Many business owners are asking this question and often the way forward is not obvious to the owner or the management team! With the ongoing pressures of rising costs of Direct Labor, Raw Material and the risk associated with Cyber Security the tried-and-true methodologies that are implemented by most small businesses are not addressing the increasing risk to the business. As the Net Profit goes so does Cash Flow, dollar for dollar!
This is the time to reinvent your business! Continuous Improvement is a tool if implemented correctly will not only recover the current cost increases but allow you as the business owner to create year over year Enterprise Value to maximize the value of the organization when you decide to exit. There are many facets of Continuous Improvement that are misunderstood and often implemented incorrectly. The link below is a great article that further breaks down the Toyota Production System (TPS) and the notion that one size fits all. A good integrator will not work at your organization, but work within your organization with your culture, with your team. A good integrator will design, organize, and implement solutions exploiting business strengths within your culture with the assets you own!
https://www.qualitymag.com/articles/96503-commit-to-improvement
