6 Tips to Increase Productivity & Reduce Costs in 2023

By: | February 12, 2019 | Tags: , , , , , , |

Productivity Management: 6 Tips for Increased Productivity & Reduced Costs

productivity management

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Let’s face it: The modern business landscape is dramatically different from even 20 years ago.

Through the advent and growth of the internet and an increasingly global marketplace, businesses face new challenges as well as opportunities in striving toward success.

New players continually enter your market, which increases competition. Meanwhile, ongoing technological innovations allow for higher productivity at lower costs.

These changes mean that you need to stay on top of strategies and tools for efficiency and productivity. From some of the most effective new communication technologies to serviced office solutions, here are five ways smart businesses are increasing productivity while reducing costs.

Project Management Tools

One of the best ways in which the internet has allowed companies to operate more efficiently and productively is with the introduction of online project, or team management tools.

These include services such as Asana, Trello, and Basecamp. From startups through to huge multinationals, these tools help manage their teams and keep track of goals and tasks as they move from inception to completion. If you’re not already using a project management tool in your business, look into implementing one soon.

Communication Tools

Along with team management platforms, the internet has brought us many free or low-cost communication tools that we can use to stay more productive while remaining efficient and under budget. Tools such as Slack, Google Hangouts, and Skype are popular among smart businesses for how they allow you to keep in touch with your team or clients in a fast and economical way.

[Read Free Top 11 Online Collaboration Tools.]

Increase Time Management

Managing your team’s use of time is not a new concept in business, but it is an area that needs your attention nonetheless. According to recent research, up to 37% of employee time is spent in meetings, a quarter to a half of which time is wasted. Excessive meetings hinder team productivity and cost valuable resources.

To cut down on this waste within your organization, look for ways technology can eliminate the need for as many face-to-face meetings. Additionally, online time-tracking tools can help individuals, teams, and managers gain visibility over how long tasks are taking and identify areas where efficiencies can be gained.

Create A Gamification Strategy

Gamification involves using friendly competition and rewards as motivators for individuals and teams to achieve higher results. The concept is derived from video games but has recently gained traction as a powerful tool used by many successful companies.

There are numerous ways to gamify your internal processes, from having employee awards to prizes for teams who outperform others. Prizes can include recognition, corporate gifts, or promotions. Even small rewards recognizing achievements can be an effective, inexpensive productivity enhancer.

Serviced Office Solutions

One of the best ways smart businesses are boosting productivity while lowering costs is by using serviced office solutions. Serviced offices offer small, medium, and large organizations a full range of physical office benefits without the need for long 3-5 year leases, as is common with traditional office lease agreements.

Included with most packages, are all the office features your business needs but at a fraction of the cost. These typically include a receptionist as well as admin and business support services, which free up your team from having to perform these duties so they can focus on more critical tasks. In the end, a serviced office may be just the agile and cost-saving solution your business needs.

To keep your business positioned for greater productivity while lowering costs, implement some or all of these smart business strategies and see for yourself how they can improve your bottom line.

Host Blogger’s Comments on Productivity Management

Productivity management is defined as how smoothly a process runs and how effectively the process uses resources.

Can you recommend any tools or methods to help a business run smoothly?

Author: Eada Hughes

Please share Eada’s post on productivity management so entrepreneurs learn these tools and methods to have a well-run business.

This post was made possible by the support of our readers.

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  1. Gangadhar Kulkarni

    Hi Janice,

    Another valuable stuff you shared here with a proper explanation…Thanks…!!!

    Earlier I used some project management tools for my client’s projects like TimeHero, Unito, and Hive. They are really useful and user-friendly.

    Thanks again for exchanging useful info on business productivity and tools for improvement.

    • Janice Wald

      Hi Gangadhar,
      I have not heard of those tools. Are they free? Thanks for writing.

  2. Image Earth Travel

    My problem is procrastination – too many other distractions and unless I write a list, I’ve wasted a week! The social media platforms I manage are too time-consuming and I’m not even on Insta.

    Many thanks for stopping by my Travel and Photography blog.

    • Janice Wald

      Hi Image Earth,
      I procrastinate also, but happily, I perform under pressure. There is nothing wrong with a to-do list. I have one in front of me at the moment.
      Regarding social media, if you get traffic from the sites, continue. Thanks for writing so we could share strategies.

  3. business management

    A good business manager is a great way to save money for a company. If they are good at their job then they can save expenses and manage accounts properly. Managers are one of the best assets a company should have in terms of saving money.

    • Janice Wald

      I agree a business manager can be “make or break” for a company. He can be a wise money manager or frivolous with the company’s expenses.

  4. Vince

    Communication tools!! That is what it is all about.

    I don’t know how many times an hour-long meeting could have been done in an email.

  5. Hilda Belerick

    Reducing costs is always a difficult part of a small business but very necessary for productivity. Some great insights in this article. Thanks.

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