How To Improve Your Business’ Top and Bottom Line

According to Incentive CEO, Rickard Hansson, implementing a social intranet in the workplace helps organizations achieve widespread growth, increase profitsand cut costs.

After all, a top priority for small business owners is to grow their companies and increase profitability, while keeping costs down. A social intranet can be an incredibly useful tool to accomplish company goals more efficiently, says Hansson.

Today’s advanced technology helps impact the bottom line by making it easier for employees to do their work faster, more efficiently and from anywhere. But while having multiple software vendors can increase costs due to subscription fees, maintenance and training, implementing an all-in-one platform that combines all the tech tools employees need, is one way to positively impact the top and bottom lines, notes Hansson, a serial entrepreneur who has founded multiple software companies.

Related Story: How To Succeed As A Leader

A social intranet, for example, combines multiple features that help make employees more efficient and productive, thus leading to better financial outcomes, he explains. A social intranet in general is an easy-to-use tool that incorporates social technology, powerful search, multimedia creation and sharing capabilities, and more to create a communication and collaboration hub that can be easily accessed to get work done.

Here Hansson, a workplace collaboration expert, offers ways in which implementing a social intranet helps achieve widespread growth, increase profits and cut costs.

Efficiency — By streamlining day-to-day workflows,  a social intranet gives employees real-time access to the data and expertise they need to drive their work and the work of others forward.

Employee Turnover — Replacing employees can cost a lot of money; but studies show engaged organizations can reduce staff turnover by 87%. By openly communicating with and engaging employees through a social intranet, they are more likely to stay.

Absenteeism — A social intranet helps combat absenteeism by building a community that employees want to come to daily. If management is open and transparent about the company’s vision, employees will understand their role in the big picture and will be more engaged.

Change Management — A social intranet can make companies more agile by tracking and managing change in real time. This in turn strengthens the organization’s culture and employee engagement.

Project Completion Rate — Social intranets keep people focused, thanks to task management features. Research shows high-performing organizations waste 13 times less money than low performers.

Organizational Processes & Policies — If employees spend more time in meetings and trying to figure out company processes, they are likely to be less productive. Having everything outlined in an easily accessible social intranet makes it so employees aren’t wasting their time with processes and, instead, are doing their work.