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What is productivity?
Productivity is a measure of the efficiency of a certain subject, whether that be a person, machine or a system. The level of productivity is a result of dividing average output per period by the total input in that same period. There are many reasons as to why productivity is so important for businesses, with a similar multitude of reasons as to how to increase it.
How important is productivity?
The ability to manage your work in an efficient way is an important skill to have for numerous purposes, some of which include:
Increasing profitability: Companies can experience an increase in profitability as the cost for producing their goods and services decreases. As productivity increases, so does efficiency and thus less labour is needed to produce the same amount of goods. A company could chose to reduce the amount of labour, however, by keeping the same levels of labour they will experience a higher level of output.
Optimising resources: Through better human resource management, a business can benefit from reduced costs and better efficiency. An organization can improve situations where an employee isn't reaching their maximum potential to therefore optimise their resources.
Reducing waste and environmental impact: Time, money and resources can be wasted through unproductivity. If you are unproductive, you will waste time on tasks that could be completed in shorter periods. Additionally, this wastes energy as employees are required to be in the office for longer, using more electricity than needed.
Reducing employee burnout and improving wellbeing: Working in a more efficient manner can reduce the stress of overburdened employees. This will, in turn, enhance the wellbeing of workers who are more in control of their jobs.
What are some methods to increase productivity?
Increase efficiency: This requires review of your work processes and task management in order to complete what is required.
Reduce distractions: By removing or reducing the things that lower focus, there is more encouragement to work at one's desk, therefore increasing productivity.
Have the right tools and equipment: When employees are provided with the right equipment needed to execute their jobs, less time is spent waiting on inefficient processes. A slow computer or slow printer, for example, could add significant time to a worker's tasks, therefore reducing their productivity.
Empower employees: Allowing employees more autonomy and also flexibility in their ability to organize their work may also lead to increased productivity. Giving people the potential to work when they work best is a strategy increasingly used to boost productivity, hence why the idea of flexible work hours is becoming more and more common in business.
If you want to gain more of an insight into productivity and its importance in business, you may wish to look at these webpages:
- This is an audit or productivity tool that you can use while reviewing someone else’s models.219 remove_red_eyefreeby FinExMod
Fin-wiser Timesaver Excel AddIn - Free Trial VersionTimesaver is an excel addin which can help excel users to increase their productivity and save time.35 remove_red_eye
Consolidation Model Excel TemplateExcel model for consolidating and summarising the financial performance of your business.142 remove_red_eye
Q&A Tracking Sheet for a Financial Model (Excel)This is sheet can be inserted with the financial model to keep track of Q&As on the financial model.66 remove_red_eyefreeby FinExMod
BE-TMT (Braathe Enterprises Task Management Template)A pdf template for helping manage your tasks31 remove_red_eye
How to Gain Laser Focus In a World of DistractionA 25 minutes video explaining how to focus in a world full of distraction.31 remove_red_eyefreeby Sam Ovens
How to Get Things Done - A Beginner's GuideA guide that introduces you to the main principles of Getting Things Done, a time management method.23 remove_red_eye
Vision and Success Log TemplateThis excel file is accompanied by an explanatory video that allows you to create a more sustainable business practice.21 remove_red_eyefreeby George Kao
How to Get Top Performance From Your Team7 Key Steps To Getting Top Performance From Your TeamNew!
Time Management Tips For UX/UI DesignersTime management is very important for UX designers working on team projects. This video provides tips on managing time!14 remove_red_eyefreeby Laith Wallace
Fin-wiser Timesaver Excel AddInTimesaver is an excel addin which can help excel users to increase their productivity and save time.47 remove_red_eye$150.00by Fin-Wiser Advisory
How to Counter The "I'm Too Busy" Syndrome At Work7 Ways To Counter The “I’m Too Busy” Syndrome At WorkNew!
How to Make the Most of a Meeting with a Mentor or ConsultantWatch the latest video from New Venture Mentor on increasing the benefits of your mentor and consultancy meetings.New!
The Easiest Way for Entrepreneurs to Instantly Increase Their ProductivityWatch this video to gain valuable insight into increasing your productivity at work.New!
3 Tips: How to Stay Organized & Productive While Traveling for WorkTips and advice on How to Stay Organized and Productive While Traveling for WorkNew!
How to Prioritize Product Features In a Tight TimelineThis video is a guide in How to Prioritize Product Features in UX and Product DevelopmentNew!
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