Ways To Improve Efficiency And Productivity

Increasingly, SMEs are shifting their focus towards improving efficiency and productivity. SMEs know that it is hard to achieve growth, so they want to do more with their existing resources. An accepted way of reviewing performance is to compare the SME to its competitors and industry averages.

I want to know if I am as efficient as I could be.
Where do I need to improve?

SMEs are improving profits by increasing margins. They are concentrating where they have some control and on tightly managing their costs. We have included a list of Operating Cost KPls being used in benchmarking and Cost Audits.

SMEs need to understand how their business is currently operating, before they can take advantage of their strengths and target their weaknesses. This can be a real struggle for some SMEs and 40% did not believe they were producing accurate financial reports.

Access to real-time, relevant and accurate benchmarking information is one of the most effective ways for a business owner to understand how efficiently their business is operating. Comparison with industry benchmarks and other similar businesses allows the SME to pinpoint where their inefficiencies, and where to direct their time and resources. Importantly, it also allows SMEs to measure their improvement over time.

Source: BStar

Share the Post:

Related Posts