Question

What are the main roles of business efficiency?

Answer 1

The main roles of business efficiency is to

1) increase the competitiveness of the company by decreasing the cost

2) capture the market share to a great extent because decreasing the cost leads to business efficiency as a result of which you will always have the privilege to price your product less.

3) increase the scale of production where when you reach an efficient level of production you can always move to the next cycle and achieve the same scale so that your output is maximized

4) profits that result from business efficiency allow you to invest more in the research and development aspect as a result of which more efficient methods can be developed which ultimately increases the business efficiency itself

5) Business efficiency allows you to focus more on quality with which brand loyalty on the product can be built