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Business By Design
Business by Design is the podcast for owners who want to start, scale or exit a business. Each week, Stuart Wemyss and Mena Abraham unpack the four things every business must get right: value, engine, reach and team. Using the VERT flywheel, they show how these fit together to build a business that runs without you, and how the choices you make inside the business flow through to your personal wealth, lifestyle and exit options. Every episode is short and to the point, with no fluff and no sales pitches. Go to https://www.vertflywheel.com
Business By Design
Ep 102: How to improve your business’ productivity
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In this episode, Stuart Wemyss and Mena explore strategies to enhance business productivity amidst Australia’s declining productivity rates. They begin by discussing the factors contributing to this decline, including a lack of competition, excessive bureaucracy, and a tight labour market. Both Stuart and Mena emphasise that businesses shouldn't wait for market forces to push them towards productivity but should actively seek improvements.
They share actionable tips across five key areas:
1. Employee Productivity: Assess skills, set clear performance metrics, and foster open communication for feedback.
2. Process Optimisation: Analyse workflows, automate tasks, and leverage technology to streamline operations.
3. Resource Management: Optimise inventory and upgrade equipment to eliminate bottlenecks.
4. Customer Relationship Management: Gather customer feedback, improve communication systems, and focus on the right customer selection to reduce inefficiencies.
5. Financial Management: Regularly review expenses and ensure effective budgeting and forecasting.
Stuart and Mena conclude by highlighting that focusing on just one or two of these areas could lead to significant results, urging listeners to take proactive steps in driving productivity.
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Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.
Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn
IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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