Happy Friday! I hope you’ve had a great week. Today, I want to discuss quality costs and how they affect your bottom line. “Quality costs can be found in prevention costs; detection costs (auditing), rework, scrap, downtime and material costs. “ Effective organizations know and pay close attention to their quality costs. They invest inContinue reading “E.O.W(End of the Week) Notable Tip: Quality Costs”
Tag Archives: Business
Lean Wednesday Tip: Objectives of a Process Improvement Project
“The validity of a well-planned process improvement project is identified through value-added process mapping, problem isolation, root cause analysis and problem solution. Ultimately, the key to refining processes is to concentrate on the process from the customer’s point of view and identify and eliminate non-value added activities.”
E.O.W (End of the Week) Notable Tip: The 4 Struggles of an inexperienced Manager
Happy Friday! I hope you had a great week. This week I’ve been discussing employee to manager transitions with clients and the problems they have encountered with the newly appointed yet inexperienced manager. You may have witnessed an employee that has been promoted to a managerial position lose their shine as they demonstrate that theyContinue reading “E.O.W (End of the Week) Notable Tip: The 4 Struggles of an inexperienced Manager”
E.O.W (End of the Week) Notable Tip: Managing Employees when mistakes are made
Happy Friday! I hope you’ve had a great week. Today, I want to end this week with the topic of employee management specifically when they make mistakes. In my career, I have seen “Screaming Managers”, those that yell like banshees at their employees when something goes wrong or a mistake is made. Its worse whenContinue reading “E.O.W (End of the Week) Notable Tip: Managing Employees when mistakes are made”
Lean Wednesday Tip: Tax considerations for C Corporation Dividend Payouts
“Avoid double taxation of a C Corporation’s dividend payout by structuring payments to shareholders as consulting fees. Shareholders must actually offer advice for the payments to be considered valid tax deductible transactions.”
E.O.W (End of the Week) Notable Tip: Retaining Millennial Talent
Happy Friday! I hope you had a great week! Recently, I’ve been reading numerous articles and speaking with clients on the millennial job hopping issues many companies are having. “How can I keep a talented millennial employee from moving on?”, a particular client asked me. I responded immediately with this answer: “Ask them want theyContinue reading “E.O.W (End of the Week) Notable Tip: Retaining Millennial Talent”
Top 10 Business Tax Shelters You Should Know
As we all know, two things are certain in life, death and taxes. I personally enjoy doing my taxes but like everyone else I don’t enjoy paying them. In business, it is critical that you know all the deductions that are available to you when it comes to keeping your bottom line healthy and yourContinue reading “Top 10 Business Tax Shelters You Should Know”
Lean Wednesday Tip: Accounts Payable Performance
“By encouraging your A/P team to report and make critical department KPI metrics visual, such as, process cycle time, activity lead times, and cost per invoice with industry and competitor comparisons you realize the opportunity to reduce costs, increase productivity and streamline processes.”
Lean Wednesday Tip: Customer Focused Process Improvement
“Effective Lean organizations study their processes from their customer’s point of view and align their processes to meet their customers’ needs the first time and every time.” – Donna Summers
Lean Wednesday Tip
“To run an efficient accounting department opt for a chart of accounts with less than 180 accounts for improved productivity and financial planning.”
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