Operational efficiency: How to create a leaner business
This guest blog post is provided by the Business Development Bank of Canada (BDC), which offers financing, subordinate financing, venture capital and consulting services to 30,000 small and medium-sized Canadian businesses.
Many entrepreneurs don't suspect the extent to which waste and inefficiencies can put a brake on their profits.
Operational efficiency experts at the Business Development Bank of Canada (BDC) estimate only 15 to 20% of an employee's workday at a typical small and medium-sized business is spent on purely productive activities.
That's no small problem in today's highly competitive marketplace. Businesses that fail to continuously improve their efficiency risk falling behind leaner competitors. It often becomes a matter of survival.
Learn how to eliminate waste
But figuring out how to make your company leaner and more productive isn't easy. The good news is that with some straightforward improvements, you can slash waste, boost productivity and reap the benefits on your bottom line.
A leaner operation can lower costs, increase output, help eliminate quality problems, reduce space requirements and cut time to market. It can also improve employee morale. And almost any business can benefit — whether in manufacturing or services.
To help you figure out how to make your business leaner and more productive, BDC recently published a free eBook called Create a Leaner, More Profitable Business: A Guide for Entrepreneurs.
Guide provides a road map
This concise guide provides step-by-step instructions on how to implement a continuous improvement approach in your business, identify sources of waste and apply the fundamental principles of operational efficiency. It also includes tips on getting buy-in from your team, assessing your performance and identifying operational challenges.
- The first thing you need to do and why it's crucial to your success
- Simple, practical steps to identify sources of waste
- Tips and advice on how to get your team on board
- A little known formula for measuring your plant's efficiency
- How to produce quick gains with 3 fundamental efficiency projects
- Seven steps to solving operational problems
- Inspiring success stories and advice from Canadian entrepreneurs
Download your free copy of Create a Leaner, More Profitable Business: A Guide for Entrepreneurs.