How will your business emerge as a better company?
What elements of your business need to be retired? What processes should be eliminated? Reminds me of Tim Ferris‘ five step program, with my extra credit step.
- Eliminate what is not necessary.
- Simplify what is over-complicated.
- Combine things that should be done together.
- Outsource those things that are not part of your core.
- Automate (digitize) what is left.
- (Extra credit) Employ humans to do only what humans do best.
This is a time to accelerate the steps. Perhaps, your business will emerge as a better company.
“I know how to say NO to new things coming up, but most of our troubles are from decisions we have already made,” Byron confided.
“Each year, don’t you review your decisions about what you will and will not do, including the cost structure for each of those decisions?” I asked.
“You mean, our budget?”
I nodded. “Yes, your budget. When you look at each budget item, whether it is a direct cost or an indirect cost, you have to ask this question.
“Is this absolutely necessary?
“If the answer is NO, get rid of it, dismantle it, idle it.
“If the answer is YES, move to the next question. What is the absolute minimum necessary to perform this function to our spec?” -Tom