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How to Improve Efficiency and Grow Your Profitability

Friday, February 24, 2017 13:51
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(Before It's News)

Although your business is running great, you know it could be better. Sometimes, tasks take more time than they should, or important meetings now seem to drag on forever. The workplace may begin to feel like wheels spinning in mud. So how can you get some traction back? By improving your business’ efficiency of course, here are a few tips to get you started:

  1. Encourage Face-to-Face Communication at the Workplace

While sending a quick message to a co-worker may seem efficient, it does not work out that way most of the time. It sometimes leads to an endless back-and-forth exchange that may end up consuming precious hours. Face-to-face interaction is especially important if one employee is trying to get clarification on a complex issue from another employee. Although chat has its place in the workplace, face-to-face interaction for complex issues should be the norm in the workplace.

  1. Encourage the Sharing of Feedback at the Workplace

The employees always have an opinion on what can be done to improve the efficiency of the workplace. After all, they are the ones that interact on a daily basis with any systems that you implements at the workplace. You can encourage them to give you feedback anonymously via an online portal. Besides that, you should hold weekly or monthly meetings during which, the employees are encouraged to talking up about how they think the business should be run.

  1. Install Accounting Software

Most medium-sized and small business owners are guilty of waiting until the last minute to organize their bookkeeping. However, this means that they end up missing some tax deductions because they are in too much haste. Accounting software ensures that everything is always reported with a high degree of accuracy. That way, there is little chance of you missing any great tax deductions. Besides that, it will mean that bookkeeping takes up less of your time.

  1. Discourage Multitasking at the Workplace

Most people believe that they are good at multitasking, which may be true. However, that does not mean that they are good at it. In most cases, multi-tasking means that your output also goes down. Thus, it is important to encourage everyone at the company to concentrate on one task at a time at the workplace. It ensures that projects do not take longer than was intended. Besides that, it ensures that the quality of each project is not compromised.

  1. Set Realistic Goals for the Business

Once you have made improvements to your business, you will also need to make realistic goals. Set goals that are broad and overarching for the entire business. Additionally, work with individual departments to see which roles they can play in meeting these goals. You should also go down to the employee level. In short, everyone must know which part he or she is to play in meeting these goals.

By setting achievable goals, it gives employees the motivation they need once they begin hitting their targets. Always remember to reward employees for achieving the business’ goals. Set up a company-wide activity such as a retreat where everyone can relax and appreciate what they have achieved.

Summary

Improving your businesses’ efficiency will certainly be daunting. Do not be intimidated by how much effort it may require. When you succeed, you will be proud of the achievement.

The post How to Improve Efficiency and Grow Your Profitability appeared first on 20s Money.



Source: http://20smoney.com/2017/02/24/improve-efficiency-grow-profitability/

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