Being aware of the historical productivity gains in your industry is your secret weapon to success. Not only should you thoroughly research and document companies within your industry, you should also perform market analysis on your competitors as well. This will provide you with a historical productivity data about your industry and the general economy as well. By being aware of this sensitive productivity gains, you can easily see declining or improving market trends and make the necessary changes to protect your firm. In addition, by being aware of the productivity of others, you can easily tweak and improve your processes as well to maximize your profits.
For instance, let’s consider Kate. She is the CEO of a small but well known financial firm. Kate keeps abreast of the historical productivity gains in the financial agency. In times of recession, she takes a more conservative approach to marketing but in prosperous times, she markets heavily. By doing this, Kate has learned how to properly allocate and maximize her firm’s resources and makes productivity adjustments as necessary.
To clarify further, productivity is typically output per unit of input. Therefore, to make productivity work for you, be diligent in your improvement efforts. Make it your goal to stay abreast of productivity data and improve your productivity at least 3 to 5 percent every single year. This is the bare minimum if you want to be average. If however, you want to catapult your success, you should shoot for 7-9 percent. Either way, you must stay abreast of historical productivity gains of your industry and what they are accomplishing as well and then strive to be even better than they are. Only then will you succeed in your quest to gain their market segment. After all, as the saying goes, those that stay ahead of the game, win the game and by watching and improving your productivity, you will be at a severe advantage despite any changing market trends. Unlike competitors who don’t watch productivity gains, you won’t be at a severe disadvantage. You won’t have to make massive layoffs or put yourself in a situation where you have to make hasty decisions with dire consequences because you would have been prepared beforehand.
Historical Productivity Gains in Industry Generally - To learn more about this author, visit David Liddell's Website.
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