Ask Paul – A Look Into the Future Episode 33 - 6 Key Areas: 3. 7 Wastes

October 23, 2019 | By Paul Latham
Financial Advisors Accountants

Did you know that there are 7 Areas of Business Waste & Inefficiency?

They provide 7 thought prompts to help you brainstorm and identify where (and why) waste and inefficiency typically happens in every business delivery process.

The 7 areas are:

1.  Waiting?  Where inside your business, do things regularly slow down, get “stuck in a bottleneck” or you often “wait for things to happen”?  

2.  Defects?  Where do problems happen or things regularly need ‘fixing’, or often do not go right the first time?

3.  Wrong process?  Where do you have an outdated (or no longer needed) process? Where do you have a completely inappropriate process? Where do you have no process at all but really need to introduce one?

4.  Over-Engineering the Solution?  Where do you regularly “do too much for the money” (that you charge the customer)? Where are you using someone that is over-qualified for a task that could be equally well done by somebody paid less?

5.  Motion – Inside your Business?  Where do you have inefficient motion or movement inside your business?

6.  Transport – External to your Business?  Where do you have inefficient external transport? This might include communication with customers or vendors or regular logistical issues.

7.  Inventory?  Where do you see poor inventory control inside your business? This includes areas like stock build-up, work-in-progress issues, speed of billing, slow collection of monies, unpaid bills due from customers etc.

Find out how you can use the "7 Areas of Business Waste & Inefficiency" to help you become the most relevant advisor to your business owner clients in the video below.

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