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Entrepreneurs, CEOs and business owners are always concerned about the productivity of their businesses. Productivity is a measure of the efficiency of production or operations of your business and proportions out your out- put to your input.Thus,the higher the productivity of a business, the more efficient the operations or production of that business. ?The converse is also true.
Productivity of a business is in the final analysis expressible in dollars. Thus, profitable firms have higher productivity than loss making firms and are therefore more efficient users of business resources-human and material.
The productivity of a business tells us a lot about that business: Quality of management and employees, viability, profitability, the correctness of its chosen strategy, the efficiency of its structure, the value optimizing nature of its business systems, its business competitiveness and even the long term potentials of that business. Firms with high productivity are more likely to have better management, quality employees and are definitely more profitable, viable and competitive than firms with low productivity. Entrepreneurs, Business owners and CEOs therefore race to increase the productivity of their businesses and of all those employed in the them.
The benefits of higher productivity are manifold. At the corporate level, productivity growth raises corporate income- both real and nominal- thereby increasing the ability of the business to not only to meet its increasing obligations to all its stakeholders: investors, employees? customers and regulators and its ability to compete now and possibly in the future. Thus, businesses with high productivity are able to meet their obligations to their stakeholders and have enhanced competitiveness while those with low productivity have increasing difficulty meeting their obligations to stakeholders and impaired competitiveness. The future of such businesses is also in doubt for various reasons including the fact that resources, including money? needed to compete tomorrow, have to be made today through? ploughing back into the business some of the money made today. Such funds can only come from optimizing profits. One tool that successful entrepreneurs use to optimize business profits is productivity.
Productivity growth is important to the firm because it means that the firm can meet its growing obligations to customers, suppliers, workers, investors, and governments (taxes and regulation), and still remain competitive or even improve its competitiveness in the market place.
Higher Productivity is also useful to the business to achieve its mission, vision and the grand purpose of every business: Growth. Growth is the oxygen or elixir that firms require to not only remain in business but to also progress to the next phase and ensure the optimization of its value creation process. Businesses with higher productivity grow faster?? and generate more needed resources to take the business to the next level and are able to achieve more for all stakeholders including their customers.
All those objectives in your business and strategic plans, promises made to employees, investors, customers and financial inter-mediators as well as existential requirements of regulators can only be realized through higher productivity of your business, you (the entrepreneur, CEO or business owner) and your employees.
Beyond the business, higher productive firms grow their industries more, create new businesses or even industries, generate more employment and strategic opportunities in their industries and country and help the country?s? Gross domestic Product(GDP) grow more than low productive firms. ?
Success seeking entrepreneurs, business owners and CEOs therefore reach out for tools, resources, strategic partnerships and possibly outside help to grow their productivity and thus their businesses.
The Author, Dr. Kennedy Ononaeke, is a business growth strategist and CEO of Winning Edge Consulting Limited- a healthcare consulting and training firm. For a free consultation on how to grow your business productivity, call: 2348035875796 or email: kennedyononaeke@winningedge.com.ng.For Free Business? TIPS newsletter, Go to: www.winningedge.com.ng
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