With the unemployment rate growing globally and the cost of living rising by the day, people have turned to entrepreneurship to afford a comfortable lifestyle.
5 tips to increase productivity at your startup
In the U.S., fourteen percent of the working population is estimated to have businesses or are in the process of starting one.
There is also a growing number of people who find entrepreneurship an attractive career path. Statistics show that sixty nine percent of Americans start their first business at home.
However, not all startups can survive the competitive market. Reports state that only fifty percent of these companies survive the first four years.
The reason why many of these startups fall is because of low productivity, incompetence, lack of managerial skills and poor financial management.
People go into business with false expectations. However, the reality hits when you start experiencing a few glitches.
If you are experiencing productivity issues, there are some things you can incorporate to help you overcome this obstacle as discussed below.
1. Incorporate modern technology
Technology is making everything more manageable in the business industry.
Ensure that your business is using advanced computer technologies.
Have a strong network in your business premises that will allow your employees to access information easily. Encourage your employees to bring their own devices to work.
Statistics show that forty-nine percent of employees have admitted to being more productive when they are using their own devices.
Your business’ efficiency can also be increased by using emails and social media as mediums for communication.
2. Keep track of your business’ records
Easy bookkeeping for small business is necessary to keep up with the company’s financial transactions.
Maintaining an organized bookkeeping system helps the business keep up with the regulations and avoid risks that may affect the security of the business.
Unfortunately, many enterprises lack an efficient system to record their information.
As a result, they end up storing unnecessary data for too long and face penalties for not complying with the record keeping regulations.
3. Make the work environment fun and comfortable for employees
For a business to be successful, the employees need to feel like they belong.
A friendly working environment will motivate the employees to work harder and as a result, increase productivity.
One way of making the work premises employee friendly is by reducing employee turnover.
Employees who feel like part of a family are more likely to maintain a level of loyalty than those who do not feel valued.
Creating a fun and warm environment can also attract highly skilled potential workers.
4. Have a brainstorming meeting with your workers
You will be amazed to learn the great ideas your employees may have.
During this meeting, ensure that every worker has a chance to get their thoughts heard. Do not let one person be the dominant voice in this session.
Also, ensure that you give credit where it’s due by rewarding your employees.
Remember that the level of commitment of your employees can make or break your business.
Therefore, you need to keep them happy. However, ensure that you also correct them when they do something wrong.
5. Come up with a set of goals
Being goal-oriented makes an individual more focused.
Coming up with goals will also help employees know what they are working towards and accomplish it.
Do not set only long-term goals but short ones as well. These goals will act as a measure of productivity in the company.
Any time you do not accomplish these set goals, analyze and pinpoint where the problem lies and work to solve it.
To sum up
Research shows that nine out of ten startups are likely to fail. Therefore, the odds are not good. However, with the right tools, your startup can be the one out of ten.
Venturing into business is not something you wake up one night and decide to do. You must have a strategic plan and ensure that you go in with realistic expectations.
How do you like the article? How do you apply these tips in your venture? And how do you increase productivity at your startup? I would love to hear your thoughts in the comments below.
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