For more than a hundred years, the holy grail of business owners has been achieving higher operational efficiency levels. The apparent motivation behind the goal is to boost profits, which is what capitalism and running a company are all about. Most strategies are tech-related in the modern age of cyber tools, intelligent apps, sophisticated software, advanced IT systems, AI (artificial intelligence), and algorithmic programs.
Telematics and management software are two of the most potent hacks for pumping efficiency in transport company fleets. However, owners can hack into heftier profits in other industries with more mundane tactics. Approaches that include profit sharing, frequent employee reviews, flexible work schedules, and insightful supervisory practices can deliver solid results without a hint of technology-based wizardry. Review some of the most recent examples of how businesses ramp up the efficiency quotient in various ways.
Fleet Management Software
There’s good news for a fleet management company of any size within the transport sector. The 2020s are a golden age for sophisticated management tools that have the potential to slash fuel usage rates, boost driver satisfaction, and give supervisors up-to-the-minute visibility into daily operations and other parameters. The latest products within the fleet software niche leverage the power of accurate analytical reporting and helpful analytics. Those are two reasons transport supervisors turn to advanced telematics systems and fleet software to accomplish multiple daily goals in a hectic, demanding work environment.
Flexible Schedules & Home-Based Work
For several decades, owners in every industry offered flexible work schedules to keep employees comfortable at work as well as to incentivize senior employees and productive workers. After the pandemic of 2020, flex hours are commonplace and no longer viewed as a bonus or special reward by employees. However, owners have discovered a secret in that they can ramp up overall efficiency by allowing more team members to work from home and according to tailor-made schedules.
Two of the most straightforward hacks for making a business more efficient cost owners little to nothing to implement. Of course, there are routine issues with IT security and coordinating computer systems of hundreds of at-home employees. But those considerations entail one-time expenses that are reasonable by any measure. Once the transition takes place, schedulers can negotiate with individuals about how to meet daily, weekly, and monthly hour quotas. In the end, a flexible home-based arrangement improves efficiency and delivers a solid dose of employee satisfaction.
Profit Sharing & Quarterly Reviews
Since the mid-1900s, owners have been aware that profit sharing programs contribute to an efficient workplace and higher overall production. The problem is that only some companies can afford to offer these special perks to all the most senior team members.
Similarly, quarterly reviews and flexible working can boost productivity, efficiency, and worker satisfaction. But doing four sessions per worker per year is quite costly for HR departments, and the rule of annual reviewing is still the default in most organizations.
Smaller businesses and startups can get off on the right foot by utilizing both tactics from day one. Owners should consider offering pared-down profit sharing programs and two reviews per year as a compromise strategy, and gearing up both programs as the company grows.