when you re efficient it means that you re able to achieve your goals with as little money and effort as possible without producing too much waste essentially you use very little to get the biggest result possible 
efficiency is important for businesses and individuals alike businesses that run efficiently can reduce their costs and improve their bottom lines similarly consumers who make choices to become more efficient such as choosing energy efficient appliances or investments that have the best possible returns while serving their investment needs end up saving money and making more in the long run if you need proof just use the formula noted above and use it as a guideline to help you make some important decisions about your financial health 