Efficiency, productivity, effectiveness, these can all feel like shades of the same thing that are thrown around in the business world with such regularity that you can lose sight of what they mean or how they stand distinctive from simply being synonymous with one another. However, there is meaning to be had here, and getting to the heart of what it is can let you start focusing on what you can do to improve – something that could have positive implications for your future.
There are several different ways of looking at efficiency, and depending on where you are in the life cycle of your company, a different answer might jump out at you.
The fault might not even be something that you feel lands directly at your feet, as could be the case if you think that the technology you’re working with isn’t as efficient as it could be. Still, while the fault might not directly tie back to anything that you’re doing, it’s still your responsibility, and understanding the impact it might be having on you could prove very fruitful moving forward. This might translate to simply asking questions about new technologies, such as, what is GraphQL? Can API languages and runtime engines improve operations? Can the cloud speed up your operations? Could this investment save money down the line? These are all questions to ask.
Alternatively, you might feel as though you and your team aren’t as efficient with time as you all could be. The answer here isn’t to simply make longer hours mandatory, working everyone to the bone in an attempt to crunch out more productivity, as you might find that the exhaustion and unhappiness that comes with this override any sense of benefit. However, what it might mean, is going back to the drawing board, thinking about how your work days are structured, and how you could streamline them, such as cutting back on unnecessary meetings.
Your concerns could also lie outside of your business itself and more with the greater world around you. Being environmentally efficient is something that more and more businesses are striving towards, and this is something that you can accomplish too through implementing thorough recycling schemes and sourcing your supplies from local companies to cut down on air miles. This might be a venture that you find yourself dedicated to for personal reasons, but marketing yourself as a business that is invested in these sorts of matters could have some benefit in winning over certain audiences.
Are you making as much use of your money as you could be? That’s likely a question that you ask yourself somewhat regularly, and striking the perfect balance between being cautious and being bold enough to take the risks that payoff is very difficult. What might help you reach a level that you are more comfortable with could be enlisting the advice and help of multiple financial advisors to have a pool of varied perspectives on how you should approach financial issues and have some expert advice from the relevant field.