Waste. No business likes waste, and if your business is very wasteful, you will be losing more than just money!
Businesses define waste in different ways; it could waste materials, resources, talent, and even time.
How you measure wastage is up to you, but if you are not focused on reducing waste across the board, you will see the result in your bottom-line profit, and your business will be at risk of being unstainable.
Lean manufacturing or lean production is a methodology that businesses use to reduce waste at every level, and it is a process that is highly valuable to all kinds of companies regardless of industry.
To get lean production right, it is best to employ a professional to organize your business and processes to get the best out of them. A professional who has completed a masters in lean manufacturing will have the industry knowledge to organize your business properly, and they will know how to set-up processes to ensure waste is minimized and how to look at every aspect of your business day to day running to ensure that you’re working to the most efficient potential you have.
Getting qualified individuals on board to do this job will pay for itself in dividends, just as your accounts will pay for themselves in the end!
While every industry and every business is different, many common themes run through every business, which will lead to wastage; improving these wasteful habits will help your business become more profitable and survive in more turbulent times.
Here are five ways your business is likely to be wasteful and what you can do to address it and improve your processes.
If you have quality control issues, you are likely to have some serious problems with products either not passing muster or being returned to you as unfit for purpose.
In both of those circumstances, your business will be losing money and wasting your resources, having to make the products again to pass the quality mark both you and your customers expect.
Getting quality control right is the safety net your business needs, especially in manufacturing, because you will be able to catch issues at source and rectify them before they run out of control and become bigger issues.
No matter what business you are in, having the right machinery and technology for your staff to use is critical.
Put very simply, without the right tools to do the job, there is no way your employees can produce good work, whether that is a piece of manufacturing machinery that keeps breaking down, leading to delays, or getting the right laptop for your specialist employees to work to the best of their abilities on.
Poor tools equal shoddy work. Period.
Process efficiencies are something that many businesses strive for, and few ever manage properly.
It is a throwaway line to say your business is both innovative and efficient, and it is also untrue because being innovative is highly inefficient, and being efficient means being less innovative.
Getting to a level of balance between the two is vital, and improving your processes to the point that they work and are efficient for all of your employees is an important step to building your business.
In terms of waste, not understanding your customer’s perspective can cause friction, both in getting your customers to buy materials and them being annoyed by the final product.
If your customer values quality over quantity, it is likely that they will be less interested in how much physical waste of the raw materials is produced because their focus will be on ensuring that the final product is the very best standard it can be.
For other customers, especially those who value quantity over quality, wasting raw materials is a no-no and will cause big issues for both you and them down the line.
It is absolutely critical that you understand where your customer’s value line is and have that conversation with them beforehand.
One of the biggest areas of physical waste for businesses is poor stock management, especially when it comes to perishable stock.
Not knowing what you have in stock to complete the job or to sell directly to customers will mean you end up wasting resources and thus wasting money at the same time.
5 Things That Can Help to Enhance Your Career in Business
A career in business can not only be a rewarding one, but it can also provide you with the flexibility to work in a specific area that you prefer. You can find positions working in a variety of industries and in multiple types of roles. With so much to offer, a career in business is certainly one that is worth pursuing.
That being said, to reap all of the benefits and explore all of the possibilities that a career and business allow, there are certain things that you should look to do to enhance your career and to make yourself the most viable candidate as possible. The best way to give yourself the most likely chances of success is to take specific steps to enhance your career and take your skills and talents to the next level.
The road to finding success in business isn’t always an easy one. There are a variety of obstacles that you will face along the way. However, with the right preparation and level of dedication, you can truly enhance your skills and take your career in business as far as you want to.
First and foremost, anyone who is looking to take a career in business as far as they can should begin by obtaining the right level of education. It is important to earn a basic degree in business at first to gain a baseline understanding of the field of business. There are many skills that you will develop when you earn a business degree that will help you to get your foot in the door with an entry-level job in business.
It is important to note that anyone who seeks to have a successful career in business should adopt the mentality that learning is a continuous part of the job. You cannot succeed in business unless you resolve to spend a portion of your time and energy, acquiring new knowledge and understanding about the industry in which you work.
Moreover, there are many jobs in business that are only open to those who have acquired an even higher level of education. A Master’s in Business Administration, or MBA, a degree is practically a prerequisite these days for promotion in the world of business. If you can find a concentration to pursue, you can make yourself more marketable in your specific field.
In choosing a concentration that is based not only on your experience thus far but also your aspirations, you can demonstrate to hiring managers and those in positions of power alike how capable you are of taking on more responsibility and bettering yourself. If you would like to learn more about the many benefits of choosing a concentration for your MBA, you can click here.
At some point or another, you are going to need to ask for advice and guidance about how you should proceed in your career or what steps you should take to progress professionally. It is important to understand that there is going to be so much that you don’t know. Having the humility to know when to ask for guidance is the most important thing.
In your efforts to obtain the right level of guidance throughout your career, it can be helpful to have a mentor. A mentor is someone who has been where you are and who has achieved things in their careers that you hope to achieve as well. This person is someone that you can look up to and turn to in those moments when you don’t quite know which steps you should take.
Finding a mentor who is a good fit for you professionally can take some time. It might very well be that your place of employment has a mentorship program in place that you can turn to. You can apply to such a program and be matched with a mentor who can serve as a career-long source of guidance for you.
If such a program doesn’t exist at your place of employment, that doesn’t mean that your chances of finding a mentor are lost. There are many ways that you can find the right person to serve as your mentor. Perhaps you already have someone in mind that you are comfortable turning to with questions about your career. It might be a more informal mentorship that you have, but that can still be an incredible professional relationship to have.
When you are looking for a mentor, there are some key qualities that you will want to look for. Not only should your mentor have the skills already that you hope to also develop on a professional level, but they should have the heart of a teacher. Such a person will likely be ready and willing to act as your mentor and professional guide.
In the world of business, there is a great deal to be said for having valuable connections that help you to advance your career. Your professional connections can play an important role in your efforts to enhance your career and to take things to the next level. Even though there is more to a successful career in business than having strong connections, it is a crucial element to your future success.
Building and maintaining your professional network is an effort that is going to stretch the length of your career. It is always a good idea to start as early as possible. While you are still in school and throughout your time earning any advanced degrees, you should look to connect with as many as your peers as possible.
As you progress in your career, there will be opportunities to connect with others in your field at professional networking events and corporate events. You should be ready and willing to participate in these events and make the most out of the networking aspects that they have. Learn how to communicate at such events and reach out to others to build up your professional network.
4. Specific Goals
While there are many things that you can do in a practical sense that will allow you to enhance your career, they can all be a bit on the misguided side unless you have specific goals in mind. Without knowing and understanding what your specific goals are, you cannot possibly hope to discover what the right steps are to achieve them.
Your goals are those things that you turn to in those moments when you feel your motivation lacking. When you aren’t sure what steps to take, keeping your goals in mind is the only way to know where to take things.
That being said, knowing your goals isn’t always the easiest thing to do. You might have some vague idea about where you would like your career to take you, but if you are ever going to get there, you will need to figure out some particulars. This will require some self-reflection and thought about what you want to accomplish.
It is important to note that just because you can lay out your specific goals, which doesn’t mean that they won’t change and develop along the way. As you progress in your career and learn more about who you are as a professional and where your natural skills and talents lie, it is very likely that your goals too, will develop. You should be prepared to identify and accepts these changes in your path if and when they come about.
Throughout your career, there are going to be times when feedback is going to come your way. It can be difficult to open yourself up to critical feedback, but you must learn to do so. Whether criticism comes from your superiors or if your peers have something constructive to comment about your performance, you should be ready and willing to take it all with a grain of salt.
Critical feedback can be a valuable tool when taken in the right context. Getting defensive about such things won’t allow you to learn and improve from them. Instead of taking professional criticisms personally, look at them as an opportunity to develop and grow. Keeping the right perspective in mind as you are given such feedback can help you to identify better your professional weaknesses and those areas in which you need to place more focus and energy.
It is also worth adopting the habit of seeking out feedback. While things like employee reviews and routine feedback are going to come up every now and then, anyone looking to enhance their career shouldn’t wait to seek out feedback. Whenever you have the chance to take part in or even lead a project, for instance, you should also request to know what your superiors think about your work performance.
Seeking out feedback and be uncomfortable, especially if you feel that you are out of your league a bit, but it can truly be a valuable tool in your efforts to enhance your career in business.