Small businesses are likely to have a more relaxed culture than larger organisations, but that's no excuse for your company to ignore the importance of productivity.
No matter how large or small your business, it needs to ensure it is completing the tasks required in an efficient and timely manner. Decreased productivity can be a costly drag on small business finance and hinder your company's growth.
Here are three steps to making sure your small business is as productive as it can be.
1. Use the right technology
When used correctly, technology can be your small business's best friend, especially in terms of productivity.
There are software and applications available that can boost your business's efficiency in practically every area - and many of the best ones usually don't cost a thing. Cloud computing applications, for example, allow your employees to share information in real time and work in tandem much more efficiently.
Technology trends such as BYOD (Bring Your Own Device) also allow your staff to use their mobile devices for work purposes and carry out tasks more productively on familiar systems.
2. Employ the right people
One of the best ways to maintain productivity is to hire the right people from the start.
Make sure you only recruit candidates who already have the requisite skills and knowledge to work at your business from the get-go. It's also a good idea to check whether you have the right number of staff on board - too few or too many can be equally as damaging to productivity and costs.
3. Don't underestimate the power of engagement
It's no use having the right people at your business if you don't take steps to ensure they are engaged in their work and the organisation.
Engaged, happy employees are naturally more willing to do their job and are thus more productive. Don't skimp on praise, rewards and incentives to keep up their morale, and make sure each worker feels appreciated and part of the business.
If your business needs any help with working capital management via a business line of credit, invoice finance, or equipment financing, contact Earlypay’s helpful team today on 1300 760 205 or visit our sign-up form.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].