As businesses and leaders become busier, time represents their most valuable asset. By measuring and optimizing productivity, organizations can chart a clear path to growth and make the most of their time.
If you’re a business owner or leader, you know the value of time. Every day, you answer calls, respond to employees, and ensure the business runs smoothly. Still, sometimes there doesn’t seem to be enough time in the day to accomplish everything that needs to be done.
Time management and work productivity are crucial for business success.
At Hubstaff, we build time-tracking and work management software for growing teams. Our customers constantly seek ways to optimize their time for personal and organizational success. Whether you run a remote business, large company, or fast-moving startup, you know that time management is the key to business growth.
If you’re hoping to achieve higher levels of efficiency this year, you’re not alone. According to a new global report, 74.8% of organizations plan to increase their productivity over the next year.
By measuring and optimizing productivity, organizations can chart a clear path of growth.
So, what’s the first step to becoming a productive organization?
How to Increase Your Company’s Productivity
Initiatives of any size, from launching a business to aiming for a half percent of year-over-year growth, require productivity-centered thinking and an engaged team. Follow these steps to make your company more productive.
Step 1: Measure Productivity
Measuring productivity is the first step toward reaching your organizational goals. Many companies implement different practices to track how much time employees are spending on certain projects versus others.
Today, over 70% of organizations measure productivity, demonstrating the importance of keeping your business running efficiently.
Automated time-tracking software is a great tool to measure productivity.
Time-tracking apps not only provide an accurate picture of how much time your team spends on certain projects, but the software can also integrate with your billing and payroll services to save you even more time.
Time-tracking tools also offer extra productivity measurement features, such as activity rates and in-depth reports on how time is spent.
Once you establish a baseline for how productive your organization is, you can move on to step two, which is setting goals and developing strategies.
Step 2: Document Business Growth Strategies
Where do you want your company to be in three months, six months, or a year? What about three years?
Write down your goals, establish your key performance indicators (KPIs), and then define your strategies for reaching them.
Key performance indicators are values that measure how successfully a company is accomplishing key business goals. KPIs allow you to evaluate how effectively you meet your business objectives.
Work back from your end goals so you can easily see what you need to do now and in the future.
Once you have a plan outlined, make sure your whole team understands the company’s vision and how you aim to achieve it. Transparency allows everyone to see how their role impacts the company’s overarching goals. Productive organizations know the importance of engaging employees and providing the right motivation and encouragement.
According to a Hubstaff survey, organizations that tell employees about business growth strategies have a greater likelihood of achieving their growth goals.
If you don’t have your growth strategy in place, implement one now in order to see your productivity increase.
Step 3: Implement New Ideas and Tools
Now that you’ve established a productivity-focused mindset, you can start using tools to help you accomplish your goals.
Sprints, a term coined in Agile software development, is a set amount of time when a certain project has to be finished. Sprints function as an effective time management tool that keep your team updated on work progress and deadlines.
Fostering a culture of focused, quality, work is a must for productive organizations.
Step 4: Continue to Refine
What’s working and what could be improved? Check in with your team and review your measurement tools to see where progress has been made.
Create a survey asking for input on how to improve productivity. Nearly half of workers (47%) value a community atmosphere at their workplace. The more you create an open dialogue, the more engaged your employees will be.
Don’t be afraid to try new tools or processes. Every organization is different, and most apps offer a trial period.
If you are curious about a tool, involve a small group of employees to participate in a trial. Using their feedback and experiences, you can decide how to implement the tool once the trial is over.
Evaluating your business consistently provides ample opportunity for growth and change. When implementing new strategies, always look for areas where your company could improve and then make those areas better.
Maximize Your Productivity
The first step toward working more productively is to evaluate where your business stands.
Once you start tracking your output and efforts, you can set goals for the future and execute your strategy for growth. Finally, find the tools and processes that work best for you and refine them over time.
When managed properly, time can be your competitive advantage. Make sure you are using your time as productively as possible.
About the Author
Dave Nevogt is the co-founder of Hubstaff. Dave is a consultant and serial entrepreneur who grew three of his own businesses to over a million dollars. Now, he writes a blog series that illuminates everything his team does to grow Hubstaff, along with free training on how to build a remote team.