Six Sigma for the Fortune 500 Mindset
When it comes to business itself, regardless of the industry, all businesses have one strong common thread – they exist to make a profit. To make a profit you must run an effective and efficient company, and pay attention to details every step of the way.
General Electric saved over $320 million in costs after less than two years of implementing Six Sigma methodology. GE is still the 6th largest firm in the US and still going strong – it has never left the Fortune 500 List.
Are you running your business at optimal levels? While your business may not be the size of GE, you can borrow some of their strategies in running your own business.
Let’s take a hypothetical situation: say you have a small company of 20 employees. You hired these 20 employees because that is how many employees you thought you needed to make your company run smoothly and satisfy your client base.
Then, for some reason business is down slightly. You remember having some customer complaints: your thought was, “Well, you can’t please everyone all the time,” and went about your day. This happened a few times but you felt it wasn’t anything serious.
Now a few months have passed, and your business is down, so you layoff a few employees. Do you really feel that action is improving your business? You probably laid off good hardworking employees that could actually help you grow your business!
Learning where your business needs to improve and change can be determined through methodologies such as Six Sigma.
Six Sigma is a business improvement methodology that when implemented will improve both the effectiveness and efficiency of your business at the same time. Your product, whether it be an actual product or service has to be at the top level of effectiveness; meaning you are producing a darn great product. If your business is running efficiently, your business should be profitable.
Start the New Year with a strong initiative towards success by making Six Sigma part of your business strategy.