A good idea isn’t always enough to succeed, especially if you’re not the first one to have it. A major part of success in the business world is beating everyone else to market with a product. Manufacturers that lag behind their competitors are at serious risk of being shut out of the market entirely. Speed to market is a crucial factor in a manufacturer’s success, which means streamlining the production process is essential. Not only does a lean production process mean manufacturers can get their products to market faster than their competitors, but it also means they will spend less on production and enjoy healthier profit margins.
Small businesses especially should pay attention to anything that can reduce their production time and costs, because smaller businesses often lack the resources of their larger competitors. Every penny and every second count for small businesses, so cutting down on production time and costs is essential for their survival and success.
Although it may not be possible to eliminate all waste from the production cycle, there’s a lot that manufacturers can do to get closer to perfect. Discipline and innovation allow manufacturers to reduce the amount of time and money they spend during the production cycle. As a result, they get products to market faster and improve the profit margins on those products.
Small businesses that are interested in a much stronger chance for success should pay attention to the tips in the accompanying checklist. They can help reduce costs and production time, so that small businesses can make the most of their good ideas.