For the longest time, economists believed that all businesses were essentially the same. So it didn’t matter to them whether a business was doing it’s best to be productive. According to their thinking, if it wasn’t productive, it had gone out of business a long time ago, and nobody had heard about it since.
The problem is that the real world of business is not how academic economists imagine it to be. We’re not in some perfect profit maximizing universe. We’re in a universe full of mistakes, compromises, and above all, bad habits.
Even when a business is profitable, it still may be performing well below its potential. Here are some common mistakes that managers and owners make that ruin the productivity of their enterprise.
Reading emails is one of the biggest time sinks out there. But it is also something that is necessary. What is not required is rereading emails.
Once you get an email through, resolve to deal with it there and then. Procrastinating or moving on to another task means that you’ll end up wasting more time when you go back to it.
If you know that right now you can’t resolve an issue, leave the email unopened until you can.
Like most businesses, your systems are all over the place. It’s rarely the case that all the information relating to your business is held on a single digital platform. That means that knowing exactly what digital assets your company holds can be difficult.
Many companies settle for Google Search appliance, but it’s a black box system that can be cumbersome. There are plenty of search alternative to Google’s offering, however, that are worth checking out.
Having a single search facility linking all your assets makes search a lot more productive and saves an enormous amount of time.
Failing to Update After Mistakes are Made
In business, there are plenty of opportunities to make mistakes. And making mistakes is often an important part of the learning process. But all too often business will settle for making te same mistakes over and over again. This destroys morale reduces sales and hurts productivity.
The best way to deal with errors is to respond to them as they happen. If a member of staff has messed up, use your charm and your skill to help them avoid making the same error in the future.
Failing To Discriminate
Discrimination has become something of a dirty word over the last 25 years. But the ability of those in business to discriminate is just as important as it ever was.
It’s often said that the customer is always right. But sometimes problem customers can take up way too much of your time. In fact, they can often take up so much time that other clients suffer for it.
The solution is to know when to let a relationship go. Sometimes a customer complaint can be legitimate, in which case they are an asset. But in other cases, they are merely problematic and expect products that neither you nor anybody else, could deliver.