This past week I had the pleasure of taking part of an internal strategy summit with all of the Presidents of the different Wish Group companies, as well as attending our quarterly meeting with all of the companies. Admittedly, one of the challenges that we face with having so many different companies under one umbrella is a unified focus. While I’m perfectly happy with the success of each company all they have achieved, I adamantly believe that if all of the companies combine our synergies, we can become a much more efficient unit.
In fact, the heavy focus of this quarterly meeting was on efficiency. As with all of our meetings, we pick one theme and message to drive home to the team and our leaders felt that efficiency was certainly something that any company can always improve on. As such, from both our strategy summit and our quarterly meeting, here is what we are doing to increase our efficiency that can be applied to any company.
Re-examine How Things Currently Work – The first step towards making anything more efficient is taking an honest look at how things are currently working. I say honest because if you keep telling yourself that everything is perfect, nothing will ever improve. Examine some of your shortcomings and try to assess what mechanics you can put in place to streamline processes that will make you work smarter.
Assembly Line Principle – One of the analogies that we used to drive home efficiency is one of the most successful business efficiency success stories of all time – the assembly line. Henry Ford was famous for taking a long, complex process and turning it into something that made it significantly easier to produce more cars in less time. The main idea behind this was to have staff focus on using their strengths, instead of spreading them thin by trying to do everything. This is incredibly difficult at a start up company as everyone is always wearing multiple hats, but try and discover what tasks your team members excel at and whenever possible give them those tasks.
Trust Your Team – Tying into the previous point, once you’ve discovered what areas your team members are adept at, trust them to complete their task. If you’re constantly worrying about the kind of work your team is doing, it’ll leave less time for you to focus on running your business. Have faith that your team will always produce the best work possible.
I’m certain that efficiency is always top of mind for your company, so I’m curious to know what tasks you think you could be doing more efficiently, and what you want to improve on in your company.