Friday September 18, 2020

Be a lean, mean profit machine

Lean thinking can mean the difference between success and failure for start-ups with few resources.

6th November, 2011
Managers typically organise their day into one-hour blocks and spend each hour dealing with a different task. Photo: Getty

Eliminating waste is the fundamental principle of lean thinking. As defined in the must-read book Lean Thinking by James P Womack and Daniel T Jones: "Waste is any human activity which absorbs resources but creates no value."

Of all resources, there is no resource more valuable than time. Time is more valuable than money. While money can fluctuate up or down, time only moves in one direction - down. Another way in which the value...

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