Maximising Productivity in a Time-Based Business
After most of my career in businesses where we sold products, I recently found myself, for the first time, in a business where we sold time. It was quite an experience. In time-based businesses like software development, legal, and accounting, where revenue is directly tied to the hours billed, maximising productivity is crucial. The big risks are clear. If leaders aren't careful they can trigger micro-management leading to disengagement and churn. If demand isn't well managed they can trigger burn-out leading to lower productivity. Here are some effective strategies to optimise your team's efficiency and output: 1. Clear and Specific Goals SMART Goals: Ensure that goals are Specific, Measurable, Achievable, Relevant, and Time-bound (and communicate these well - see point 5 below). Regular Reviews: Conduct regular reviews to track progress and adjust goals as needed. 2. Effective Time Management Time Tracking: Use time tracking tools to monitor how time is spen...