They say a chain is only as strong as its weakest link. I'm not entirely certain who the mythical "they" are in the proverb, but I can say that I have personal experience with more than one chain breaking under load. As with the flawed chains, all business ventures have weak links. While it's a very good idea to improve on your company's strengths, a flaw in the organization could be fatal to your business.
Flaws in an organization can appear anywhere from top to bottom. The weak points may be in the management team, the front line staff, the marketing and public relations efforts, production, distribution, sales, customer service, or finance to name only a few potential problem areas. The chain may indeed have more than one less than sturdy link. A repair in one spot might only serve to point out a shortcoming elsewhere in the system.
To find the weak points, a company must maintain good records of past performance, and be constantly seeking ways to improve operations now and in the future. The past records will underline where financial losses, or even less than desirable returns, were evident. Not all losses show up on the books. Failure to profit from opportunities, or to reduce costs when available painlessly, are dollars left untouched on the table. Without solid and reliable financial records, these foregone revenues could never be identified.
Along with knowing how the money came and went for the company, constant improvement is essential for strengthening weak points. While a tiny incremental improvement here and there might seem insignificant at first glance, small gains add up to large numbers over time.
It's important to keep in mind that not all changes have to cause pain. The first thought many people have, when suggesting better money management or constant improvement, is personal loss. Staff members see potential pay cuts or freezes, harder work, and new responsibilites added to their existing workload. All too often, employees are correct in that gloomy assessment.
To achieve success in reducing the weak spots in your company, it's essential that the entire organization take part in the process of improvement. Collect ideas from staff members at every and all levels of the company. Don't make the mistake of leaving anyone out by considering them unimportant. All employees are important to the business, and the last person expected may have some of the most practical suggestions. Make improvement a game, and offer tangible rewards. After all, people are improving the company bottom line. They should share in the benefits.
Discovering a weak spot in the company might be a revelation to owners and management. Very often, an area thought to be a relative organizational strength may indeed be its weakest link. Staff members may have been aware of potential problems for a long time, but were may never have been encouraged to point out the problem. In fact, many employees are terrified about showing management any weak spots, as the staffers may feel that termination might be the kneejerk response. As so often has happened elsewhere, they may have reason for their reticence.
Maintaining an open organization, and giving clear communications is a requirement for succeesful implementation. Employees must be kept in the loop about what the plans are, how they will be carried out, and what are the expected results. Encourage idea and feedback, and reward positive ideas. Never find fault with any suggestions, as the idea may not be usable as presented, but with some slight changes, might be a powerful income generator. As always, partial idea presenters deserve credit as well.
Seek constant improvement in your company and include everyone in the process. Finding and repairing weak links in the business chain may even save a company from potential financial difficulties.
The company profits you increase may be your own.
