4 Cost Effective Strategies to Improve Productivity

ANY business leader will tell you that when it comes to running a business the most important figure to bear in mind is the bottom line. Companies can only be as good as their profit margin; the difference between revenue and profit is the best indication of how a business is faring and whether it is being run efficiently. There is a temptation for business leaders to become fixated by turnover but the reality is that if you get your margins wrong then you are heading for serious trouble. There are obvious ways of improving profit margins such as keeping costs to a minimum and making sure that you drive the right bargain in the first place. But in the service sector where your business is going to be largely based on the performance of staff, the most obvious way to improve profit margins is to work on improving the productivity of your team. Productivity is determined by many different factors which can include having the right selection processes and procedures in place, choosing the right managers to run key sales teams and making sure staff are well treated and fully motivated. But if you are concerned that staff are not performing at the required level there are some simple steps that can be taken to deal with the issue. Training: The first step to take is to take a close look at training procedures to ensure that staff are being given the right guidance and help when it comes to doing their job. You cannot expect people to excel at their jobs if you do not give them the right tools in the first place. Investing in a decent training programme may cost in the short-term but can pay rich dividends in the long-term. Monitor Performance: The only way to check that your staff are as productive as possible is to monitor them on a regular basis. Monitoring can take the form of keeping on them at the workplace and just as importantly examining their personal performance in terms of sales and figures. It always strikes me as odd when companies fail to monitor the performance of their staff properly. So much of the firm s performance relies on its staff, so why fail to keep an eye on them? You would not run a car without checking on its brakes and tyres at regular intervals. Remuneration: Throughout my business career I have believed in the importance of being able to measure the impact that every employee has on their business. People should be able to prove their worth and value to the company on every level and in every department from senior manager to receptionist. For instance every year I will expect my finance director to show where we can savings or improve profit levels. And if you can measure exactly how much each individual is worth to the firm then their pay should also be directly related to financial performance. If you are keen to improve performance then an incentive scheme makes perfect sense. Encouragement: Many business owners and managers forget the power of saying well done. Encouragement will have a direct impact on the productivity of your team. Saying well done to a team member will go a long way and give you the satisfaction that you have encouraged someone else to do well at what they do. 管理新知 您可能感兴趣的文章 How to Deal with Office Bullies 2012-09-14 Hiring Outlook for 2013: Slow, Cautious 2013-01-04 2012年度中国职场心理健康调研报告 2013-05-28 最近文章 嫖娼被抓不属无故旷工，公司解雇赔4万！（法院判决） 2018年01月15日 如何判断你是否具有HRBP胜任力？

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