Tips to Improve Business Efficiency

May 22, 2022

The goal of any sensible company should be to eventually increase revenue and grow. In this day and age, neither of these milestones can be reached if you allow your business to waste any of its human or material resources.

The contemporary global economy is experiencing countless hurdles ranging from the incomplete post-COVID-19 recovery to the ongoing European crisis. Add to the equation that the business landscape has been, for quite some time now, making big steps in the sustainable direction and that we are currently facing one of the worst labor shortages in recent history and you will see why the struggle for higher efficiency rapidly transitions from welcome novelty to an absolute requirement.

Let us then take a look at a couple of tips that should help your organization overcome these issues and start working at the optimal capacity.

Automate whatever you can

To put it simply, machines are much more capable of handling complex, repetitive, and data-heavy tasks than human beings. Putting these chores under the surveillance of AI can make your business considerably leaner, faster, and, in turn, efficient. Furthermore, these efforts can become an excellent launchpad for your future digital transformation initiatives that could eventually make your company's entire workflow automated and integrated under the same AI infrastructure. Some of the candidates that make this list are backups, data entry, social media posts, scheduling, and similar tiring procedures.

Hold daily meetings

These meetings don’t have to be overly long and complex – 10 minutes of the open, face-to-face talk will be more than enough to inform employees about daily goals, get them on board with corporate values, ask for their incredibly valuable feedback and learn more about their grievances. What you do need to do, on the other hand, is to make these meetings as company-wide as possible (larger collectives can send their department representatives) so you can get a more complete picture of the challenges your workers are facing, find solutions that will benefit all departments, and make sure your messages are understood.

Streamline the workflow

Efficient companies are built on precise and clearly outline procedures. However, while pursuing these goals, a lot of organizations fall into the trap of creating workflows that are overly complex and riddled with unnecessary mutual dependencies, and bottlenecks. Try to avoid these problems by breaking down the workflow into individual tasks, see how you can simplify, refine, and automate them, and put them back together in a way that will embrace asynchronous work and give your employees higher autonomy. A looser business structure coupled with a higher focus on personal responsibilities should do the job.

Outsource non-critical tasks

The modern business environment is too fast-paced and rapidly evolving to try to keep all of your non-critical on par with their native industries. Trying to do that may only spread your resources too thin. So, if you are, for instance, running a company in Australia you can get much better results by tapping into the booming local infrastructure and hiring some of the companies doing SEO in Sydney or some other metropolitan area than trying to develop this department in-house. A similar thing can be said about the other non-critical business facets like bookkeeping, accounting, logistics, IT maintenance, and so on.

Involve employees in decision-making

Even though this decision may seem counterintuitive and a move that undermines the managers' authority, egalitarian organizations have proved to be quite effective in performing complex projects. The workers like to know that their work is appreciated and their opinions heard. Giving them a say in the important company-wide decisions will give them ownership over the brand and motivate them to strive for better results. So, aside from addressing the smaller-scale issues in your daily meetings, you can form a committee comprised of employees from all levels that will engage in strategic planning.

Discourage multitasking

People like to tackle multiple tasks at the same time thinking they will be able to plow them through simultaneously. That is a big mistake since, according to recent research, only 2.5% of all people in the world are capable of multitasking efficiently. The remaining 97.5% are only losing time and productivity. If you want to encourage some more efficient way of tackling heavy workloads, you can present your employees with tasks that will be organized by priorities or schedule their obligations so they can use some time management strategy like Pomodoro Technique, Parkinson's Law, or Eisenhower Matrix.

Leverage cloud infrastructure

The present-day business world is dominated by digital technologies. The best way to make your business a part of this environment and improve its overall efficiency would be to ditch your traditional infrastructure and replace it with a more efficient cloud-based alternative. This way your company’s assets will become available to all employees 24/7, you will get a powerful collaborative platform, and be able almost entirely eliminate the paper documents. Also, these platforms are very scalable and subscription-based so you can easily adjust them to current necessities and pay only for what you use.

We hope these few suggestions will give you a general idea about the strategies you can use to improve the efficiency of your company and keep it competitive in the contemporary business environment. The current global economic outlook is far from favorable, but that doesn't mean the organizations won't be able to reach success if they only put more effort into using their resources more rationally. This is, by no means, an easy task but now you know which direction to take. And from this point on, every step is a step forward.

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