When you are leading a startup. time is of the essence. This is extremely true, especially in the day and age when the majority of startups fail at making it to their second year. This is not a result of just intense competition either. Bootstrapped startups are tasked to scale as swiftly as possible in spite of having limited resources. Concurrently, startups seeking the exit phase have to prove their profitability to their investors as soon as possible. Either way, the clock is ticking fast as ever!
Productivity tops the list of the priority in the world of startups. To ensure that your startup is productive enough, it is vital to be familiar with the ways to track productivity. So let us proceed by taking a glance at the best 10 ways for tracking the productivity in your startup.
Focus On Revenue
This approach is becoming increasingly popular among startups since it allows them to keep tabs on their progress while still allowing their staff the creative freedom they crave. Employees subjected to constant surveillance may find themselves forced to adopt a particular method of doing things. However, people feel free to express themselves when tracking and monitoring are removed. It all relies on the kind of your company. How much can you rely on individuals who work well under and outside your direct supervision? In the case of new employees, this rule does not apply.
Get The Job Done
You may find yourself juggling a slew of projects at once to get your firm off the ground. It’s reasonable that you’re feeling a sense of hurry and desire. When juggling too many things, you can lose sight of what’s really important. Please make a list of the most important chores for the day and complete them first. List all of the things that must be done right away on a “to-do” list. Using this strategy, you’ll be able to get more done during the day. Startups often take the rote of OKR program to ensure that prioritize and attain their high-impact objectives.
Management Of Time
You can use time tracking software to see how much time your staff are spending on the job. Use the timer rather than the pen and paper for implementing this system. Using a time monitoring tool, you can see exactly how long it takes to complete a task.
Describe And Measure Tasks (Not Hours)
Employees may be tempted to “kill time” or “phone it in” until their shifts are over if they are only paid for the number of hours they work each day. When evaluating their performance, more emphasis should be placed on outcomes and the value of employees’ contributions and productivity. When there is a reward for finishing chores, productivity will rise. There is nothing wrong with going home early after a job well done.
Instead of wasting time by fiddling with their phones or computers, your employees will be inspired to get their tasks done quickly and correctly. They will feel empowered to execute their job successfully and relish leaving when the day’s work is over rather than when the clock hits 5:00 p.m.
Feedback And Peer Assessment
There’s no need to wait for the annual report to get started. Don’t bother. If you are in charge of a department or organization, you should set up a system such as okr program for receiving and giving feedback regularly. You can choose any frequency you want, as long as it isn’t extremely low or excessively high. Employees can provide you with regular updates on their progress and receive your input through a monthly or quarterly feedback system.
Compare Labor Time To Goods Produced
The number of hours people put in is becoming less of a priority for many businesses, which is shifting their focus to the bottom line. Tracking success while allowing their staff to work more flexible hours is a win-win for both parties.
Satisfaction Of Customers
In order to make sure that flexible and remote working settings do not have a detrimental influence on end-users, evaluating customer satisfaction is an essential aspect of measuring productivity. In order to maintain and grow your business, it is critical that your team members and customers be well-communicated internally and externally.
Customer satisfaction is a critical corporate performance metric; it also tells management how well their employees are doing. Make sure your clients are happy, and your remote workers can create relationships with them in the same way they would face-to-face, and you’ll be on track.
360-Degree Feedback Method
It was critical to have a system like this during the industrial revolution. However, it is not applicable to all company models, even if it is still important. Try it out and see whether it’s right for you. This approach asks customers and coworkers for opinions on a particular employee. In an ideal world, the feedback you receive would be free of any personal bias.
Measure The Quality Of Completed Tasks
The quality of your employee’s work must be evaluated using some sort of system. Think about the customer experience. It’s difficult to quantify, but it’s critical to the reputation of your company’s brand. Think about quality when setting up employee productivity tracking tools. How can you use it to track how well you’re doing your job?
Did a distributor tell you about a worker that goes above and beyond the call of duty? Even if it took your staff longer than normal to deliver at this level, the value you gained in return is incalculably valuable! Make sure you track and reward high-quality work.
Track The Progress Of Employees
This one may seem straightforward when it comes to staff productivity tracking. As a result, many organizations do not use employee advancement to determine their performance. Focusing on “time spent” on projects is a simple way to get distracted.
First and foremost, everyone in the team and each individual member should have a clear understanding of what is expected of them. As the last step, make sure you keep track of how successfully each employee is accomplishing their tasks.
There are several technologies and apps that can assist your employees in doing their tasks more quickly and accurately. OKR softwares and performance management tools are two examples of the tools that can help you with tracking the progress of your employees. You’ll be able to better track productivity and turn reports into productivity insights as a result of this.
In today’s world, startups confront more challenges and uncertainties than at any time in history. It’s not all bad news, though, since they have access to more significant resources and cutting-edge workplace technology. Your startup will remain on the cutting edge if you take advantage of these suggestions and keep an eye out for innovative future developments. For more assistance regarding guiding your startup towards consistent growth, reach out to us today.