Directory Image
This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Privacy Policy.

Using Business Efficiency as a competitive Tool in the Industry

Author: Carol Evenson
by Carol Evenson
Posted: Sep 21, 2018

It is the policy of any businesses to minimize resources while at the same time maximizing output. All business organizations try to formulate and implement several strategies that will help them to be more efficient so that they can be more competitive as compared to other business organizations in the same industry. Business leaders should implement these strategies so that they can maximize the use of resources and make their entities more efficient.

1. Automate Business Activities

There are several advanced technologies out there that a business can adopt with the aim of automating most of the business activities. For example, a business leader can consider purchasing an accounting software that will be used in performing the repetitive accounting tasks that are carried out manually. Accounting software will be more accurate and will be able to undertake large quantities of work than what individuals will be able to achieve. The production manager can also consider using a checkweigher to measure the limits of the products after they are packaged rather than measuring the weight of the products manually.

2. Go Digital

The other strategy that will help your business to improve its efficiency is ensuring that you implement digital technology in your organization. For example, you can consider using mobile applications such as WhatsApp or Skype to communicate rather than travel to meet a person for business meetings which will be expensive. You can as well consider using cloud-computing to perform most of your office services so that members of the organization can access information easily as and when they want regardless of their location. Other digital services such as cloud-printing and digital transactions will help your business to save a significant amount of money hence gain some competitive advantage.

3. Outsource

Sometimes there are those services that you do not often do in your business because they do not form the core of your company. Such services include auditing and delivering goods to the expected destinations. Instead of hiring an auditor only for him to perform his duties at the end of the month or even after several months, you can consider contracting an external auditing organization to perform auditing on your behalf. You will only pay a little amount of money as compared to what you would have paid if you employed a permanent auditor. Outsourcing is an important strategy that you can adopt in your organization to increase efficiency.

4. Improve Your Marketing

A significant number of organizations use much of their money to create awareness about the products they are manufacturing and selling. It is common to find that a company spends more than 25% of its expenses on marketing. Rather than using the traditional marketing methods such as print media and television marketing, you can use the modern methods of marketing such as social media marketing and website marketing. These advanced methods of marketing are known to reach a large number of potential customers as compared to the traditional methods of marketing. Sometimes you will not pay anything, especially when using Facebook to market your products.

5. Go Online

A large number of business are continually choosing to take their business on the online platform because there are some many benefits associated with it. Selling your products and services through the online platform means that you do not need to pay for rent or have a large number of support staff to help your customers to select goods on the shelves. Customers will quickly get the products they want from the online platform and pay after shopping. Your business will be visible to many potential customers when it is selling products through the online platform as compared to when selling products through a physical store.

Business efficiency is an essential aspect because it helps organizations to save much money which can be used in enhancing other activities of the company. A business that is more efficient can serve a large number of customers within a short period which gives it a competitive edge in the market.

About the Author

Carol also is passionate about health and fitness and stays active on her free time. She enjoys hikes and participates in multiple marathons. She loves learning to new tips on health and enjoys sharing her knowledge with her readers

Rate this Article
Leave a Comment
Author Thumbnail
I Agree:
Comment 
Pictures
  • sweetzzz  -  5 years ago

    bamboo sheets queen

    2
  • sweetzzz  -  5 years ago

    nice Post bamboo sheets queen

    2
Author: Carol Evenson

Carol Evenson

Member since: Nov 24, 2017
Published articles: 35

Related Articles