-communication systems are online, whether you use email or a dedicatedstaff communication network, no message sent online is going to be communicated as well as it could be in person. Messages and emails can easily be misconstrued, or information can even be overlooked altogether. So, if you want to improve efficiency between staff, the more that you can encourage face to face communication, the better. One way that you can break down barriers of verbal communication is to use an open plan work space, or implement an open-door policy.
Update your software
Old or outdated software can slow down businesses in various ways, from sales being reduced through sluggish and unreliable e-commerce systems, to web applications that are confusing and not user-friendly. To combat this, you may want to visit www.cosource.com.au and look into customizable software development for your company.
When people start to grow tired and their energy begins to flag, it decreases their productivity, even if they don’t notice it themselves. To combat this, you may find it more efficient to split up the working day with short five or ten-minute breaks for employees. During this time, they can get up and stretch, grab and drink and a snack if necessary, and replenish their energy levels so that all their time spent working is as effective as possible.
Hold daily meetings
Keeping your employees on track means keeping up to date with their daily working habits, and checking in regularly to ensure that they understand the company’s overall aims and goals so that they can work to achieve them. Daily meetings are always a good way to get employees up to speed with any new developments, and alsooffers a chance for them to relay any important points that need to be addressed so that the working day can go ahead uninhibited.
Delegate single tasks
While it is an important skill to be able to multitask, it is not necessarily the most productive method for increased efficiency. Focusing on one task at a time is important for getting more work done in a shorter space of time without leaving half-finished projects out to dry. Therefore, you may find it useful to delegate tasks in smaller batches, so that those who are quicker at completing projects can progress more easily.