What comprises true efficiency, at least in a useful business sense? 

That's a question worth pursuing, because the answer isn't necessarily what you might expect. Business "efficiency" has evolved beyond its classic dictionary definition, which is essentially minimizing the resources required to do something. That's fine as far as it goes---but what if the thing done right isn't the right thing? If your mechanic changes the wrong tire on your car, it doesn't matter how efficiently he does the job; you've still got a flat.

In the business arena, what we call efficiency also includes effectiveness, ala Drucker's "doing the right thing right." I love this quote by Drucker so much, it's in my email signature: "There is nothing so useless as doing efficiently that which should not be done at all." What we really want, then, is effective efficiency. As former British Prime Minister Benjamin Disraeli pointed out in the late 1800s, "There can be economy only where there is efficiency."

Disraeli realized this need for efficiency early in life, when at 13 years old, he converted to Judaism to Anglicanism to simplify the political life he expected to lead. He began his career as a writer of political novels rich in scandal (some generating minor scandals themselves) before entering politics, serving for decades in the House of Commons before his elevation to the House of Lords as Earl of Beaconsfield. Along the way he served as Chancellor of the Exchequer, Leader of the Opposition, and twice as Prime Minister. He also helped the Conservative Party rise to and remain in power in the Parliament, so he knew a thing or two about this newfangled form of efficiency. 

Running a Tight Ship 

You of course aspire to maximize your personal and team productivity, which requires notable efficiency in your organization. As you strive in your efforts, keep these things in mind: