“An over-designed product causes waste and increases overhead. It is best that you gather insightful insights from customers to ensure you truly comprehend what they really want in a product instead of over-designing a product that no one wants to buy or understands how to use.”
Category Archives: Business
E.O.W (End of the Week) Notable Tip: R&D Spending
Happy Friday! I hope you’ve had a great week. Today, I would like to touch upon R&D spend. Research has shown that highly successful innovative businesses have a lower R&D spend to sales ratio compared to their competitors. For example, Microsoft has one of the highest R&D spend to sales ratio but poor innovative value-creation;Continue reading “E.O.W (End of the Week) Notable Tip: R&D Spending”
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Happy Hump Day! Notable will help you start or expand your corporate library when you sign up for our Lean Six Sigma/Process Improvement or Accounting services. You can choose a 1 year subscription to Entrepreneur Magazine (can choose Forbes magazine) or 3 best selling business books: Contact us now to sign up for our processContinue reading “Special Offer: Free Business Magazine subscription and books*”
E.O.W (End of the Week) Notable Tip: Being Grateful
“Being grateful for your business, employees, clients, vendors and suppliers should not be a one time thing. You should continuously thank them and praise them because without your employees or clients you would not have a business. Always respect them and treat them well because they are more than just numbers.”
Lean Wednesday Tip: Loss Prevention Critical KPI Metrics
“Measuring and reporting the most valuable metrics is critical to identifying areas for improvement because they can be compared to industry and competitors for the purpose of lowering costs, enhancing productivity and safeguarding assets. Some critical Loss Prevention/Fraud KPI metrics you should be measuring are process cycle time, average days to resolve a fraud incident,Continue reading “Lean Wednesday Tip: Loss Prevention Critical KPI Metrics”
Lean Wednesday Tip: Tax savvy family-owned businesses
“Family businesses allow tax savings through income splitting between parents, children or other relatives.”
Lean Wednesday tip: Buying a Business, tax savvy contracts
“When buying a business get a written guarantee; ensure your purchase contract includes a stipulation that requires the seller(s) to promise to only sell the business if there are no taxes owed and that the seller(s) will be personally liable to the buyer if this turns out not to be true.”
E.O.W (End of the Week) Notable Tip: Unprofitable Factors in the industry
Happy Friday! I hope you’ve had a great week. Today, I want to discuss unprofitable activities/factors that your company may be utilizing a great deal of resources on. “By understanding your customer’s priorities you are able to shift resources to activities that drive value and profitability, in turn, eliminating those factors that yield no profitsContinue reading “E.O.W (End of the Week) Notable Tip: Unprofitable Factors in the industry”
Maintaining Integrity during rapid growth
What is integrity? According to dictionary.com, integrity is “adherence to moral and ethical principles; soundness of moral character; honesty.” Why is it important in business? Integrity in business is important because it builds internal and external trust amongst all the people that have dealings with the company. Effective leaders “walk the talk”; in other words theyContinue reading “Maintaining Integrity during rapid growth”
Lean Wednesday Tip: Tax deductible Holiday Expenses
“Employee parties/outings, public entertainment and charity events are 100% deductible.”
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