5 Signs You Should Invest in Business Productivity

5 Signs You
Should Invest in Business Productivity

 

Most business owners would agree that business productivity
bridges the gap between investment and return. Business productivity tools
enable business owners to do things better so that their business can produce
more, create more and deliver more at lesser the time and cost.

 

As a business owner, investing in business productivity
is—and should be—in your agenda if you are setting your eyes on growing your business
significantly. With investments in business productivity, you can cut costs and
re-channel expenses to other more productive aspects of your business, such as
paying better wages, staff training, among others.

 

By combining automation, improving collaboration,
streamlining work processes and easing workload, business productivity can give
your business a boost. The question is, how do you know when you’re ready to
invest in business productivity? How do you know when your business calls for
productivity enhancements?

Doing Things
More Efficiently At A Fraction Of The Cost

One example of how business productivity helps your business
is when it allows you to do things more efficiently at a fraction of the cost. HR
productivity tools, for example, can help you get rid of repetitive and routine
HR functions such as monthly payroll preparation, payslip printing, leaves
recording and monitoring, computation of CPF, etc., thus, reducing the cost of
hiring a payroll administrator while at the same time increasing workforce
productivity by refocusing the role of your HR department to training, employee
motivation, or recruitment of the best talents.

 

Do you need to hire a full-scale project management team? Or
perhaps you can use a project management tool that tracks tasks, deadlines, and
even alerts you to invoice your client on time? There’s a greater chance you
will accomplish more with less when you have a project management tool in
place.

 

That said, here are five signs you should invest in business
productivity:


#1 Your business is failing
to achieve goals.

 

How’s
your monthly Profit and Loss looking like? Are you always putting off fires and
doing damage control, because of your staff’s poor performance? Are you always
behind your delivery schedule due to unforeseen circumstances? Are you failing
to achieve your goals because you’ve set too high a target? Is your competitor
out-performing you?

 

These
are signs your business is failing to achieve your goals in terms of profit,
market lead and organizational growth. These are clear signals that you might
need to invest in business productivity.

 

Improving
processes, training your manpower, and acquiring machinery may help you
overcome below-the-line results like missed revenue targets, low production, or
poor product quality. Business productivity can increase your efficiency and
enable you to achieve your business goals.

 

#2 Your customers are
starting to show signs of dissatisfaction.


Or,
you are losing your customers to your competitors fast. You’d be lucky if your
customers would even drop a comment or feedback, as most of them simply won’t
care. They’d be switching camps in a snap if you’ve dissatisfied them even just
once.

Surely, nobody
else can give you a better signal that your business needs a boost other than
your customers.

 

Evaluate
your company's efforts and do your best to recognize what's causing the
problem. Is your failure to meet customers’ expectation due to lack of
manpower? Is it because of outdated equipment? You would be wise to invest in
recruitment, training, or even in equipment upgrade to be able to plug the
cause of your customers’ dissatisfaction and keep customers coming back to you.
Taking this proactive step will surely be better than having unplanned expenses
to recompense damages caused to your customers and in trying to win them back.

  

#3 Your employees are
starting to show signs of inefficiency and dissatisfaction.

 

Working
towards the success of your business should be both a challenging and a
satisfying endeavor not just for you but also for your employees. But if
your employees are constantly feeling stressed and
overworked more than feeling fulfilled
and accomplished, then this may be a sign that something is wrong
within your organization. Are there frequent employee tardiness and absences?
Is their quality of work failing? Are you receiving a lot of complaints? Are
they failing to carry out orders and follow directions? The last thing you
would want to happen is to see your employees resigning and joining your
competitor.


You
might see the need to invest in your team. Examine the source of their
dissatisfaction. Do you need to upgrade their competency and skill so they can
work efficiently? Do they need a better facility? Do they need a break? Be
ready to invest in their productivity. You would be surprised how much more
they can achieve if they feel that you are taking care of them.

  

 #4 Your business is ready to achieve
greater heights.

 

Either
you’re ready to open to new markets, launch new products, or compete globally,  a business expansion is definitely the
perfect time to invest on productivity. There are just so many
indications that can prompt you to level up your business' capacity. 

Do
you have a strong demand for your products? This may be a sign you can already
increase your supply or expand to another market?  Are you getting repeat business? This may
signal that you can nurture a loyal community to which new products can be
launched.

 

Expanding
your business is going to be a challenging yet exciting milestone. And
when your initial business goals have been carefully and surely achieved, when
you have done your due diligence in studying your expansion, and when you have
secured funding, then investing in business productivity will indeed fuel your
success as you take your business to the next level.

 

#5 You
don’t need to look for signs. Improving productivity should be a constant
goal of any business.


The
pursuit of productivity in your business should in fact be constant and
continuing especially if you look at it in view of the scalability of your
business. Productivity is the bloodline of any business; scalability assures
its longevity. Market demands will change, customer preferences are
increasingly becoming more sophisticated. New competitors are arising. Change
being your constant companion, pursuing productivity will help you sustain
profitability, leadership and growth amidst these complexities and change.



Photo Credt: www.freedigitalphotos.net