~by Kara Masterson~

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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.

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.

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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.

Meet 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.