Taking productivity to the next level
The Business Development Bank of Canada offers these tips to help business owners boost their productivity:
Web-based technologies enable you to dramatically improve how you run your business. You’re a good candidate if you’re looking to increase market share, aggressively pursue cost reduction or greater efficiency or prevent customer service problems. Production management tools range from spreadsheets to off-the-shelf software solutions or business-specific, customdeveloped applications such as smart inventory control systems that can help you reduce inventory levels, improve profitability and speed up customer response time.
It also helps to keep abreast of technological developments and ensure that your business is taking advantage of the latest innovations to improve productivity. You can use the web or attend trade shows to stay on top of new technology. You can also network with other organizations in your industry that may have already tried and tested new innovations.
REVIEW YOUR EXISTING SETUP
Look at your processes from the point of view of a potential investor. Keep in mind the overall objective and vision of the business, and ensure the processes meet those goals and add value. Draw an accurate map of each process in your material and information flow. By doing this, you can better understand the links between various elements of your production, and you will be better equipped to identify and eliminate waste throughout your company.
CONTINUOUSLY TRY TO IMPROVE
Improving productivity is an ongoing activity. Assess the competition and the best practices in your industry and develop a plan that works for your company. Get external help to assess your business weaknesses and strengths.