Everyone agrees that growing revenue and handsome profits are key indicators of a thriving business. But how those numbers are achieved reflects sustainability… or lack thereof. If, for instance, you have high productivity, it reflects efficient resource usage and therefore suggests a maintainable approach. If, on the other hand, your company is experiencing low productivity or a high cost of production, this is not something that would support a thriving and growing business, and would need to be addressed.
Business productivity reflects your organization’s ability to successfully execute on its strategy, and through examination of the structure, technology, policies, processes and practices that support your strategy, you can identify your company’s strengths and weaknesses. Then, more broadly, by comparing your numbers against your competitors, you can also identify opportunities and threats.
Once identified, by leveraging your current strengths and improving upon weak areas, you will be on your way to … Continue Reading