Time is the most valuable resource in any operation. Why? Because it’s the only one that cannot be recovered once it’s consumed; it is the only true independent variable in life. Time cannot be managed or controlled, only wasted, so structuring work in a way that makes the most of the time available to your business is key in maximizing your efficiency and minimizing cost.
Buying or selling a business can be scary. The key to success in buying another company is knowing the value that company will bring to your existing portfolio and paying a price to maximize that value. This is not a simple task, by any means. There are many factors to consider when determining the price you should pay for an acquisition; be sure to cover all the bases and conduct a thorough valuation of the company you’re considering before making an offer.
When you reach out to a consulting firm, chances are you know you need help. You’ll probably have a lot of questions, including how much the service will cost and what exactly you’d be paying for. So, how do you decide which firm will do the best job for you without breaking the bank?
If you’ve never worked with a consulting firm before, you may not know what to expect. The prospect of bringing somebody in to help may be daunting, but just like any other partnership, working with a consulting firm is all about building a mutually beneficial relationship. Cornerstone Consulting Organization (CCO) believes that open lines of communication are essential to a successful partnership, and it starts with the basics.
“No man is an island.” English poet John Donne addressed the basic human need to be a part of a community to thrive. Even before the Industrial Revolution, people recognized that everybody has a role to play and that collaboration is key to a functional society. This established interdependence extends to many aspects of our lives, primarily in the workplace, where three types of interdependence have emerged.
Italian philosopher and economist, Vilfredo Federico Damaso Pareto, developed what has become known as the 80/20 principle, or the Pareto principle. After observing that 20% of the pea plants in his garden produced 80% of the healthy pods, Pareto turned his attention to wealth distribution and found that just 20% of the population owned 80% of Italy’s land. After gathering data from various fields, he arrived at the general principle that 20% of action drives 80% of results. This pattern can be observed not only in economics and gardening but also in business and even personal habits.
Throughput has become a make-or-break standard in the industry and a major focus for manufacturers. Simply put, throughput is the time required for a product to pass through the entire manufacturing process. Ineffective throughput translates to wasted resources and lost sales opportunities. Customers who are left waiting for their products are more likely to move on to a more reliable partner. Since both efficiency and customer retention have significant impacts on the bottom line, it’s important for companies to understand, evaluate, and analyze their throughput time to find potential areas of improvement.
Entropy is disorder in a system that results in loss of energy, reducing the amount of energy available to perform work. An integral concept in the second law of thermodynamics, entropy is also a necessary consideration when working to maximize the efficiency and success of a business.
Entropy is complicated. Would you rather just talk?