Waste is a term very widely used in the various optimisation methodologies like Lean. There are many types of waste.
Take the time to read though the 12Faces material on the sources of Waste and how to record and reduce it.
For example, experts usually talk about 8 types of Waste in general and well over 20 in an office environment.
This may be quite different to what you would have expected. How many types would you have guessed?
There are many sub-types within each of these. Areas of waste will have crept into your business. You will have plenty of fertile areas to work in.
Waste implies inefficiencies.
Which in turn suggests a hit to your potential profitability from increased costs, lost income and unnecessary expense.
By gradually reducing these, you can improve the Productivity and Profit of your business. Also, to be the most effective, tackle the largest waste items first so that you make the largest gains first.
Are you working on making your business operate more efficiently? Then these articles require definite action for your business.
Start on the where and how of waste reduction with the article: SM4.1 Eight Types of Waste
Select the areas that are applicable to your business.