The Sure Shot Plan for Better Productivity

The Sure Shot Plan for Better Productivity

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The advent of technology and consumer demands has increased the need for productivity. Businessmen are looking for ways to improve productivity so that they can face the increasing the competition.

Bettering productivity means working smarter. It also includes being efficient in how you convert inputs to the final product. Look for ways and opportunities through which you can improve the overall efficiency of your company.

Here are some areas you can focus on to improve productivity:

Use technology

Using technology is one of the best ways to improve how you run your business. You can easily increase your market share, reduce cost and quickly address customer related problems through the use of technology.

You can purchase required materials from suppliers online. This way you have more access to other suppliers and you can quickly compare the prices.

Using an inventory management system will help you keep track of the inventory levels and also increase profitability. By integrating it with your organization’s purchasing system and accounting software, you can now track all the orders and also check inventory movement.

Always watch out for the latest technological innovation which can drastically improve productivity. Scour the internet or attend trade shows to get acquainted to the newer technologies. Find out what systems or tools other companies in your sector use.

Improve the current setup

Study your current production process while keeping your business vision in mind. Have a clear idea of each process and how the various elements are connected when creating a final product.

Through this technique you will be able to identify unwanted procedures and wasteful methods. You can easily eliminate these steps. Identify ways by which you can reduce the cost of a process while still maintaining the quality of the product. This is a great way to improve the overall efficiency of your company.

Make a continuous improvement plan

Create and implement a continuous improvement plan. First assess your competitions and other companies from your sector and create a benchmark.  Identify your business weakness and strengths. Start slow and focus on one particular goal. Create and assign teams to deal with specific problems.

Always be open to suggestions from employees. Small improvements and changes made here and there can have a huge impact on the business. Measure and re-evaluate your progress and update your plan accordingly.

Outsourcing is one by which you can focus on improving the productivity of your company. Look into your expenditure and other necessary factors before deciding to outsource a particular procedure.

Another way to better productivity is by forming alliance with other companies. The right alliance will help you expand your business without incurring more costs. With proper research and investment you can quickly expand your business.

Public Opinion – Don’t Let it Control You

Public Opinion – Don’t Let it Control You

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Fear of public opinion can often hold you back. The need for social acceptance is so ingrained within us that most of the times we are scared or anxious to even try new things. Fear of social disapproval can drastically affect our performance and even our perception of the world around us.

When you start paying attention to what others think, you will eventually lose focus on what you want. This will seriously harm your potential. You will start playing it safe and never take any risks. You will easily surrender to other’s viewpoints. Your self-confidence will also be deeply affected.

Due to all these reasons, you need to let go of your need to fit in and learn to train and condition your mind.

Develop self-awareness             

Becoming more self-aware about your thoughts is the first step towards training your mind. When you become anxious or find yourself pondering over needless thoughts, control your mind and guide your thoughts towards more positive statements.

Take deep breaths and calm yourself. Then, repeat positive reaffirming statements that will boost your self-confidence. Focus these statements on your skills and abilities and do not base them on others’ opinions.   

Craft a personal philosophy

Being self-aware is not limited to the mind alone. It also involves knowing yourself and understanding what drives you as a person. Your personal philosophy should contain your values, beliefs and what you regard as important. This is something that will act as a guide in your life.

Sit down and be introspective. Think about the qualities and beliefs you value in life and about your favourite quotes and come up with a phase that best describes you and your aim. Share this philosophy with a loved one and a close friend and ask for their input. Commit this new found philosophy to your memory.

Live according to your philosophy

Commit your time to following your life mantra. Having a personal philosophy will help you focus on what’s important in life. You can start at home. Take small risks and give a presentation at work. Focus on getting a promotion.

If you feel like you are being held back by others’ views, take a pause and remind yourself of your philosophy. Learn to tune out the unwanted opinions and commentaries. Focus on achieving your goals.

Feedback

Constructive criticism and honest self-reflection is important for personal growth. Entrust in people who know you personally and also understand your aim in life. Listen to their advice and feedback.

Learn and grow

Personal growth is possible only when you step out of your comfort zone and try new things. Living in accordance with your new mantra will take effort but you will be pushing yourself to live a life with more meaning and purpose.

Team Building – Improve Internal Communication

Team Building – Improve Internal Communication

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Good communication is an important part of leadership and teamwork. Efficient communication will help in team building and employee retention. Becoming a good communicator will require patience, effort and trust.

Since good communication is a fundamental requirement for any business, it is highly important that entrepreneurs and managers focus on improving employee communication within the organization.

Here are a few tips on how you can improve internal communication:

Communicate from the start

It is important to create an environment where employees feel engaged and committed to your vision. Make sure to introduce new members to the team and to entrust them to a mentor who will provide them with the necessary information. Check on them frequently in the beginning.

Conduct regular meetings with employees at least once a day. Discuss how they are completing tasks and clarify any questions.

Have one-on-one meetings to discuss reports, projects and solve problems.

Always listen

Most people believe that communication is simply talking. But communication is a two way process. You must learn to listen to effectively communicate.

Listen to your employees and understand their goals and vision. Integrate their vision into the overall vision of the company.

Listening also helps in diffusing conflicts and prevents miscommunication.

Proper Feedback

Providing effective feedback is important when managing a team. Most employees require feedback to feel encouraged or to properly understand if they are on the right track.

Make sure that your offer both formal and informal feedback on a regular basis. Weekly or daily meetings are a good time to recognize employees for their contributions and achievements.

During formal reviews discuss the performance of the employee and address the action of the employee. It is also an opportunity to understand the employee’s needs. Ask if they require any training or are interested in taking on more responsibility.

Communicate any change

Change can be stressful time for anyone. Be open about any change happening in the business. Whether it’s a change in product, procedure or management, be sure to keep employees in the loop.

Explain the reasons for the change and its necessity. Be honest and straightforward with your employees. Openly communicating such changes will help employees in coping up with the situation.

Imbibe a communal feeling  

Proper communication will induce a sense of community within the employees. Organize company events where employees can meet and spend time together. Celebrate birthdays, weddings and personal achievements. Create opportunities for informal conversations.

Tips to Rise Up Again after a Major Setback in Business

Tips to Rise Up Again after a Major Setback in Business

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A growing business is bound to face a few bumps down the road. Whether is an unexpected disaster or catastrophe or even a sudden setback in the daily business procedure, major problems and setbacks are unavoidable in a working environment.

It is important to push past these disappointments and still strive to regain control. Here are some crucial tips on how you can ensure that your business survives and recovers as fast as possible:

  • Choose clam employees who can easily deal with stressful situations and high priority items. They can communicate important information to other staff members and can handle customer service issues.
  • Be open with your employees and provide them with all the needed information. Contact them as soon as possible and keep them in the loop. Arrange for emergency meetings so that you can quickly manage the problem.
  • Contact your mentor or other people who have faced the same problem. Seek advice from them and understand how they got over these rough spots.
  • Seek new ideas and solutions on dealing with the problem. Brainstorm with your team and advisors and find an innovative solution for the issue.
  • Look for opportunities to grow even in such situations. Think of the setback as a chance to improve your product or service. It is important to grow from the mistakes that you make.
  • Keep an objective view of the setback. Do not let your emotions cloud your judgement. Keep a clear mind and be level-headed. It is easy to blame others or even yourself in such a condition.
  • Study your financial statements and meet with a financial expert. Take a serious look at the situation and find out where you can cut costs and how you can minimize the damage.
  • If your business has been directly affected by a disaster make sure to keep a record of the damaged property and assets. Check with your inventory records and find out the total cost of damage.
  • Contact your insurance company and file for a claim. Delays in filing can often lead to late insurance payouts which will eventually hurt your cash flow.
  • Contact your bank and work out a deal with them to ease the financial load.
  • Check if you are eligible for any other claims or funds.
  • Find out the reason for the setback. Every problem is an opportunity for growth. Learning from your mistakes will ultimately help you improve your business.
  • Plan ahead and be prepared for such unfavourable conditions. Always have a business continuity plan.

It is important to remember that you are still on the path of success. If you have the right mind set any setback can be masterfully handled with ease and speed. Stay determined and strong even in the worst conditions.

Checklist for an Effective Business Strategy

Checklist for an Effective Business Strategy

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A strategy is a long-term plan that you create for your company to reach a desired goal. A strategy includes your company’s goals and objectives, the type of products or services that you plan to build, the customers who you want to sell to and the markets that you serve to make profits.

Why do I need a checklist?

Wherever you are in the strategic planning process, it is worthwhile to run a check to ensure you have done everything you need to do. Strategic planning is not complex. Implementing a strategy might be difficult but the planning is quite simple and easy.

Here are 6 things your checklist should have:                                            

Gathered the facts

To know where you are heading, you have to know where you are right now. So before you start looking ahead, you should review the past performance or the current situation. Study each area of the business and determine what worked well, what could have been better and what opportunities lay ahead.

There are many tools and techniques available to help with this process, such as SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. The most important part of this process is involving the right people to make sure you are collecting the most relevant information.

Developed a vision statement

This statement should describe the future direction of the business and the future goals. It’s about describing the organization’s purpose and values. You should develop both the vision and the statement to successfully create a business plan.

Developed a mission statement

Like the vision statement, this defines the organization’s purpose, but it also outlines its primary objectives. This focuses on what needs to be done in the short term to realize the long term vision.

For the mission statement, you’ll want to ask the questions:

  • What do we do?
  • How do we do it?
  • Who do we do it for?
  • What value do we bring?

Identified strategic objectives

At this stage, the aim is to develop a set of high-level objectives for all areas of the business. They need to highlight the priorities and inform the plans that will ensure the delivery of the company’s vision and mission.

Try to incorporate any identified strengths and weaknesses into your objectives. Crucially, your objectives must be SMART (Specific, Measurable, Achievable, Realistic and Time-related). Your objectives must also include factors such as resource allocation and budget requirements.

Tactical Plans

Convert your strategic objectives into more detailed short-term plans. These plans will contain actions for departments and functions in your organization. You may even want to include suppliers.

You are now focusing on measurable results and communicating to stakeholders what they need to do and when. These tactical plans are short steps towards executing your strategy.

Performance Management

It is vital to continually review all objectives and action plans to make sure that you are still on track to achieve that overall goal. Creating, managing and reviewing a strategy requires you to capture the relevant information, break down large chunks of information, plan, prioritize, capture the relevant information and have a clear strategic vision.