Eight Types of Waste
The well-known Toyota car company identified seven types of waste that had an impact on Productivity and Profit. An eighth has been added more recently. By gradually reducing these wastes, you can improve the Productivity and Profit of your business. In Japanese, this is referred to as reducing “muda” (pronounced Moo-da).
In any business that has been operating for a reasonable length of time, various inefficiencies and wasteful activities will have crept into the system.
Throughout 12Faces, we speak often of optimising your business to maximise its profitability. Clearly, waste is less than optimal. Spending time on identifying and reducing waste is spending time on identifying areas for improving your Profit and therefore thoroughly worthwhile.
Subscribe to this if you are working on making you business operate more efficiently, therefore more Profitable.