Grow a LEAN business
To effectively and efficiently grow a LEAN business, one can apply a LEAN and AGILE cycle of Plan, Do, Check, Act (PDCA) to ensure informed decision-making. A PDCA strategy that includes More Knowledgeable Others (MKO‘s) in your SCRUM culture provides an opportunity to SCALE successfully.
“Personal and organisational change is one of the most effective ways to achieve a competitive advantage”
“Personal and organisational change is one of the most effective ways to achieve a competitive advantage.” This is the conclusion of one major piece of research published in 2019. Meanwhile, researchers involved in the study also found that organisational change, requires business leaders to model and lead staff in adopting individual actions that are beneficial to the specific organisation. Above all the key point is, effective change requires clear, strong leadership that values people and their talents.
Grow a LEAN business
Therefore, it will take some soul searching regarding the real value of yourself or enterprise. Further, to become flexible and resilient, there are six steps to follow when completing a LEAN life cycle for yourself or business. Below, we explain the crucial first step of identifying your value stream. On one hand, you will see how this lays the groundwork for the essential work that is to follow.
Identify Your Value Stream
On the other hand, adopting a growth plan presents an excellent opportunity to evaluate and comprehend the value stream of your ideas. The value stream of your ideas is essentially the production cycle process. More specifically, it’s the documentation of the process that results in the product or service your customers are willing to pay for. This allows it to be monitored for changes using the PDCA cycle.
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PLAN to Grow a LEAN business
This stage involves planning for change to foster improvement. Often, it requires an external viewpoint to identify areas where change would be advantageous, as gaining the right perspective on something one is closely involved with can be challenging. Forbes magazine advises reassessing business objectives to reflect present conditions. Therefore, if your annual total revenue (TR) target is set, it might require adjustment to accommodate sales fluctuations.
- DO strategic moves to Grow a LEAN business It is not always necessary to immediately jump into making major changes. This is especially true in a landscape with a tricky, undefined learning curve. The better approach may be to implement small, measurable changes that can be adjusted with monitoring. “Trial” changes offer the best way to measure reception and impact.
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CHECK outcomes to Grow a LEAN business
It is essential to have metrics in place for checking the success, failure or unintended consequences of newly implemented changes. This is the stage where the processes you have selected can be placed under in-depth scrutiny. What you are doing here, is assessing your plan to see if it is worth implementing on a broader basis beyond your “trial” stage. Measure What Matters.
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ACT decisively to Grow a LEAN business
Action should be taken once all of the planning, measuring and adjusting have been done. A successful trial plan can subsequently be broadened to encompass more departments or the entire organisation. The “act” stage signifies the juncture at which an organisation enacts changes to maximise benefits. This necessitates efficient communication and openness regarding the introduction and execution of these changes.
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The Importance of Making a LEAN Business Plan
The one constant that businesses can expect is change. As Fullan noted in 1993, this necessitates that companies devise strategies to manage ‘Change Forces’. Alternatively, they could let external factors alter their plans. Thus, LEAN principles, like integration and automation of the accounting process facilitates agility.
Conclusion
In conclusion, a crisis offers the chance to realign both your personal and company’s value streams, adapting them to foster the growth of a LEAN business.
If you’re seeking guidance on how to grow a LEAN business contact HAROLDS OIKIA LTD.