The Business Equation: Which Variables Hold the Most Value in Driving Your Company’s Growth?
We all define success differently. Though largely dependent on your goals and objectives, even if two businesses have the same goal, we know there are multiple ways to achieve the same outcome. The challenge for businesses is getting to that finish line in the most efficient way possible while capitalizing on opportunities along the way.
How to Drive Success in Your Business
In any business, you have a set amount of resources. How you shuffle them around can make all the difference to the success of your business. Let’s break down some of these variables and discuss how they can impact your bottom line.
- The value of time – You have a finite number of employees who have a finite amount of time on any given day. Whenever an employee is working on a task, that means they’re not working on something else. It’s when that “something else” is more pressing that you can run into trouble.
- The value of opportunity costs – This leads to a discussion about opportunity costs. Inefficiencies can lead to lost opportunities and, in turn, lost revenue. Whenever you make a choice to spend your time on one thing, something else is losing out. That something else could be a
- The value of the project’s outcome – Additionally, the overall value of the project or task’s outcome needs to be weighed in relation to the time devoted to the task. If the value is low relative to the effort required, it’s likely not the best use of your resources.
At the end of the day, you want each employee to be able to focus their time and efforts on the tasks that add the most value to your organization and bring you one step closer to success.
As you audit your time and resources, it may quickly become clear that outsourcing some tasks, like HR, can help you drive success more efficiently in your organization. For help identifying which opportunities can drive greater success in your business, contact us at The OIS Group to schedule a free consultation.