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206. The 8 Deadly Wastes That Are Killing Your profitability
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As an entrepreneur aiming to scale your business to the multimillion-dollar level, it's crucial to optimize your operations and eliminate waste. There are 8 key areas of waste that could be holding you back from reaching your growth potential. By understanding and addressing these, you can significantly improve profitability, service quality, and agility.
In today's episode, Deepak Sharma, a Lean Six Sigma Black Belt, joins me to discuss the 8 deadly wastes and share strategies for proactively improving business processes, enhancing customer experiences, and driving sustainable results.
Key Takeaways from the Episode:
1. Understanding the 8 deadly wastes and their impact on profitability, quality, and agility.
2. The importance of proactively identifying and eliminating waste rather than reacting to crises.
3. How small, recurring defects can lead to significant costs and negative customer experiences.
4. Recognizing the value of aggregating marginal gains to achieve substantial improvements.
5. Defining value from the customer's perspective and minimizing non-value-adding activities.
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