FOOD FOR THOUGHT- 28TH MAY, 2020

DAILY NUGGET
Continuous improvement is better than delayed perfection
– Mark Twain
EAT-IN
Many people think that lean is about cutting head, reducing the work force or cutting inventory. Lean is really a growth strategy. It is about gaining market share and being prepared to enter in or create new markets. It should be understood that it is not the strongest of the species that survives nor the most intelligent that survives. It is the one that is the most adaptable to change. Almost all quality improvement comes via simplification of design, manufacturing, layout, processes, and procedures. To improve is to change, to be perfect is to change often. If you always do what you always did, you will always get what you always got. Businesses that grow by development and improvement do not die. Organizations should avoid watering their weeds as they cannot become what they want to be by remaining what they are. They should know that what gets measured, gets improved and an unplanned process improvement is wishful thinking.
As a good manager, no matter how buoyant the organization you work for is, it is always advisable to operate with the assumption that costs are too high and that they can be reduced. To cut down cost, consider these approaches: decide where and what to cut, plan to cut and conduct cost reduction exercise. Many organizations focus more on staff cost as the major liability of the organization without paying attention to areas e.g vehicle cost, entertainment cost, utility cost etc.
Organization should engage in cloud sourcing, use of interns, always ask for discounts, avoid buying office supplies in bulk, buy quality raw materials in right quantity at the right price from the right source at the right time, always be mindful of cost elimination and reduction while at the same time raise and create revenue and many more as ways to reduce expenses while maintaining quality.
TAKE AWAY
The key is not to think of death as an end, but think of it more as a very effective way of cutting down on your expenses.
– Woody Allen

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