How to Improve Your Company's Efficiency - EU-Vietnam Business Network (EVBN)

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Eliminate communication barriers from within the company. Companies structured along a top-to-bottom hierarchy or composed of a series of independent divisions competing against each other do not create a healthy medium for sharing information. Create a network system which allows workers to store and share information on a central hub. Encourage an open-door culture where workers are not afraid to provide suggestions and feedback to management and coworkers. Better communication increases the efficiency of your company by ensuring that all relevant parties have access to the information they need to perform.

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Go digital. Becoming a paperless business is not only a fashionably green measure; it also makes financial sense. It streamlines your company, improves the speed at which you share work-related information and reduces supply costs. For instance, request your bank, providers and clients to send statements, invoices and orders electronically, and limit the printing of emails and documents as much as possible.
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Create an energy management program. Analyze your current use of energy and resources and investigate how you can improve your company’s energy performance. Set goals for more efficient use of energy and put the plan into action. Measure your performance, recognize your achievements and reevaluate your energy program.
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Identify key performance and productivity factors for your company, such as production stock and customer satisfaction. Set achievable goals in those areas and make certain workers accountable for achieving those goals. Be sure to periodically measure and evaluate their results. Remember Pearson’s law, which states, “that which is measured improves.” For example, a company that manufactures chairs could set the goal of consistently keeping stock of 1,000 units and maintaining customer satisfaction at a high level. To ensure the goal is met, the stock could be monitored regularly and customer satisfaction measured by a survey offered to every client. Management could then use the gathered information to monitor and measure the performance of the workers assigned to achieve these goals.
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Create an accident and disaster management plan. Efficient companies prepare themselves for disasters to ensure that they have the resources and information they need to react decisively. Analyze potential risks to your company and minimize or eliminate them. Identify your most company’s most valuable assets, be they staff, databases or expensive machinery, and prepare contingency plans to protect those assets from the risks you can’t eliminate, such as natural disasters. This might involve having an evacuation plan, a litigation readiness plan or saving valuable information on multiple servers around the world.