There’s a segment of mathematics that focuses on finding the optimum formula for a task or series of tasks. It’s called, simply enough, optimization techniques. I like to call it, “What’s going to give us the most bang for our buck?” And, simply enough, asking this question can help us to set priorities, make better decisions, and positively impact our bottom line.
For most of us, we don’t need a lot of complicated math formulas to think optimization for business. It’s fun stuff for math majors but not really practical for the small business owner. Here are a few ways to think through and find ways to optimize your business:
1. There are usually multiple ways to complete a task. Define each series of steps to completion. Set your measurement criteria, i.e. time, energy or money. The series of steps that lead to the best outcome, i.e. less time, less energy, or less money spent is the optimum approach and the approach you should be using to maximize your resources.
2. Don’t assume the way you are doing things now is optimum. Very often, we do what’s comfortable or what everyone else is doing or what someone told us we should do twenty years ago. We assume it’s the best way…don’t assume…check it out!
3. Upgrade! Changes in technology, information, knowledge, and the market makes it important to stay current. You probably don’t need to get the newest cell phone or computer every 6 months but if your technology, information, knowledge or understanding of your market is outdated…it’s costing you money and opportunity!
Let me know…how do you optimize your resources and get the most bang for your buck?