It is a widely held belief that 9 out of 10 startups eventually fail. The numbers may seem saddening but present a fairly accurate picture of the state of new businesses.
While there may be various reasons for a failed startup attempt, but productivity remains the most important KPI to gauge business’ performance and future potential.
Improve the yield of your business and boost its efficiency by:
Related Article: Management Starts Here: 5 Ways to Increase Office Productivity
1. Reviewing Existing Setup and Automating Operations With Technology
Look at your business and its processes from the point of view of a potential investor. There may be several areas of inefficiencies which can be transformed to deliver a more efficient and less costly operation. A lot of redundant tasks can be automated by virtue of technology and software, doing away with the need of a dedicated staff. For instance:
- Rubberstamp: It is a Procure-to-Pay system which automates the process of acquiring raw materials and manages the invoices, billing and payment. It prevents fund leakages from various loopholes of the process and saves budget overshoot and complex paper trails.
- Logentries: It aggregates all your company’s logs and data at one place integrated with cloud, regardless of size, format, volume or infrastructure. Using the data, it provides detailed analytics with correlation amongst fields to identify trends. It provides data security and pattern based alerts for important changes, breaks or failures.
- Marketo: It is a software that automates your marketing activities. It covers diverse platforms like emails, social media, push notifications, in-app messages etc to deliver your company’s marketing communication. It provides a complete CRM solution along with a detailed analytics to review the performance of your digital marketing efforts.
2. Encouraging Flexible Work Schedules and Controlling Employee Absenteeism
Nowadays, it hardly matters if the employee is physically sitting in an office or working remotely from home, as long as the work gets done. Countless researchers have unearthed the fact that most people prefer working from home. It is not only better for improving motivation levels but enables workers to get more work done. If your business cannot afford for a remote working, allow flexibility in working hours. For instance, providing 8/9 hours work window instead of a fixed login logout schedule.
Employee absenteeism is a problem when the leaves are unscheduled and sudden. As per a 2016 white paper by Cascadehr, there is an evident link between employee engagement, well being and absence. It recommends steps to create a well being initiative as:
- Understanding the link between organizations engagement scores and absence rates.
- Developing and implementing employee engagement program.
- Analyzing current wellbeing initiatives and/or assessing the satisfaction levels of employees.
Related Article: 12 Low-Tech Ways To Be More Productive
3. Creating Spaces for 3Cs and Streamlining Workflow
Industry pundits suggest 3C methodology for work scheduling and distribution.
- Creative: Work that requires mental aptitude and creative potential. Like writing, planning, decision making etc.
- Collaborative: Work that needs scrutiny by various departments. Like meetings, discussions, brainstorming etc.
- Connective: It includes the human desire to stay connected and social with other people. A workplace must include areas for all the above-mentioned activities. The data analytics company Eventbrite, provides one of the finest examples of an attractive and employee-friendly workplace.
Streamlining processes across various departments identifies bottlenecks and creates effective systems to manage processes and resolve issues. Implementing Unified Communications for sales and Agile Process for software developers improve workflows and enhance connectivity amongst teams for greater productivity.
4. Knowing Your Workers’ HVAs and Outsourcing Less Important Tasks
High-Value Activities or HVAs are the tasks which a worker performs naturally. These are the hobbies and inclinations of a person which are supposed to be done faster, with a good quality. These can be translated as the strengths of an organization. Analyze your workforce and list out their key skills. It is best done at the time of hiring.
A person can’t be great at all the things. A business may have a huge workforce with substantially large teams for specific tasks. For dedicated activities, which are not your company’s niche, outsourcing can be a cost-effective method. Many entrepreneurs don’t consider outsourcing their functions, fearing the loss of control over their business or simply the expenses. But nowadays, there are reliable websites like Fiverr which connect businesses with freelancers and also dedicated companies to outsource activities like logistics, accounting, public relations, IT, marketing etc.
5. Offering Incentives and Inspiring Participation for a Healthy Work Environment
Incentives are more than a virtual pat on the back. It is a tangible way to recognize your employee’s efforts and reward her for the performance and quality of work. While it may seem unnecessary and call for a little extension of the budget, but it is great for businesses in the long run. Performance based incentives push employees to work their hardest and extend their boundaries.
Adopt an open door policy and promote a culture of open communication. Encourage collaboration, association, and feedback between departments, management and staff to boost motivation and positivity. A happy workplace is supposed to be a more productive one.
To remove inefficiencies and enhance company’s performance can be really difficult if a proper methodology is not adopted. The task may be daunting and seem unreal, but take this chance to transform your business. Adopt the above techniques and create a business with enhanced work output.