SMT007 Magazine

SMT007-Jan2021

Issue link: http://iconnect007.uberflip.com/i/1323994

Contents of this Issue

Navigation

Page 14 of 89

JANUARY 2021 I SMT007 MAGAZINE 15 Your Greatest Competition is Yourself by Barry Matties I-CONNECT007 It really doesn't matter who you think your external competitors are, because the only competitor that really matters is yourself. Of course, you will look externally to stay on top of latest trends, but when it comes to competi- tion, just competing with yourself is a win. When you look at yourself as your greatest competi- tor you will start with a huge advantage: you already have great intel on how "your competi- tion" thinks. Ask your- self, "What can I do to displace my 'competi- tor' and create something much better?" Process efficiency: The first area in which to compete is process efficiency. If you can perform your processes in a more efficient way, you will begin to add capacity, increase employee happiness, enjoy higher productivity, and find greater customer satis- faction. This will lead to more sales and ulti- mately higher profits. And when we talk about process efficiency this includes all processes: how you answer phones, make sales, process orders, manufac- ture your products, do your accounting, ship- ping, filling out paperwork and every other process step in your business. When doing these tasks in your business, think differently. Think in terms of crushing the competition. Albert Einstein said: "We cannot solve our problems with the same thinking we used when we created them." So, if you are busy chasing your so-called external competition, you will miss the greatest opportunity sitting right in front of you—the opportunity to think differently and compete with yourself. Use the formula: As we start the new year—what we are calling the year of contin- uous improvement—it's a good time to start with the simple process improvement formula: X = X c – 1. When you look at any current pro- cess (X c ), the question you want to ask (and have your coworkers ask) is, "How can we reduce (X c ) by (1)?" It could be one day, one hour, one minute, one less piece of material, one less per- cent of scrap, one less form to fill out, or it could even be low- ering a risk factor or other even less tangi- ble things. By reduc- i n g ( X c ) by ( 1 ) we now have a new (X) and the process starts over. The tricky part can be deciding what to choose for your first (X). In the early phases of process improvement, the common advice is to start with small improvement projects and grow from there. By doing so, you and your team will be able to feel and celebrate the success and benefits gained. X = X c – 1 is perhaps a new way of think- ing for some. In any case, X = X c – 1 focuses you and your team to really compete with your greatest competitor—yourself. SMT007

Articles in this issue

Archives of this issue

view archives of SMT007 Magazine - SMT007-Jan2021