There are very few businesses in the world that don't seek to improve their productivity while also keeping costs low and avoid financial risk. Yet most organisations could nevertheless benefit from a greater degree of efficiency throughout their approach and practices.

Here are three tips to help project managers boost their operations' efficiency, taking in the areas of teamwork, output and cashflow management.

Smart solutions

Online workspaces for file sharing and collaboration represent fantastic opportunities for reduced wastage and improved productivity. Teams communicate more efficiently once they move away from email, and switching from paper-based methods of record-keeping is an enormous money saver. Meanwhile, online project management tools do not have to be expensive, and can prove essential to business leaders who need to track the progress of a project, delegate tasks, and approve documents.

Timing is everything       

There is a peculiar occurrence that occurs in project management, where the duration of a project stretches in order to fill the time allowed for it. Encouraging team members to set themselves clear time limits for tasks throughout the day, though, is an excellent way of avoiding this phenomenon. As well as boosting productivity, giving team members the chance to take control of their workload is a demonstration of trust.

Develop a culture of limiting the time for meetings too, and discussions will become more focused and less likely to go round in circles as can often be the case.

Checking up on cheques

Poor cashflow management can be the cause of all kinds of strife from suppliers to employees, so it pays to be very strict about how this key area is handled. Essentially, you want to receive payments quick and make payments slow so that those events always occur on time and in the correct sequence. So agree payment terms very clearly, invoice as soon as the work is completed and make enquires as to the progress of a payment after a set period. Also, make the payment process for customers as straightforward as possible.

Keeping any system efficient and well organised is the best way to protect investment, maintain positive relationships and sustain a healthy business.

Want even more tips? Read this article for how to measure and improve efficiency in the workplace.