Efficiency. Seems simple enough right? If you look up the definition you may get 3 different explanations:
1. The state or quality of being efficient.
2. Accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort.
3. Effective operation as measured by a comparison of production with cost (as in energy, time, and money.)
The ratio of the useful energy delivered by a dynamic system to the energy supplied to it.
Does it still seem simple enough?
Perhaps not, but it is a word that we hear every day in our businesses and impress upon our employees that they need to be efficient.
If you think you are efficient because your revenue is good, you may be mistaken. It's definitely a benefit if you have good revenue, but you may still have inefficiencies which are hindering an even larger revenue potential.
If you are struggling to hit your revenue goals, then this is a telltale sign that you can be more efficient in your operations.
As a business operates we need to look at our efficiencies on a daily basis to measure our successes.
Take some time to review your current software, reports, processes, cross-department communications and workflows to see if they still make sense in your business. You may quickly find out where you can redefine your business to become more efficient.
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