Have you ever heard of The Toyota Production System? Its essence was to focus on creating meaningful work while eliminating waste to achieve high efficiency. This system was studied and adopted worldwide by manufacturers and businesses that wanted to boost their efficiency and productivity.
What then is business productivity? Business productivity refers to how effectively a business utilizes its resources to accomplish a goal or objective. Here are seven reasons for companies to emphasise productivity.
Improved Employee Performance
Productivity is a key factor in improving employee performance. A productive workforce is more effective, motivated, and focused. They can complete more work in less time, which leads to better performance and motivation.
Additionally, employees that are motivated feel empowered to take on more challenges instead of staying within their comfort zone.
Productivity Increases Profitability
According to Investopedia, profitability is a measurement of efficiency. Profitability informs key stakeholders whether a company is able to sustain its position while continuing to grow.
In order to increase efficiency, businesses can consider increasing production numbers or upgrading production equipment and facilities. These efficiency adjustments often result in an increase in sales and profits, which can be used to fund further development and growth.
"The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand." – Vince Lombardi
Improved Workplace Culture
Some examples of healthy workplace culture are:
Employees are empowered and willing to share ideas
Employees work together to achieve business goals
Employees are motivated to take on new challenges
Businesses that place a strong emphasis on productivity are better equipped to develop collaboration, creativity, engagement and a feeling of purpose in the workplace. A workplace culture that values collaboration and excellence leads to greater job satisfaction, reduced turnover, and improved morale.
Better Time Management
How can a business make the most of the time available to it? Essentially, for a business to be productive, employees must be able to prioritize tasks, minimize distractions and utilize workflows to reduce any inefficiencies.
Employees are then better able to complete work within set deadlines which reduces the need to work overtime or rush through a task. Better time management = better business operations.
Improved Customer Satisfaction
Customer satisfaction is essential to any organisation. So what really makes a customer satisfied with your business?
Improving product quality
Quick response to customer needs
A business that focuses on productivity can deliver quicker response times, and high-quality products and services to its customers. This, in turn, results in improved customer satisfaction and increased loyalty.
Increased Efficiency
I often hear of businesses struggling with efficiency. Employees are overloaded but the quality of output is either low quality or the deadline was missed entirely.
When employees are focused on being productive, they are better able to streamline their workflows and prioritize tasks while identifying and eliminating unnecessary steps. As a result, the business can accomplish more with fewer resources, cutting waste while boosting revenues and improving its competitive advantage.
Increase Competitive Advantage
What does it mean for a business to gain an advantage in the marketplace over its competitors? A business that is productive is able to create more products, over more services and deliver more projects in a shorter amount of time. Occasionally, at a lower cost too.
Ultimately, a more productive business is better equipped to respond more quickly to changing market conditions, new technologies, and emerging trends and better meet the needs of its customers.
Conclusion
Productivity is no longer just a buzzword. It is a necessity. Time is money, and businesses that place an emphasis on productivity are in a better position to make the most of both.
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