Clearly, one of the keys to thriving in the current recession is to be ahead of the competition in terms of sales: Remember value - don't focus solely on price. Focus on value, defined in terms of value perceived by your customer. Differentiate yourself with customer service - providing [...]
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 to [...]
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 [...]
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 [...]
As we are nearing the end of the first quarter of 2010 and continuing to teeter on the edge of a recovery of sorts, it is a good time to think about the power of focus. Ideally, your company developed and clearly articulated the top priorities for 2010, and [...]
