All SMEs face a common threat. A threat that, if left unchecked, can irrevocably tarnish their reputation, alienate their customer base and disenfranchise their workforce. It can cost a small fortune in lost revenue and even more in clawing said revenue back. It can stymie their cash flow, impinge on their bottom line and even spell doom for their enterprise. That threat is poor productivity. Expending more time, effort and resources while actually getting less done is a worry that keeps many entrepreneurs up at night.
In today’s increasingly competitive and fast-moving market, all businesses must harness their productivity in order to stay one step ahead of the competition and provide the quality and consistency of service that their customers demand. While all entrepreneurs are (understandably) wary of excessive overheads, if you’re to maintain peak productivity you’ll need to make some investments…
Equipment that’s fit for the task at hand
When starting out in business, it’s tempting to invest small and purchase equipment that’s equipped for a small to moderate workload. However, as your business grows this equipment may no longer be fit for purpose, causing a bottlenecking of productivity and inevitably lead to expenses incurred in replacing this equipment.
Whether you take the time to choose the correct size air compressor for your industry or choose the correct communications tool to stay in touch with your remote workforce, it behoves you to choose tools that are fit for today’s tasks while also helping you to prepare for the challenges you will face as your business grows.
Outsourced service providers
New entrepreneurs can be understandably shy of incurring the cost of outsourced help. However, every dollar you spend today on outsourced IT services, digital marketing or HR function can save you money in the long run and allow your employees to spend more time on doing what they do best.
And when your employees are engaging in operations in which they’re both skilled and passionate, you’re likely to enjoy greater productivity from them.
Your employees’ interactions with your customers are a defining factor in your success or failure. Knowing your customers’ preferences, having a handle on their previous purchase history or simply being able to track where they’re up to in your sales pipeline can aid not just your employee productivity but your customer satisfaction as your clientele can be assured of the same quality of service no matter which of your employees they deal with.
A CRM can be a huge boon for productivity which saves your employees hours of time in administrative duties and allows them to spend more time doing what they do best; closing deals and making you money!
Project management tools
Finally, one of the most common barriers to productivity is poor project management. A lack of coordination, unclear commands and poor delegation can spell doom for a project and lead to a colossal waste in time, skills and resources.
Investing in a project management tool like Workzone can make for easier delegation and more efficient communications between team members.
When you’re prepared to make judicious investments, it can open up a new era of optimal productivity for your business.