Poor management and lack of enough resources are some of the factors that hinder small businesses from attain their goals and objectives. Lean management is designed to solve these problems by streamlining the manner in which various business operations are carried out. Let us look at some of the key principles that govern lean management.
It goes without saying that for a business to succeed, it has to set its objectives or goals objectively. That is, the objectives should be based on the current resources and capacity. Avoid guessing, making assumption or copying what your competitors are doing as this may lead to financial turmoil and failure in the long run.
Motivate employees with a vision
Employees need to feel appreciated for their good deeds. One of the sure ways of motivating your employees is by formulating a written vision that clearly articulates your business goals and objectives. Where do you want to be in the next five years? This are some of the questions entrepreneurs and business managers should ask themselves when formulate the vision statement.
The success of a business is should not be an individual chore but a team goal. There is actually no limit on the number of goals and objectives that can be achieved through team work. Hence, get down to work and strive to bring all your employees on board. It is a guide idea to hold visionary discussions about your organization or business at least once every week.
How much sales have you generated so far? This data will help you to accurate determine the performance all your products in the market. Avoid using volume numbers since they are very confusing and hard to interpret. Instead, stick to percentages as they are easy to formulate and analyze.
Lean management is a managerial tool that all small businesses that yearn to grow their operation to a national or global level should embrace.