How Efficiency Can Unlock Your Business’s Potential

If you look around, you will notice something happening in all industries and even in people’s personal lives. Everything is getting more and more efficient. Here are some interesting definitions that put efficiency in perspective:

Productivity is defined as output per unit of input (productivity = output/input).

Throughput is the rate of production or the rate at which something can be processed (throughput = output/duration).

Using these definitions, efficiency can be defined as an increase in productivity and throughput while input remains constant. This means that in theory, a real estate agent operating at levels of high productivity and throughput can make more money with the same number of leads as a one with low levels of the same. From this, it is possible to see that while most real estate agents think what they need is more leads to make more money, they may instead only need to operate at a higher level of efficiency with corresponding levels of productivity and throughput. To help you boost your efficiency and unlock your business’s potential, try these three approaches.

Embrace innovative ideas

In the pursuit of success, there are only two paths that lead to and away from success. A growth mindset will lead you towards success while a fixed mindset will lead you away from success. One major challenge real estate agents face is working within a set way of doing things. Of course, there are the things you cannot change like regulatory requirements and legal stuff, but you can change your processes. Having a willingness to embrace innovative ideas and test them out can lead you to remarkable success. This does not mean you jump on every bandwagon rambling by. It does mean that if something is not working, you are willing to try something new and see whether it works. This ability and skill to switch strategies is rare but does bear fruit.

Use technology

Technology is an amazing accelerator and multiplier. Think of how efficiently a washing machine cleans and dries clothes. Or how quickly a microwave warms up food. If you can bake the same efficiency into your business using technology, you can multiply your efforts and increase your returns. Use marketing automation, automated lead nurturing, and automated customer relationship management platforms to help you accomplish more with the same effort. For example, using websites like LinkedIn can help you connect with a wider network of leads and prospects with less effort. LinkedIn prospecting can put you in touch with hundreds of professionals in your area, something impossible when operating with just a Rolodex.

Repeat and refine

Lastly, efficiency in anything is achieved incrementally. While implementing some things can boost your efficiency tremendously overnight, in most cases, small gains are more typical. As you implement the various strategies discussed here and others you discover elsewhere, remember that nothing ever works perfectly the first time. Adopt these strategies bust constantly tweak and refine them to make them more effective in making you efficient. If you are adopting a technology-first approach, start with one tool. Use and adjust until you are using it at an elevated level of efficiency. Then pick the next and so on. The patience to repeat and refine is not easy to cultivate but the returns can be substantial.