Outdated business practices result in wasted time and money. This usually leads to feeling frustrated, overwhelmed and stuck. Without the right insight and corrective measures, the problem will grow – often quickly.
However, you’ll also need to be aware of 5 proven ways to maximize your profit – all without increasing your budget for marketing or business development. Here are 5 proven ways we help business owners increase profit every day.
Stop 3 Common Wastes
Waste is any task or activity in a process (workflow) that is not required to complete the process successfully.
Business leaders who identify and eliminate waste not only reduce operating expenses, but increase revenue by reallocating resources to more important areas of the business.
1. Defects & Rework. Efforts caused by rework, scrap, and incorrect information.
2. Waiting & Delays. Wasted time waiting for the next step in a process.
3. Extra Processing. More work or higher quality than is required by the customer.
We identify & eliminate process waste:
To properly manage wastes, perform periodic process improvement assessments. Fresh observations of processes are necessary because factors that influence efficiency – such as technology, personnel, regulations, client expectations – tend to evolve over time.
Start 2 Best Practices
Best practices are tools or techniques proven to produce superior results compared to those achieved by other methods.
Business leaders who do a great job of incorporating best practices often improve quality and efficiency: processes are optimized and their outputs are consistent. When introducing best practices into your organization, it is important to have realistic expectations of how your team will respond to the changes. Additionally, develop a plan that both empathizes with fears and empowers your team to overcome obstacles to achieve the benefits of best practices.
Enjoy the journey to excellence!
1. Ongoing Retrospectives. Retrospectives are meetings that focus on improving business performance by understanding (1) what works well, (2) areas that could be improved, and (3) what should be done differently. In comparison to Lessons Learned meetings performed at the end of a project, retrospectives that occur throughout the project offer immediate value because their insights are highly applicable to upcoming work.
2. Encourage Constructive Disagreement. Many problems require team members to overcome obstacles in order to develop innovative solutions. A work environment that is safe for team members to engage in open-dialogue fosters better decisions and team buy-in. This leads to a level of trust required to become a high-performing team.