Jul 19, 2022
In This Episode:
Many CEOs believe that a slowdown (or decline) in profits is simply because of a lack of sales, not enough hard work, or outside economic forces. But the truth is, many profit plateaus can be traced back to one thing: waste.
Time wasted is also money wasted. But figuring out where that bloat is, and developing an action plan for reducing it, can feel overwhelming or confusing to many business owners. Luckily, there are a few simple strategies (and some very simple math) CEOs can use to reduce their organizational waste — and turn bigger profits.
Tune into the full episode for advice on how to evaluate waste in your organization, how to measure your “cycle time” and “process time,” and a deep dive into the math you need as a CEO to measure your ROI and potential for more profit.
Here’s a Glimpse of What You’ll Learn:
- When a CEO should think about making process improvements
- The rule of thumb for evaluating the ROI on decisions you make as a CEO
- How to calculate the cost of delaying major decisions within an organization
- The difference between a company’s “process time” and “cycle time” — and how to measure waste between the two
- What CEOs can learn about value (and how to make money) from hospitals
- The power of “lean thinking” and how it can help CEOs 3x (or more) their ROI
Resources Mentioned in This Episode:
If you’re a business owner, can you relate to any of the following?
- Tasks have been sitting at your employees’ desks for weeks with no progress
- Your team is still using spreadsheets for everything
- You’re experiencing hang-ups with closing your accounting books after period end
- Profits are plateauing or declining year-over-year
If so… well, you’re not alone.
And secondly — it does NOT have to be this way.
When you experience these symptoms (especially for longer than 3 months in a row)...
It could be time for some significant process improvements within your organization.
But how do you know which processes to focus on? How do you measure what’s working — and what’s keeping your profits from growing?
I talk about all that and more on this week’s episode of the Measure Success Podcast. Tune in for more tips on how to reduce waste in your organization, how to measure your “cycle time” and “process time,” and a deep dive into the math you need as a CEO to measure your ROI and potential for more profit.