How can you produce the HIGHEST amount of output using the SMALLEST amount of input?

Tuesday: Return Driven Strategy FROM THE DESK OF MILES EVERSON: One of the frameworks I find effective in managing my team at MBO Partners is Return Driven Strategy (RDS). Created by Professor Joel Litman and Dr. Mark L. Frigo, and explained in detail in their book, “Driven,” this pyramid-shaped framework has 11 tenets and 3 foundations that help businesses achieve wealth and value creation. Another thing I like about RDS is it’s applicable not only to organizations and enterprises but also to individuals. Just apply the tenets and foundations to the microlevel and you have Career Driven Strategy (CDS). In today’s article, allow us to share with you an effective method that can help boost your career. Read on to know why efficiency in the workplace is important and how you can be an efficient worker in your field of expertise. CEO, MBO Partners Chairman of the Advisory Board, The I Institute

How can you produce the HIGHEST amount of output using the SMALLEST amount of input? Efficiency is about getting the most out of your resources. According to an article published by business management software Hubworks, efficiency is using the smallest amount of input to produce the highest amount of output. This is important in any industry because working efficiently results in a higher produced volume from the same amount of resource input, and lets workers operate day-to-day without making costly errors. In this article, we’ll analyze why efficiency is important and why it’s something that you, as a business owner or leader, manager, marketer, copywriter, or independent professional, should develop. In Career Driven Strategy (CDS), Professor Joel Litman and Dr. Mark L. Frigo say the pathway to value creation is always through others. Applying this framework to your career means focusing on your customers and clients, and fulfilling their needs. —the more unmet their needs are, the higher your potential value. What can you do to maximize your value as a professional and address your target market’s needs? One way is by being an efficient worker. The value of efficiency is reflected in your profits and successes. Being in this state provides an array of benefits, including: Optimal resource usage Reduced wastes and costs Decreased errors Improved productivity Competitiveness and business growth Meanwhile, an efficient employee typically: Completes tasks based on priority Breaks projects into tasks, and tasks into subtasks Knows how and when to take breaks Knows how to minimize distractions in the workplace Communicates clearly and purposefully Delegates tasks mindfully and effectively Generally, an efficient worker is an invaluable asset to any team, company, or industry. This person has the ability to positively impact his or her colleagues and contribute to a business’ success. How can you become an efficient employee or independent professional? Use time-tracking software. Research shows that only 17% of people can actually correctly estimate time passage. That’s why it’s recommended that workers, especially those who aren’t that good at time management, use time-tracking software. These apps log your productivity and help you better understand how long it takes for you to accomplish certain tasks. By identifying and analyzing these kinds of data, you’ll pinpoint issues that need to be fixed. Establish deadlines. Deadlines are crucial in the workplace. It’s important that you know how to meet these due dates because it will not only please your customers or clients but also help improve your and your team’s reputation and overall dynamics. Besides, having deadlines compels individuals to take action. However, it’s also essential to set realistic and attainable deadlines to avoid stress, pressure, or demotivation at work. Prioritize tasks accordingly. One good practice is to categorize your list of tasks according to urgency once you sign in for work. This will keep you organized, motivated, and accountable. Additionally, streamlining your workload helps increase your efficiency, productivity, and effectiveness. Oh, and another thing: Avoid multitasking as much as possible. While this may seem like you’re doing more in a specific time frame, the reality is it slows down your brain and compromises the quality of your outputs. So, it’s better to focus on a single task first then proceed to the next ONLY WHEN you’ve accomplished the first one. Communicate properly. Whether you’re a freelancer, entrepreneur, or employee, you have to learn to work with others. That’s why you should strengthen your communication and collaboration skills. One of the advantages of having these skills? They eliminate the unnecessary step of reworking your outputs and wasting valuable time due to misunderstandings and miscommunications! To enhance your communication and collaboration skills, you should learn how to actively listen and deliver your messages in a simple format. For example: If you’re composing an email, make sure to keep your message on point. Avoid writing too much information because it could confuse your recipient/s. Meanwhile, if your team leader or supervisor is delegating tasks to you, you should listen carefully to avoid missing out on any specifics that could affect the quality of your outputs. Take advantage of your ultradian rhythm. In chronobiology, the ultradian rhythm refers to a recurrent period or cycle that repeats throughout a day and consists of 120-minute biological intervals. The first 90 minutes contain mental energy peaks while the remaining 30 minutes contain mental energy dips. To take full advantage of your ultradian rhythms, it’s best to work in 90-minute intervals followed by 30-minute break times. However, this might seem unrealistic especially for employees with a fixed schedule or for those who struggle with short attention spans. If that’s the case, you may try the Pomodoro technique. This method designates 5 minutes of rest for every 25 minutes of work within 90-minute sprints. To sum everything up, efficiency in the workplace positively influences a business’ overall performance and creates an ideal workforce. Likewise, an ideal workforce provides the ability for business owners or leaders to focus on what truly matters most—expanding their brands’ reach, excelling in the goods or services their brands provide, and bringing out the best in their employees. … and what does being efficient mean to you as an individual professional? The ability to prioritize and focus your time and energy for the best use! By maximizing the use of these resources, you’ll excellently and effectively fulfill your customers’ or clients’ unmet needs. In that case, you’ll not only produce quality outputs in a short amount of time but also establish a trustworthy and reliable reputation for yourself as a career-driven individual, and for your company or business as a return-driven brand. Apply these tips for a more efficient and streamlined process at work—whether you’re working individually or with a group! By striving for efficiency, you’ll contribute to a healthy and successful work environment, effectively fulfill your target market’s needs, and ethically maximize your time and energy. Hope you found this week’s insights interesting and helpful. Follow us on LinkedIn. Stay tuned for next Tuesday’s Return Driven Strategy! In a past “Return Driven Strategy” article, we discussed the factors that led to the downfall of toy retail company Toys R Us. Learn more about what enables this retail company to price its offerings more cheaply and still generate high returns in next week’s article!