The goal of every company is to maximum business productivity. There are several factors that play into improving your business. You want to keep your current clients happy while reeling in new ones.
First, you need to know if your current clients are satisfied or if they need more from you. Solicit customer feedback. By learning what your current customers’ needs are, you will know how to better appeal to new ones.
Also, analyze the performance of your staff. If needed, retrain workers or provide new training for employees. There may have been new advancements made in your industry that your employees need to be aware of to better serve your clients.
Streamline your business process. Are your employees bogged down with uneasy paperwork? It may be time for a process overhaul. Look into technology that will make the process easier and more comprehensive.
Examine what is generating revenue and what isn’t. Get rid of or refocus dead-in-the-water products.
There are several other key elements companies often overlook when trying to reach business productivity.
Don’t forget to check out the market needs. “Companies often overlook what the market is requesting in their zeal to focus on their ‘special’ products or services,” notes Strategic Management Expert Calvin Harris Jr., President-Change Management of Harvin Consulting LLC. “Listen to what customers are requesting, even if it isn’t your preferred product or service, and deliver on that. When profits are low, companies can’t afford to ignore new revenue options.”
If your lack of productivity has been negatively affecting your bottom line, it’s time to turn things around. This may mean letting workers go and taking a hard took at your own management style. “Some keys to turning around a company include talking directly to creditors (many companies hide from them, missing chances to negotiate), firing non-performing employees immediately, and planning out your cash spending,” explains Harris.
Keep in mind three things when looking to boost productivity, says Harris. They are:
1. Look for new money-making avenues. “Diversify revenue with a focus on highest margin,” says Harris.
2. Show me the money. Figure out what’s coming in and going out and how to spend wisely. “Project your cash (for potential savings and investing options),” he offers;
3. Make a deal. Try for as many discounts as you can get, bargain hunt and barter when possible. “Aggressively negotiate high-dollar costs (such as office space) with vendors,” suggests Harris.