According to Michael Porter: “Some companies are able to get more out of their inputs than others because they eliminate wasted effort… Such differences in operational effectiveness are an important source of differences in profitability among competitors”.
Which category does your business fall into? Are you maximising your efficiency or wasting valuable resources?
Here are few questions to help you find out:
- Are your main business processes well documented and are the processes consistently followed?
- Do you critically analyse all available data and facts in order to assess situations? Is there a common understanding that opinions should be based on insight and intelligence whenever possible?
- When issues arise, is it common practice to seek the root causes rather than finding someone to blame? Are preventative action plans then put in place to prevent the problems from reoccurring?
- Do you have a strong track record of successfully implementing changes and wherever possible identifying any potential opportunities that arise with those changes?
- Do you strive to eliminate inefficiencies and outsource any activities that are better performed by specialists?
Please see the video below to learn more about the benefits of our Business Diagnostic App: