running an efficient & effective business · running an efficient & effective business...
TRANSCRIPT
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Solitaire Consulting Ltd
Running an Efficient & Effective BusinessBusiness Improvement Masterclass
for members of Genuine Jersey3 June 2014
presented by: Paul Every
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Agenda• Introductions
• What we mean by Efficiency & Effectiveness
• How to become more effective
• How to become more efficient
• Questions & Discussion
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Introduction• You have 30 seconds to tell us:
– Your name and business
– What are you most proud of, in respect of your business or place of work
– What you hope to get out of this Masterclass session
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Efficiency & Effectiveness
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“Efficiency is doing better what is already being done.
Effectiveness is deciding what to do better.”
Peter F Drucker
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What do they mean?• Effectiveness
– Is a measure of the degree to which a business achieves its goals– A strategy is effective if it achieves its objectives
“Doing the right things”
• Efficiency – Is concerned with economy in the use of resources– It is efficient if objectives were achieved with minimal use of resources – Is a measure of the relationship between inputs and outputs– The fewer the inputs used to obtain a given output, the greater the efficiency
“Doing things right”
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Efficiency & EffectivenessD
oing
the
right
thin
gs?
Doing things well?
Effe
ctiv
eEfficientInefficient
Inef
fect
ive
“The best way to progress towards
success, is to do the right things right!”
Thrives
Dies quicklyDies slowly
Survives
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Where do your business activities fit?D
oing
the
right
thin
gs?
Doing things well?E
ffect
ive
EfficientInefficient
Inef
fect
ive
Thrives
Dies quicklyDies slowly
Survives
Reflect on your recent history of performance
What are you doing right?How well are you doing these things?What are you doing that isn’t right?
Write these things on Post-Its and place it in the relevant quadrant
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Effectiveness
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Member of The Lamberhurst Corporation Consultancy Network 9
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How to Become More Effective
• Vision, Passion & Action
• The Value Pyramid
• Developing and evaluating options
• Critical Success Factors
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Member of The Lamberhurst Corporation Consultancy Network
How to Become More Effective
• Vision, Passion & Action
• The Value Pyramid
• Developing and evaluating options
• Critical Success Factors
11
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Vision, Passion & Action
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VISIONWhere are you going?
PASSIONAre you
passionateabout what
you do?
ACTIONWhat are you
doing about it?
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Alignment
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VISION
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Alignment
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VISION
Mission Values Strategy(why) (how) (what)
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Member of The Lamberhurst Corporation Consultancy Network
How to Become More Effective
• Vision, Passion & Action
• The Value Pyramid
• Developing and evaluating options
• Critical Success Factors
15
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The Value Pyramid
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Value for Money
Capturing Value
Creating Value
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Capture value
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“If I asked people what they wanted…”“If I asked people what they wanted…”
http://hardscrabbletimes.com/2008/10/23/saddling-donkeys-for-riding/
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“…they’d have said a faster horse.”“…they’d have said a faster horse.”
http://naturalbornnaturalliving.blogspot.co.uk/2012/10/fast-horses-bruising-and-arnica.html
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Capture value
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Capture value Create value|
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“…they’d have said a faster horse.”“…they’d have said a faster horse.”
http://naturalbornnaturalliving.blogspot.co.uk/2012/10/fast-horses-bruising-and-arnica.html
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http://www.mtfca.com/discus/messages/331880/366906.html?1370908021
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Are you creating or capturing value?
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What do your customers value?
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Our customers:What do they value ?
?
?
?
Where are we now? Where do we need to be?
Value for Money
Capturing Value
Creating Value
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Member of The Lamberhurst Corporation Consultancy Network
How to Become More Effective
• Vision, Passion & Action
• The Value Pyramid
• Developing and evaluating options
• Critical Success Factors
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Development of Strategic Options
Market Penetration
Markets / Segments
Productsand
Services
Existing
Exi
stin
gN
ew
New
Market Development
Product Development Diversification
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Development of Strategic Options
Primary focus: improve profitability of existing business through:- Efficiency, effectiveness and
client service, as opposed to growth
- Strategic focus and better alignment of resources
- Protection of core business and customers
Markets / Segments
Productsand
Services
Existing
Exi
stin
gN
ew
New
Exploit opportunities to gain new business:- With clients outside of current
core sector- In new locations
Exploit opportunities for product / service development through focusing on:- New technologies- Added value / innovation- Client service
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Evaluation of Options
Option Suitability Feasibility Acceptability Ranking
Option 1 F UF F A
Option 2 ? F B
Option 3 UF C
Option 4
Option 5
F = Favourable; UF = Unfavourable; ? = Uncertain / irrelevant
A = Most suitable; B = Possible; C = Unsuitable
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Evaluation Criteria• Suitability
– Does the strategy exploit the company’s current strengths or opportunities?– How far does the strategy overcome the difficulties identified in the strategic
analysis, e.g. weaknesses and threats?– Does it fit with the organisations purpose (e.g. profit targets, growth
expectations etc)?
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Evaluation Criteria• Feasibility
– Can the strategy be funded?– Is the organisation capable of performing to the required service levels?– At these service levels, can it make adequate returns?– Can the necessary market position be achieved?– Can competitive reactions be coped with?– How will the organisation ensure the required skills at managerial and
operative level are available?– Will the technology (both product and process) be available?– Can the necessary materials and services be obtained?
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Evaluation Criteria• Acceptability
– What will be the financial performance of the company in profitability (cost/benefit assessment)?
– How will the financial risk change?– What would be the effects on capital structure?– Will the proposed changes be appropriate to the general expectations
within the organisation?– Will the organisation’s relationship with outside stakeholders need to
change?– Will the strategy be acceptable in the organisation’s environment?
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How to Become More Effective
• Vision, Passion & Action
• The Value Pyramid
• Developing and evaluating options
• Critical Success Factors
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Critical Success Factors“What is essential to achieve our goals?”
Vision
Strategy
Critical Success Factors
Capability
Action Plans
Profitablerevenue
Customerfocus
Products &services
Leadership/management
Staffcapability
Informationtechnology
•Cost mgmt•Cost awareness•Profit focused•Value of clients•Ability to sell
•Intelligence•Feedback•Quality control•Service focus
•New products•New markets•R & D•Responsive
•Common goal•Strategic Plan•Communicate•Effective SMT
•Right attitude•Flexible•Responsibility•Teamwork
•Business driven•Key enabler:- client service- new products
development- communication
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Efficiency
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Efficiency• Efficiency concerns the relationship between inputs used and outputs
achieved
• The fewer the inputs used to obtain a given output, the greater the efficiency
• Efficiency is equal to:
OutputInput
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Efficiency is about• Avoiding waste in producing the desired output• Producing no less and no more than the demand for the
product• Avoiding over-manning• Increasing productivity • Avoiding unnecessary movement• Avoiding spoiled or unacceptable products• ”doing things right”
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Who’s being efficient?Who’s being efficient?
http://www.flickr.com/photos/deltrems/7686972932/
ChattingChatting
SupervisingSupervising
Heavy bags
Heavy bags
Saving time
Saving time
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How to become more efficient
• Use the right person for the right job
• Consider outsourcing
• Reduce variations or defects (Six Sigma)
• Eliminate, bottlenecks and waste (Lean thinking)
• Focus on doing what is needed and avoid distractions
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Tools to help you be more efficient• To-Do Lists
• Kanban
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To-Do In Progress Completed
• Urgent / Important Matrix
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The Urgent/Important MatrixIm
port
ance
Urgency
How
HighLow
Low
Critical Activities
InterruptionsDistractions
Important Goals 1. Build a to-do list2. Assign importance3. Evaluate urgency4. Schedule priorities
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Tools to help you be more efficient• To-Do Lists
• Kanban
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To-Do In Progress Completed
• Urgent / Important Matrix
• Process maps
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Technology as an Efficiency Enabler
• Marketing– Social media– Email marketing
• Sales– CRM– Website– Online ordering– ‘Straight through
processing’
• Administration– Cloud services– Finance & bookkeeping– Virtual office– Mobile communications– eBanking
• What else?
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A business that is consistently better at exploiting technology to drive newer and betterproducts, services and business processes stands to gain a competitive advantage
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“The first rule of any technology used in a business is that automation applied to an
efficient operation will magnify the efficiency.
The second is that automation applied to an inefficient operation will magnify the
inefficiency.”
Bill Gates
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Summary
• Effectiveness is focusing on doing this right things and creating value for customers
• Efficiency is doing it right first time and not wasting resources
• To be successful you need to be doing both!
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Questions?
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Helping you adapt to changewww.solitaireconsulting.com
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linkedin.com/in/paulevery
@paulevery
“Your success in life isn't based on your ability to simply change. It is based on your ability to change faster than your competition and customers”
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+44 (0) 7797 724191
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