7 Productivity Tips for Small Business Owners
The top business leaders are famously inventive in their productivity strategies. Block's CEO, and ex Twitter Chief Executive Jack Dorsey allegedly takes ice baths and consumes just seven meals per week. Tala Chief Executive Officer Shivani Siroya does headstands to reset after a long trip.
What is the definition of productivity?
Productivity is a measurement of the effectiveness of a procedure. Mathematically, it's the ratio of outputs to inputs in which input is the resources used in the process, and output is the end product. The formula reads: Productivity = output/input.
To increase productivity, you need to improve the effectiveness of a process (lowering the amount of input) or boost the value of your product (raising the amount of output).
How can you gauge the level of productivity in your company
To gauge efficiency, you must identify outputs and inputs in the same measurement unit. You cannot divide dollars in hours, for instance birthday cakes, or by frustration. Business leaders usually handle their time by assigning value in dollars for time spent working on business-related tasks.
Let's say you're evaluating your productivity in the process of preparing and distributing a product with a cost is $1000. Your team's time is valued at $200 per hour and it takes three hours to develop and distribute the item. Additionally, you spend $50 for shipping and other materials.
Utilizing the formula productivity = input / output Your productivity calculation will look like this:
Productivity = 1,000 / (200 x 3) + 50 = 1.54
A score of higher than one indicates that you're earning money, while a score lower than one indicates you're losing money.
This method can be used to gauge the effectiveness of a particular procedure or the overall efficiency of your company or the levels of productivity of employees.
7 ways to boost productivity
In the initial stages of starting a business every minute (and every penny) matters. These seven productivity hacks will allow your team to increase their efficiency while maximizing investment of both.
- Create a list of tasks and prioritize tasks
- Recording processes
- Pause for a break
- Be sure to listen to your team
- Channel Ulysses to conquer procrastination
- Block your time
- Utilize productivity tools
1. Create a list of tasks and prioritize tasks
Being a manager is an immense amount of work. On an average day, you could complete 60 tasks in 12 areas of business. Don't rely on your memory to organize your obligations. Instead, create a to-do list and prioritize tasks, putting those tasks with the highest priority in the highest priority.
Some business leaders employ an Eisenhower matrix to assign tasks priority. The system classifies the tasks in accordance with their importance and urgency.
The most urgent, crucial tasks are to the highest priority. Start with these tasks first.
The urgent, non-important tasks have to be completed in a short time however, not always by you. As often as possible, delegate these tasks.
The less urgent, essential tasks are put down the list. Create a plan for completing these tasks, but do not let them distract you from other pressing concerns.
Tasks that aren't urgent, not important, are able to be delegated or delegated. You can also remove them from your agenda completely.
2. Recording processes
A lot of business processes are standardized. For instance, every when you sign up a customer it is necessary repeat the same actions in the same order. Make sure you record the entire process, keeping track of what you have to accomplish and the order that you must complete it.
After you've standardized your procedure, you can assign individual tasks (or even a whole procedure) to members of your team. The process's documentation will help you evaluate it to eliminate inefficiencies and redundant tasks.
3. Pause for a break
You are a finite resource, and the team members you work with are also. Even though you might be able to work 14 hours per day for just a few days at time, working long hours reduce productivity in the long run. Establish boundaries to safeguard your mental and physical health, and inspire your employees to follow the same.
The need to take breaks can help. Studies have shown that even small breaks can improve productivity, so make sure to mix your productive hours with different tasks. Take a stroll around the block. Physical exercise and exposure to sunlight will improve your cognitive capabilities and improve your mood.
4. Be sure to listen to your team
Your team should be trained in productivity techniques and tips, but do not forget to solicit feedback. Ask your employees to suggest improvements to their workplaces or business processes can boost their productivity.
5. Channel Ulysses to conquer procrastination
The protagonist from The Odyssey famously asked his crew to secure himself to the mast his vessel to hear the sirens and not becoming agitated and driving the ship towards the rocks, which is the usual outcome when you hear the siren's cries. In essence, Ulysses defeated his own most sinister desire. He wasn't able to overcome his urge but he put it out of reach to fulfill. You can employ the same method to combat procrastination. If you're inclined to delay completing a vital task, make it clear that you'll be committing to a timeframe. If your product manager looking forward to a critical deadline on Wednesday, you'll have to start the process.
6. Block your time
Utilize time-blocking to allow you to focus your focus on one task at a time. You can cancel meetings, delete your email, and inform your team members that you'll not be available. This is particularly useful in boosting the productivity of creative projects or other projects that require extreme concentration. It is also possible to use time blocks to make the most of the best working hours If your productivity increases at noon, make sure you have the morning hours to complete your most difficult tasks.
7. Make use of productivity tools
Tools for productivity. Tools to improve productivity will help you cut down on time and increase productivity at work. Consider the following kinds of apps:
Task management applications. Applications like Todoist can help you keep track of and organize your checklist of tasks and also sync your list of tasks across all of your devices. The recurring task function can automate the scheduling of quarterly or monthly tasks.
Tools for managing projects. Tools for managing projects such as Asana or Trello can assist business owners and team leaders get projects moving from idea to completion, simplify communications and ensure that they don't lose all the important details or actions.
Tools for communication. Tools for workplace communication such as Slack enable you to quickly respond to queries by your colleagues. Certain tools can also be used to set up chat channels dedicated to specific themes or projects.
Time-tracking tools. Tools such as RescueTime and Harvest will help you track your efficiency and increase time management by identifying where (and which areas) you're wasting time.
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