METHODS OF RAING BUSINESS EFFICIENCY

How can business raising business efficiency

1. Layoff non productive staff and train the existing staff to multitask 2. Use contract-based employment to perform assignments that are non-regular and cut off the costs of paying them on permanent basis 3. Source and take advantage of cheaper sources of raw materials 4. Diversify your product range to reduce operational costs of e.g: distribution, promotion and office rent 5. Train the existing staff to improve their productivity levels and thereby decrease cost perunit-output 6. Adopt multiple suppliers to stimulate competition and break monopoly so as to enjoy lower prices of business supplies 7. Study and take advantage of business cycles by making adequate product stock to meet increasing demand during the boom and keeping inventory levels as minimal as possible during depression. 8. Improve existing technology or acquire better technology with adequate production capacity, breakdown and minimal repair costs and longer lifespan to boost your production levels and minimize maintenance costs 9. Acquiring and/or merging with major competing firms to reduce costs of competition and increase your bargaining power over minority firms. 10. Closing poor performing business units or product lines or branches and concentrating on better performing ones will help save operational cost. 11. Switching to cheaper or free advertising media such as online marketing with facebook, google; promotional magazines and free r cheaper exhibitions 12. Investing in new and virgin markets with less competition but with high product demand 13. Manage inventory costs by using just in time methods to maintain your stock and delivery schedules