Productivity is one of the steps in business, which measures your level of growth, as you build your business.
The greatest desire of every entrepreneur is to be productive; wanting to see their efforts birthing results.
According to the business dictionary, productivity is a measure of the efficiency of a person, machine, factory, system, etc., in converting inputs, into useful outputs.
Productivity is computed, by dividing average output per period, by the total costs incurred, or, resources, (capital, energy, material, personnel), consumed in that period.
Productivity is a critical determinant of cost efficiency.
Business Productivity goes beyond what you think. Business Productivity has gone beyond measuring ratios of inputs and outputs.
Basically, increasing productivity just means working smarter.
Entrepreneurs tend to occupy themselves with too much work, which at the end of the day, might not yield the desired result.
Stop Playing the Superhero. As an Entrepreneur, you need to understand that, you cannot be everywhere, all the time.
You cannot solve all the problems in your organization alone.
No matter how skilled you are, you still need the collaboration of your team members to make your business productive
Michalowicz proposes 4 stages that, a business owner and team can work on, to be more productive and these are explained below:
Stage One: Doing
A business owner should do more of working on business ideas that will benefit the business.
For instance, if marketing is crucial to the growth of your company, then, you and your team are to work more on your marketing strategy, for your business productivity.
Stage Two: Deciding
As a business owner, you do not expect to run your company’s affairs all by yourself.
At one point or the other, you will realize that, you need help, hence, you should decide to hire an Office Assistant, a Bookkeeper, or, even, a Lawyer.
You, then, at this point, allocate tasks to the employees, to make work easier and be more productive.
Stage Three: Delegating
Apart from helping your team to succeed, your job, as a business owner, should be, to delegate the tasks to each employee, according to their abilities and professional calling, rather than giving them tasks that they are not used to.
Make them understand the importance of the task you are allocating to them.
Stage Four: Designing
Business owners should spend 10% of their working hours per week, in designing the business vision.
This means that you must have a plan on your company’s weekly, monthly and yearly achievements.
As a business owner, you need to know how to bring members of your team together towards achieving success.
As an organization, you must also communicate how your business does not serve just your objective but meets customers, colleagues, clients and market place needs.
Business productivity can, surely, be actualized, if these 4 stages are adhered to, by business owners.
You could read up enhancing your productivity using technology here.