It's a fact, that Australia’s economy was built on the passion and productivity of small Business, from the traditional ‘family-run’ corner shops, pubs, cottage industries, farming and more.
With its unique features, the ability to adapt, along with flexibility, creativity and innovation and some risk-taking Small Businesses' have contributed to the economic health and wealth of our society.
In essence, Small Business has been an essential part and backbone of our nation providing a critical source of employment and economic growth that has served us well. And continues to do so!
With recent calls from Federal Treasurer Dr Jim Chalmers for improvement in productivity what better time to consider your Business’s productivity performance and potential for growth?
What is P for Productivity! What Does it Mean and Why is it Important for Your Business
Productivity in business is a measure of economic performance that compares the amount of goods and services produced (output) with the amount of ingredients (inputs) used to produce those items. Simply put, ‘the measure of production efficiency’!
Why is Productivity Important?
It is important to us all, as workers and consumers, Business owners and Government policymakers as it shapes our economy’s welfare and ability to support generations now and in the future. At a national level it captures an economy's ability to harness its physical and human resources to generate output and income.
- Productivity means how much you produce by the number of employees or hours worked.
- Productivity growth is described as the process by which people get more, (greater profits & higher wages) from less (less effort, fewer resources, fewer hours at work), overtime.
Many factors affect productivity growth, such as; technological improvements, economies of scale and scope, workforce skills, management practices, changes in other inputs (such as capital), the stage of the business cycle and competitive pressures.
Productivity in Small Business can make it or if lacking can break it!
Being more productive helps grow your Business because it increases profitability, and who doesn’t want the benefits that provides.
6 Tips to Increase Productivity in the Workplace:
- Create a Culture of Productivity
- Aim for Achievement
- Revise Business practices
- Adopt the Healthy Habits of self-motivation
- Involve all Stakeholders to get ‘Buy-in’
- Celebrate Successes
Want to know more! read our Blog' 6 Tips to Increase Productivity in the Workplace'.
In scope
Productivity: the Office versus Working from Home
See article in our next Newsletter
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