The Iron Triangle: EBI Business Improvement Specialists
Yes, it’s possible to have a business delivering fast, affordable, and good products and services.
Challenges arise, however, due to the trade-offs involved, commonly referred to as the “Iron Triangle”. This concept suggests that improving one aspect may compromise the others, for instance, offering a service quickly and at a low cost will impact the quality.
With good bigger picture planning, customer focus, adapting a process mindset to continually improve the efficiency of your processes, and properly utilising technology, a business can have it all. This means products and services that customers truly value, high or highest quality in your market, lowest possible operating costs, and customers happy to pay your prices. The outcome is a business that runs smoothly, without ongoing drama, and achieves higher than average margins and profitability.
How is it done? It’s not easy, yet it should be something every business owner aspires to, particularly in tight economic times. Maximising the productivity of your people is key. Aligning your products and service into the changing market place is critical for profitability and ongoing sustainability. It’s about understanding where your business needs to meet and exceed the market expectation.
As a business owner you will need to be at least as good as your competitors in two of the three aforementioned areas, while in the third you must be better than they are to “exceed the market expectation”. Understanding this aligns your key business strategy and highlights your unique selling points.
At EBI we can focus your thinking, provide you new ways to see things, and work with you to make the changes in your business that you desire. To make your business truly work for you, give me a call.
