Every financial professional who runs their business is on the lookout for effective ways to increase productivity for their team. The reality is that business owners and employees are ineffective and unproductive probably more often than they think. The key is to reduce lost hours and wasted manpower. Here are some ways you can take an active approach to increasing the efficiency and productivity of your business.
Productivity Tip #1: Lead by example. If you are a business owner or entrepreneur, you must absolutely be held to the highest standard. If you work directly with an assistant or team of employees, you should always lead by example.
Show them how you’d like them to manage their productivity by being a master of productivity yourself; it’s unfair to have unrealistic expectations of your team when you don’t uphold yourself to the same standards. As a business owner, it’s important to reserve your “play” time to designated times of play and/or out of sight of your team. When you put an end to income-blocking procrastination and time-wasting, you’ll soon see your team following the admirable example set by you.
If you’re a habitual procrastinator or have trouble focusing on productivity, you would serve yourself and your business well by hiring an accountability coach. An accountability coach will show you several effective ways to increase productivity in your business – and hold you accountable for your actions, as well as your results. When you are asked to explain to your accountability coach why you didn’t achieve the task at hand because you chose to watch T.V, it won’t feel comfortable to be put on the hot seat by your coach.
“Calendars never lie. They are 100% accurate and visible indicators of your priorities.”
Productivity Tip #2: Work each day with a To-Do List. Creating a to-do list is one of the most efficient ways to increase the productivity of your business. Crafting a detailed to-do list for you and your team will help them comprehend exactly what is expected of them each day. This will motivate them to complete the tasks they’ve been given with the greatest efficiency and effectiveness. If your assistant or team is known for procrastinating, this is an especially effective tool for encouraging them to stay focused. When you don’t leave wiggle room for lollygagging, you’ll have one heck of a productive team.
Customize each To-Do List to each team member, so that each team member can be held directly accountable for their actions. Encourage a team atmosphere, but convey there are consequences individually as well as collaboratively for tasks left incomplete. You may use their individual performance to establish performance merits, to encourage efficient team productivity. Say for instance, you establish a goal that if the team can drive X number of dollars in revenue within 30 days, you will treat them to a nice dinner, gift certificate to an online store, or shopping spree worth $100 at their favorite store.
Productivity Tip #3: Delegate appropriately. If you cannot delegate, you cannot increase productivity. Period. The key to increasing productivity is realizing where your time is best spent. Where your assistant’s or team’s time is spent matters as well. When you can delegate the right tasks to the right person, your business will operate without a hitch. However, hang on to tasks you should have let go of long ago, and you stagnate your success. When you need a task complete, look to the personality and experience of your team in order to decide which employee would be best suited for the task.
There may be times when there is no one on your team who has the experience needed to complete a task productively and effectively. In that case, consider hiring a freelancer. If you need website copy or a sales letter, contact a professional freelance copywriter. If you need a website, logo design or branding for your company, hire a freelance graphic designer. Hiring freelancers is often one of the most efficient methods of delegation. Experienced freelancers won’t need handholding; they’ll have the knowledge and industry experience to get the task accomplished without pestering you.
Productivity Tip #4: Build a bigger team! It’s a simple concept, really. The more team members you have producing, the more work you’ll generate, and hopefully, the more money you’ll bring in for your business. Hiring additional team members is one of the most effective ways to increase productivity for your business. For lower priority or common tasks, you should be able to find someone at a reasonable rate. However, for senior or high-priority positions, you’ll obviously need to hire experienced professionals.
As a basic productivity rule, you should never be answering your phone, doing bookkeeping or sending invoices. You should be spending your time devoted to driving income, while your team members tend to the basic tasks.
As you can see, there are several ways to increase the productivity of your business. These tips are simple, yet effective ways of instilling the principles of productivity in your team.
Action Step: What will your next steps be so you can increase productivity and achieve your goals? Create your game plan to help put you in the highest probability position for goal achievement. Take these four tips and turn them into four separate weekly goals to be achieved within the next month. Write down specific actions you can take to achieve each weekly goal and put them in your calendar so they cannot be ignored.