Each year, business professionals make new year’s resolutions with the best intentions—to live healthier, work smarter, and make more money than the year before.
Achieving these goals can be a challenge, but recent research from the Wisconsin School of Business offers evidence-based tactics that can help you and your organizations perform more effectively in 2016.
1. Measure what’s important, leave the rest—Many companies use accounting reports that present financial data in the context of other metrics that could influence decision-making. Research from Tyler Thomas, assistant professor of accounting and information systems, suggests that the more information that’s provided, the more possibilities there are to interpret the data. Find out why it’s important to stay focused in financial reporting.
2. Rethink the way your company manages risk—Most companies handle risks to profits on a one-off basis, but according to new research from Ty Leverty, associate professor of risk and insurance, many companies could save money if they created a global risk strategy for the entire organization.
3. Rethink your incentives—Are the incentives that you offer your sales force creating enough motivation? Noah Lim, associate marketing professor at the Wisconsin School of Business, offers advice for managers on how to devise more effective incentive programs with better returns on investment.
4. Take time to practice mindfulness—Technology has improved our productivity, but the tools we use to stay productive can be distracting—text messages, emails, meeting reminders, and more—which can hinder our ability to focus on the task at hand. Find out how to reduce burnout and improve productivity.