Every SME owner should explore all the available strategies to increase the productivity of her workforce as it can immensely contribute towards improving the profit margins and accelerating the growth of her business enterprise. Here, let us take a look at some of the simplest and most effective ones out of the many such available strategies.
One of the ways to increase productivity is by setting reasonable, achievable and time-bound goals for the individuals as well as for the entire workforce. This will ensure that every individual, as well as the whole team, remain focused and result-oriented and strive to achieve the set goals within the defined time limits and that too in an optimum manner.
Another strategy is to motivate the employees and the entire team to put in their best efforts by incentivizing performance with rewards. It means giving them performance-oriented incentives and monetary rewards like pay-hikes, stock-options, employee-of-the-month prizes or bonuses for reaching major productivity targets.
Furthermore, the business owner should delegate the tasks or distribute the workloads based on the strengths, weaknesses and core competencies of her employees. This will allow them to remain occupied with the work they enjoy doing and can also excel in. It enables the organization to get the best output from each staff member.
The entrepreneur must also consider giving her team members greater autonomy, more space and ample freedom at the workplace. This strategy will allow them the flexibility to decide how they want to attend to their assignments, when they want to take a break, whether they would like to work from home on particular days, etc. This approach will make them feel valued and trusted, which will inspire them to put in their best performance.
One more way to increase productivity is to break up big projects into smaller tasks to make them appear achievable and less daunting. This strategy will enable the SME owner to tackle all the big projects on time, and with the full cooperation of all the employees, without overwhelming them.