PKF Texas: The Entrepreneur’s Playbook® - Eliminating Waste

Spending money on wasteful items, Greg can help.

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Greg Price
Episode: 220
August 22, 2009

Summary:

In these uncertain times, it’s good to keep a lid on unnecessary spending. Greg Price provides the most common sources of waste.

Full Interview text

Greg:This is Greg Price with PKF Texas’ Entrepreneur’s Playbook. In these uncertain times it’s important to identify areas of waste in your business. Whether you are trying to squeeze one or two more percent cost reduction per transaction or increase profit margin by two or three percent, the impact is the same. Add more to the bottom line.

Recently we highlighted some waste reduction steps adopted by Toyota in our Award Winning Magazine, “The Leading Edge”. Let’s highlight them: 1.) Overproduction 2.) Waiting 3.) Transport 4.) Inappropriate processing 5.) Inventory 6.) Motion and process improvement 7.)Defects

Taking each of those areas you can then perform your own “whiteboard” waste audit to determine the two or three things in each of the seven areas above that are viewed as wasteful by your employees. Get your employees to buy into the waste audit by involving them in the selection of the top wastes. Put a dollar value on eliminating those wastes, remove them from business processes and watch the bottom line grow.

To read and comment on the PKF Texas’ Entrepreneur’s Playbook, visit my blog, fromgregshead.com. PKF Texas – The Fit That’s Right!