4 Ways To Increase Company Efficiency – and Success

company efficiency
June 24, 2016

~by Kara Masterson~

.

Every CEO and business owner knows that an efficient company is synonymous with a successful one. Increasing the rate in which a company achieves its intended goals and missions with minimal resources spent, however, can be difficult, to say the least. You’d want to reduce the costs spent on marketing campaigns and product manufacturing but not necessarily lower its quality.

company efficiency

The right balance between cost and value can be achieved with these four simple tips.

Encourage Open Communication

Poor communication between teams and departments can be the bottleneck that prevents your company from continuously improving. Have an “open door policy” wherein employees can voice out their concerns, ideas and feedback, both positive and negative. While such policy is included in your typical employee handbook, a vast majority of your workforce forgets that they even have the privilege. It is essential for you to listen to the voice of your employees and really try to discuss and figure out their needs.

Work With Third-Party Providers

It is always a good idea to combine ideas and strategies by working with a third party. Companies, such as MSPartnership, can help businesses with their analytics needs, specifically with predicting market trends. By identifying these trends at the exact turning points, a company can maximize the sales and revenues they stand to make from the unfolding market trend. New systems like this can be easily and fully integrated to your business’ existing infrastructure, which can help improve efficiency and make your job a lot easier.

Switch to Modern Technology

Smart phones, tablets and other modern gadgets make your once-handy PDA look worthless. Modern technology can be a powerful asset towards increasing productivity and accuracy of work produced. Provide your sales representatives with a mobile phone so they can communicate with the office even when they’re out on sales calls. Laptops can help your developers fix glitches on your site or software program before they cause major problems.

Set the Right Goals

Goals that are achievable, realistic and time-bound ensure that your company is moving forward, regardless of how small the progress is. Remember that goals should be where your company pours its resources. If the wrong goal is set, you end up spending a great deal of your efforts, man power and operating capital while having minimal to no impact on the company’s growth.

.

Increasing company efficiency isn’t necessarily rocket science. In most cases, daily operations can be improved with planning and preparation of the company’s fundamentals. The task of improving a company’s efficiency can feel overwhelming at times due to the different chess pieces that you have to keep track of. Rather than get overwhelmed, use the four tips above to affect positive change to your company’s efficiency rate.


Share this Post - company efficiency



Kara MastersonMeet the Author: Kara Masterson

Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.


Categories

More Posts:

Manufacturing Tips Businesses Should Follow

To be a victorious business, it takes more than having an outstanding product. Knowing the significance of manufacturing and how it impacts their financials is integral for any organization that wishes to thrive in today's marketplace. To keep up with the competition,...

What I Wish I Had Known When I Started My Business

Starting a business is hard work. There are so many things to think about and do, and it can be easy to feel overwhelmed. Trust me, I know from experience! When I started my business, there were a lot of things I wish I had known. But thankfully, I've learned a lot...

Product Mistakes You Might Be Making at Your Business

Running a business isn’t easy, and making product-related mistakes can cost your company time and money. From creating products without doing market research to holding excess inventory or failing to file patents, there are numerous pitfalls that you need to be aware...

A Five-Step Guide to Starting a Logistics Company

If you've been considering launching a transportation and logistics company, now is the moment. The transportation and storage sector is very important and profitable. Statistics show that by 2027, the global logistics market would have grown from its 2017 valuation...

How to Reduce Your Tax Burden When Operating a Business

As a business owner, you already have many financial responsibilities. Adding on the burden of taxes can be overwhelming. To reduce any stress, you need to find ways to reduce what you’re spending on taxes.  Start a Retirement Plan  Having a retirement plan in place...

​​How to Prevent Lawsuits From Ruining Your Company

No one wants to deal with the hassle and expense of a lawsuit. Unfortunately, lawsuits can happen to any business, no matter how big or small. The best way to protect your company is to take preventative measures to make sure that you are doing everything possible to...

Explaining the What, Why, and How of Strategic Alliance

A strategic alliance is a business arrangement in which two or more companies come together to form a partnership to pursue a common goal. By teaming up, these companies can leverage each other's strengths and resources to achieve their objectives more quickly and...

10 Strategies an Ecommerce Business Needs to Follow to Increase their Customer Base

Online retailers need to drive traffic to their websites to boost sales. It is important to choose the right marketing strategies to drive traffic since not every strategy will work for every business. This article provides an overview of efficient marketing...

Why Digital Menu Boards Are A Game Changer For Restaurants

There are numerous benefits of using digital menu boards in restaurants. The best drive-thru menu boards can be controlled remotely to make updating fast and easy. Convenience is the main focus of drive-thrus. Customers don't need to leave their automobiles to place...

How to Avoid Manufacturing Woes at Your Business

If your business relies on manufactured goods, then you know that there are a lot of potential problems that can occur during the production process. From defective products to missed deadlines, manufacturing woes can cause big headaches for your business.  Here are...
Manufacturing Tips Businesses Should Follow

Manufacturing Tips Businesses Should Follow

To be a victorious business, it takes more than having an outstanding product. Knowing the significance of manufacturing and how it impacts their financials is integral for any organization that wishes to thrive in today's marketplace. To keep up with the competition,...

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Tips for Starting a Gardening Business in Your Community

Tips for Starting a Gardening Business in Your Community

Embarking on a gardening business is a bewildering journey that promises both intrinsic satisfaction and monetary success. The paramount initial step is to scrutinize the varied gamut of services you would want to render, followed by an intricate search for tools and supplies to substantiate the execution of those services. Crafting a business and financial plan is an absolute must, especially given the burgeoning competition from fellow green-thumbed entrepreneurs amidst the backdrop of the COVID-19 pandemic. Establishing an online presence through a website and social media and designing business cards and flyers are integral to drumming up business. Lastly, building a loyal clientele and network is paramount for sustained success in the horticultural realm.

How to Protect Your Personal Finances From Black Swan Events

How to Protect Your Personal Finances From Black Swan Events

Life throws us an occasional curveball; it’s just a part of life. But what if your finances take a hit due to something outside of your control?  Black swan events are rare, but they occur and can cause massive financial losses. The key is to be prepared for the worst...

How to Make Sure Your Business Event is a Positive Experience

How to Make Sure Your Business Event is a Positive Experience

There are few better ways to make connections while having a good time than by hosting an event for your business. Of course, the networking and trust-building benefits of such an event hinge on planning it well. When organizing a business event, it is imperative to...

Why Your Business Should Be Involved With the Local Community

Why Your Business Should Be Involved With the Local Community

Why your business should be involved with the local community

The local community is the primary customer base for most businesses unless they operate solely online. Therefore, businesses should get involved with their local community in order to forge a strong presence & distinguish themselves from their competitors. You can achieve this in several ways, primarily by sponsoring local events, such as sports competitions, charities, etc. By connecting with your local community, you can raise brand awareness, gain genuine feedback & insights about your products as well as understand your customers better. Consequently, you can address their pain points, create better products, align your values with your customers’ and thus, strengthen your relationship. Furthermore, by supporting local events, you can attract top talent and show your dedication by hiring locals, creating jobs, and giving back to the community. Naturally, you can create a positive image for your business leading to boosts in sales & revenue.

What to Do When You Plan to Take Your Company Public

What to Do When You Plan to Take Your Company Public

Going public is a huge milestone for any company, and it requires a great deal of planning and preparation. Taking your company public can have numerous benefits such as increased liquidity, brand visibility, and access to more capital. From reviewing your finances to...

Manufacturing Tips Businesses Should Follow

Manufacturing Tips Businesses Should Follow

To be a victorious business, it takes more than having an outstanding product. Knowing the significance of manufacturing and how it impacts their financials is integral for any organization that wishes to thrive in today's marketplace. To keep up with the competition,...