In today's economy, there is no doubt a large focus on reducing operational costs (whether they are the traditional operational costs of a business or the day-to-day personal operational costs). Reducing operational costs reduces your breakeven point - definitely a key to success in today's economy: Reduce waste - [...]
Navigating growth gets tricky if you lose perspective on spending. Keep costs under control by identifying the spot where people, process and technology work best. Understanding and controlling costs has always been a critical success factor for the majority of businesses; however, during times of economic turmoil, it elevates [...]
Budgeting is always relevant, but especially during a recession. Here are a few tips for success: Plan - as obvious as it sounds, think in advance about your projected income and expenses. I'm constantly surprised how many businesses and households do not plan and then are surprised at the [...]
In today's economic environment, slow and steady progress, a continuous improvement philosophy and a low-cost producer, commodity focus will likely result in death. Why? Because it takes more than "good" to stand out in the crowd and deliver consistent and growing profitability; it takes radical change and innovation. In [...]
To succeed in today's environment, it is no longer desirable to have a world class operation focused on providing a value add while maximizing resources; it is a requirement. Today's global business climate is becoming more competitive. It is tough to stand out in the crowd, and it is [...]
It has recently occurred to me that businesses are missing a huge opportunity to leverage the transferability of best practices. Although as a business consultant, leveraging best practices has been an "assumed" part of the value I provide clients, even I missed the boat and forgot to leverage this [...]
In my conversations and discussions with clients, bankers, CPA's and business contacts, I have a different picture than is presented in the news and is implied in recent stock market performance. In my view, there is a stabilization; however, this "new normal" business environment is one characterized by lower [...]
The value of customer service might not be clear until it's necessary - after all, it seems like not a big deal to potentially sacrifice a bit of service in order to gain a good discount. How many of us shop for discounts at the store? Or, in a [...]
As companies set priorities for 2010 or next year's budget, it is important to understand where to start. So, why should inventory accuracy be a top priority? It's required from an accounting standpoint. Typically speaking, inventory can be a substantial number on your financial statements. What could be more [...]
Even the founder of lean principles, Toyota can falter on quality; thus, anyone can lose their edge - yet it is cornerstone to business success. View quality from your customer's perspective - what matters is what your customer expects when agreeing to purchase the product or service. Be vigilant [...]
