Posted on: April 2nd, 2018
Business success depends on many things – innovation, strategic planning, customer service, sales and marketing to name just a few. Often business consultants prescribe large doses of ideation or strategy to their clients, in an effort to help them elevate. Their aim is pure yet their intention may be misguided.
While it’s true that most businesses, especially small and medium-sized ones, need bigger ideas and new ways of doing things, they often lack a key element to take this leap.To engage in large scale business development, companies need abundant resources of time, money and people. Without a bigger bandwidth to make these things happen, they are mere sandcastles in the sky.
The best way for a middle market business to elevate is to focus on achieving ruthlessly efficient levels of execution. When companies enhance their ability to execute, they capture incremental process efficiencies that can lead to increasing returns to scale.
When you execute at a higher level, you can produce more volume at faster speeds. Or you can produce better quality product at a faster speed. Whatever the objective is, boosting your execution bandwidth is a surefire way to corporate growth. Once you have boosted your execution ability, you will have a stronger, most robust resource base from which to launch the next level of growth.
Here are four low hanging fruit ways to implement this:
- Standardize your production process – customized products are great but often leads to disorganized non-scalable production processes. Your process needs to be system based, not specific person based, in order to enhance execution ability.
- Invest in simple technology workflows – making a few of your processes more efficient with technology is a great way to improve overall execution ability. Often, big project ERP implementations can take too much time and put operational viability at risk. Start by making your outdated, inefficient workflows the priority for change.
- Empower your people – people running the departments of your business have the best information as to the changes to be made. Get them involved and have them take the lead in project. Challenge them, hold them accountable but give them free reign.
- Get into the numbers – operational stats on your production process are valuable tools to guide your way on this journey. Look at your operating stats and measure them repeatedly. If you don’t have operating stats, start them.