There are two very close terms involved when we talk about the output in any business; production and productivity. These terms, because of their subtly similar etymology, are mistakenly used in place of each other. These terms look similar but are entirely different in meaning and should be understood and approached in a different way. While production is a crude term that roughly signifies the cumulative of the product output from the firm, the product is a more sophisticated term, and its understanding is important to optimize the business capabilities of any firm. Productivity is a term much closer to efficiency in meaning. It not only accounts for the output from the production units, but also keeps in view the input that is being pumped to keep the production body in operation. This factor has to be carefully evaluated through extensive data collection and analysis of all the raw material intake and revenue generation prospects.
Every business new or old, has a fully defined and dedicated team of highly trained and efficient professionals who are entrusted with the responsibility of collecting and analyzing the influx and efflux of capital in the business. These people have high experience in constructing and implementing operational strategies to ensure that the resources being used are utilised to a viable extent. With changing market statistics and customer preferences, these strategies are varied to ensure and enhance the effective output from the venture. Some of the strategies are too general and are applicable to almost all the business establishments irrespective of their area of specialisation and can be catalogued under one head for better understanding.
Some of these strategies are discussed below.
- Use of Business Cards
Any business thrives if it is not only able to hold its existing clientele but is successful in inducting new clients to its list. This is taken care through periodic interaction between the new prospective clients and the company officials at the helm. When meeting a new person, one of the first things in the introduction segment includes the exchange of business cards between the two parties. This makes the business card the first notice board of the company capabilities. So it becomes imperative to ensure that the business card that you carry for circulation is well framed, designed and projects your business capabilities in a positive light. It won't harm to spend a few extra bucks in business card designing & printing by hiring some professional service provider as this small investment is likely to bring in returns that are multiple times the input.
- Introduction of Suitable Mobile Apps
The world has changed drastically since the invention of mobile phones which have become an essential commodity in the modern times. With more advanced research and mobile app development in this field, this simple gadget has transformed from a mere telephone medium to a whole workplace asset that carries the key to today's lifestyle. Smartphone has made its way to most of the pockets today, and the service options being offered through the mobile apps improve customer satisfaction, drive business that converts to better revenue and eventually higher productivity.
- Social Media Presence
All the tech savvy community members are registered with one or more social networking service provider these days. This brings in a very good option for the business managers as those on social media act as a conglomerated prospective customer gathering. A well planned social media strategy to ensure planned and well structured social media presence can do wonders for a business as it offers a comparatively easy option for circulating the business capabilities to a relatively larger audience. This is bound to improve productivity as fewer input results in more output.
- Suitable Advertisement Planning
It has to be made sure that proper endorsement of the product is done to introduce it to the masses. Also, it has to be seen that it is done in a way that a commensurate fund diversion is done i.e. neither exemplary fund allocation nor deficient. This would improve the market reach and product credibility that will convert to revenues eventually and with increased income, productivity can be improved through better availability of sanctions from the surplus in this regard.
- Increase of Tech Involvement
The induction of high end sophisticated technology in the business practices not only improves the working experience but also makes sure of better quality service delivery to the consumers. With good and compatible devices and machines in operation, the worker output is increased. If the technology induction and upgradation is done in a planned way, then the capital investment being put in the induction is recovered briskly and then what remains at the surface is crude profit. This will increase the productivity of the operation.
- Constant Vigil Over Market Trends
All the business prospects are governed highly by the market trends whose variation is not easy to judge or forecast. Therefore, an established network for collecting data from the market is required. It should also be made sure that this data is duly recorded and comprehended. This helps the firm to keep the changing market scene in view and make the future marketing strategy and production schedules. These two processes need to be coupled rigorously so that there is minimum loss of resources throughout the production and delivery procedures.
- Improvement in Workspace Environment
It really is an established fact that the efficiency of the workforce is in accordance with the work environment. This, not only is helpful in improving the morale of the workforce, but also gives a kind of leverage to the employer as he can expect more from the employees. The enhanced morale is instrumental in improving the work quality standards. With improved efficiency, the wastage of resources would be reduced which will decrease the expenditure on raw materials and hence increase the effective profit margin for the business.
These are few of the basic strategies that are general for every business but can be duly improvised to accommodate the variable requirements of different business establishments. Once implemented, these strategies will increase the productivity and the profit margin of the business.
Shared by Just Total Tech â€“ A Mobile App Development Company.