Managing a business is never as easy as weare led to believe.
The harsh truth is that only 24%of businesses succeed, and many of those fail for various reasons, be it thewrong timing, team, budget, economy.
With start-ups trying toovercome initial challenges, SMEs focused on scaling up their businesses andlarger companies trying to cut unnecessary costs it becomes more and moreobvious that in order to survive every business should adopt cost-effective andsmart solutions that can increase their work efficiency.
High productivity is a coreengine of any company’s growth and development. However, studies show thaton average, 30% of the manager's time is spent replying emails; another thirdgets spent in meetings, internal communication with colleagues, and paperwork.
Social interruptions, disorganized or repetitivetasks, failed multitasking, are some other popular time wasters.
According to a research reportconducted by Gallup, nearly two-thirds of working adults say they don’t have enough time in the day tofinish what they have planned to do. With so many businesses starting up in the UAE, closing down orrestructuring every year (i.e. more than 22,000 businesses were established inDubai in 2015) a quick establishment process, effective overall management, andsmooth operations are crucial for many to survive.
What is shocking to know, isthat over 50% of HR and Administration departments spend time on processingemployee information rather than on strategic planning and contribution to thebusiness growth of a company.
To remain competitive in anincreasingly saturated market, companies should boost operational efficiencywherever possible. It's particularly important for small and medium businessesas they quite often have limited resources comparing to larger enterprises. Sohow can companies increase their work efficiency and cut unnecessary costs?
Optimization of your business structure
In order to survive manybusinesses try to offer as many services as possible instead of optimizingtheir expertise in one particular field. We would not recommend following thatpath; it’s better to review your current offerings and definethe strongest ones. By finding your USP, you will be able to stand out amongyour peers and survive the competition with less investment involved.
Reducing operating costs through humanresources automation
People are the most important asset of anycompany.
By organizing their workeffectively companies can save up to 40% of their employees’ valuable time. Automation of human resources is one ofthe ways that can not only significantly save time but also reduce costs andeliminate repetitive tasks. The right automation tools can help reduce timespent on HR administration by 50% and save up to 40% in overall administrativecost savings. By identifying opportunities to use smart technology and latestsoftware solutions , such as Bayzat Benefits™ - an online platform that HRmanagers can use in the UAE to automate their admin work, companies willminimize the manual admin work, so that their employees can focus on essentialsthat require their expertise.
Minimize Social Interruptions
Reports show that even briefinterruptions can cost your employees an average of 2-4 hours a day!Researchers state that it can take 23 minutes and 15 seconds just to get backto where you left your task. And if you have decided to check your emails for10 seconds, that will actually ‘eat’ 23 minutes and 35 seconds of your time! Solution – encourage your employees to takecontrol of their time, check their emails with 10-minute intervals rather thanevery 30 seconds, group your meetings into solid time blocks or dedicate even aspecial day of the week for that. By doing these little things you can increasethe overall work efficiency up to 30-40%.
Invest in employee training
Investing in employee training,is especially during economically challenging times-
But the truth is that in thelong run it will help your company save money, as employees become moreefficient as well as motivated. A single mistake may cost you your clients,credibility, time and money.
While organizing all thesetraining sessions may seem costly, it can actually be done without anyadditional investment. Introducing end of the week educational sessions orworkshops where your employees can gain useful practical skills to fulfilltheir tasks faster and with no mistakes; creation of a book library can alsosupport the professional development of your employees as well as increasetheir engagement. A more satisfied employee is likely to be more productive.Lastly, trainings add flexibility and efficiency – once being trained youremployees can be engaged in more than one aspect of the business saving costson additional recruitment and increasing work efficiency.
TalalBayaa is the CEO and co-founder of Bayzat, a UAE-based technology start-up thatempowers businesses with smart and effective insurance & HR solutions.Launched officially in April 2013, the platform is the first one-stop-shop tooffer a real-time comparison of health insurance rates in UAE and much more.The company has recently introduced HR Administration services that helpcompanies automate all their admin work from data entry to managing employeerecords. As Chief Executive Officer, Talal is responsible for providing thevision, overall leadership and strategic management for the company as well asensuring the highest quality of the services provided.
Priorto setting up his own company, Talal worked for a private equity &corporate finance firm, ollowed by two years at an investment bank. Aftersensing an opportunity in the financial products market, Talal started Bayzatwith his school friend and now co-founder Brian Habibi. The duo led Bayzat towhere it is today, and is now known widely as the company that providesinsurance and smart HR solutions that simplify and empower lives with usingworld-class technology. Talal studied bioengineering at the University ofCalifornia, Los Angeles, USA. He is a CFA Charter holder as well as finance,investment and banking expert.