Yes, yes, I’m talking about a book again. Sorry! Last time, I did a book review about a book I read for fun so it’s time to get down to business and read some academic books. I’ve heard about the attention span of our generation getting shorter and shorter and I have recently experienced it. I don’t support it, at all. I experienced it while reading the first chapter of this book and I’m not letting our crazy brain win.
So, about the book. It’s called “Lean Thinking” and nope, it’s not about nutrition haha. As some of you know, I’m getting my masters in business administration with a specialization in entrepreneurship (small business) so, this book is all about business and effective management. I’ve read the first chapter and I love it. I’m a business junkie. oopsies! Business consulting services, here I come!
Well, the first thing I learned was the word: muda. Japanese for waste. Companies create so much avoidable waste. The reason is simple: there is no transparency is business. Everyone wants to out-do the next person and let me tell you, that attitude is just not working. Often times, firms, typically manufacturing firms end up spending more than twice in producing a part just because they have not had the minimum interest in what the downstream or upstream company is doing. They don’t ask because they want to keep their “Success” a secret. They want their “value-added” strategy to be just theirs but the truth is, if they asked, they could be making twice the money they are currently making by reducing time and cost.
Companies, are so, so invested in the financials and in the immediate needs of the upper management that they forget to take a look and analyze the day to day techniques and processes of creating the product the customer wants and needs.
All in all, transparency is the answer to many things in life. It always ends up like that. Transparency in a relationship is crucial. You want your partner to be honest, that way everything works out in the short and long term. In business, it’s no different.
Why do you think people/businesses are so greedy?
I hope you join me in my business talk. Let me know if you like posts like this 🙂