- Posted by zolventsolutions
- On October 21, 2017
- 0 Comments
- Business Transformation, consulting, improvement, LEAN Thinking, optimization
Having spoken to over a hundred business leaders and illustrious entrepreneurs in their fields, i am clear that most companies manage their capital very well with water tight processes to evaluate where the money should get spent, or not! Substantial business cases drive investment of capital.
On the contrary, what goes largely un-managed & unnoticed is the organizations’ management of time. The adage ‘Time is Money’ rings true nowhere better than when you run a business. Yet, that exactly becomes the blind area for most business leaders. Little do they realize that worldwide, for some of the best performing businesses, the time spent on creating real business value rarely exceeds 40% of the time available to do so!
Alarming? Yes, let’s wake up to this like some market leaders have! Time is a business’ most precious resource and that managed well, almost always is half the battle won. Some of the usual areas where we lose business time are
Inefficient Practices & Productivity Loss
This is the most obvious one, and in many organizations obsessed with process streamlining the only ‘focused on’ loss of time. Here we can touch upon the obvious cause and effect principle where poorly designed processes lead to avoidable waste of time & quality. Inability to have best practices followed across the organization leads to some star players, some laggards, and yes results in enough productivity time-dollar loss for you to sit up and take notice! Any LEAN practitioner would tell you to remove the WASTE in your process to save yourself from processing drags.
In other words, all work that you do that does not add any value to your customer can and should Vanish!
Communication, Do it Right!
Ever wondered how much time is spent by your employees simply on their Emails, IMs and Phone? While employees spend increasing time slice on communication channels, is there real value being generated per minute spent? Are there better ways of collaborating, than spending time-dollar on emails & chats? This is not however an individual’s problem, rather has to do with the work culture unfortunately and has to addressed holistically top-down.
Meeting? Or are we to collaborate?
By extension, do we realize that our organizations spend a humongous amount of time in meetings. The easy way out is to manage meetings with tight agenda with only the required attendees, while cascading information effectively through appropriate channels. Here I would also like to flag out that organizations run a cottage industry of reporting & Analytics for many of these meetings off which statistically 90% do not get used! As a CEO, can you live with that?
Important Work 😊
Crucial for a business leader to understand how much of time is spent on “Perceived Important Work!” but has little to do in creating direct value to the end customer, but is more for your organization’s management hierarchy. Of course we need it, can we though be smarter & LEANer about it? Can we spend the least time in status reporting, report generations etc to run the shop? LEAN design of your organization’s support processes, formation of shared utilities & Automation provides excellent answers to this problem.
Leaving the best for the last, as this is the blindest Spot in this picture! Now you don’t loose time to a black hole, but you loose time without spotting the leak when you are unable to see the mismatch between your demand with capacity in hand. Think hard, how does it help if you have employees waiting for work some time, and then be swamped with it later? LEAN principles in capacity management help you shine light into this dark part 😊. Get exploring!
In Other word, there is on one side opportunity to recover 70 cents for every scarce time dollar you spent, or classically focus on just the 30 cents that is visible to you and fail trying to milk it better.
Time to “Mind your business Time”