I don’t know you.
And I know nothing about your business.
But I can confidently tell you this …
There are inefficiencies in your business.
And according to research, those inefficiencies could be leaking 20% – 30% from your bottom line.
That’s bad news (as a CFO it nearly gives me heart palpitations!), but maybe not the worst of it.
Many inefficiencies are a result of processes that haven’t changed as the business evolved.
An outside eye can usually spot them easily – think of the number of times you see inefficiencies when you are a customer of other businesses and organizations!
Which is why new employees are really great at seeing them (but often say nothing because … well, they assume you probably know what you’re doing!).
So, you have to put ‘spotting inefficiencies’ on the agenda.
And as I alluded to a moment ago, not just for financial reasons.
Through evolution, human beings have become hard-wired to be lazy (or in other words, efficient).
Which is why a byproduct of inefficiency is very often bad morale – making people adhere to impractical or ineffective processes is quite simply hard for our brains to cope with.
And that bad morale could cost you way more than the hard cost of the inefficiency itself.
Of course, putting a dollar value cost on bad morale could be tricky but worst-case scenario what might it be – losing your biggest client perhaps?
If that got your attention then maybe it’s time to go to work on rooting out and fixing your inefficiencies.
And maybe, just maybe, those employee’s gripes you’ve just got used to hearing might very well be clues as to where you should start looking for them.
