Thinking about ways to increase business efficiency, but don't know where to start? Here we provide a few ideas:
1. Output: If you provide services or goods, your overall business output is directly related to the minimum capacity in the production/delivery process. Therefore, if you increase such minimum capacity, you’ll be increasing your business output. For instance, if you run a coffee shop and want to sell 12 coffees per hour, then you must have enough baristas and coffee machines to produce at least 12 coffees per hour.
2. Streamline. Overall efficiency will be higher if the same machine or operator perform repetitive tasks. Going back to the coffee shop example, if you are selling coffees and sandwiches, then the baristas should be only making coffee while a different staff member serves the sandwiches.
3. Location, location, location: Choose the right location by finding the most economical way to deliver quality outputs and to get your supplies, considering both customer and supplier location. For example, if you want to be the premier coffee shop for workers, you should be located near the workers and not far from your coffee and mug suppliers.
4. Be tech savvy: Going back to the coffee shop example, efficiency will be higher if you have a semi-automatic coffee machine instead of a manual one. Additionally, if the coffee shop is big enough, it may be worthwhile having a touch-screen ordering system.
Our MBA-qualified professionals are here to assist you.