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Business Improvement means making the choices and adopting the tools and processes that generate the best result at the least cost.
Cost doesn’t mean only dollars and cents. Rather, cost amounts to everything that impacts all resources, including time and employee engagement. Too often business leaders focus on financial aspects of business while ignoring the effects on the other areas. Trust me, you don’t want to run or work at a business that focuses on cost-savings above all else.
The term efficient and effective business are often interchangeable, but they don’t mean the same thing. A terribly inefficient business process can still be quite effective.
Effectiveness is how often a process gets to its stated end result. For example- making one change that saves 30 minutes of employee time per month may not make significant difference to a firm with 4 to 5 employees, but would free up the equivalent of multiple additional employees if a 1000 employees firm made the same decision.
Producing high quality results in less time and at a lower expense is one of the key tenets of business competition thriving strategy design. Some of these strategies have been codified into formal management methodologies such as- Lean, Six Sigma, Kaizen, Total Quality Management (TQM) etc.
In this series of blog articles on Business Turnaround and Strategic Continuous Improvement, I shall give you snapshots and differences between various time-tested business process improvement methodologies. Further, I shall draw up some of the best practices from each methodology, so knowing the gist of how each method works, will help you narrow down and decide as to which one may work for your situation.
In my next post of this article series, I shall discuss Six Sigma.
Although Six Sigma methodology is not very sought after these days, yet I shall touch upon it in this blog article series, because Six Sigma tops extremely effective business improvement techniques for companies aiming breakthrough improvements …
- Continuous Improvement for Human Resources (HR) department via Lean and Kaizen
- Decision making tool: Business Process Mapping
- How to develop a culture of ‘Continuous Improvement’ in an organization?
- Do's and Don'ts of Process Mapping.
- What are the limitations of Six Sigma Methodology (in Business Process Improvement)?
- What is Continuous Improvement and how can it help an organization?
- Business Turnaround and Continuous Improvement Tips and Tricks- Part 2 of 6: Six Sigma in a Nutshell
- Business Turnaround and Continuous Improvement Tips & Tricks Part 3 of 6- Agile in Nutshell for Improving Sales & Marketing of Products and Services
- Business Turnaround and Continuous Improvement Tips & Tricks Part 4 of 6- Lean Manifesto
- Business Turnaround and Continuous Improvement Tips & Tricks Part 5 of 6: TQM in a Nutshell
- Business Turnaround and Continuous Improvement Tips & Tricks Part 6 of 6 : Balanced Score Card