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    Hidden Money: Productivity and Process Improvement
    Hidden Money: Productivity and Process Improvement
    Hidden Money: Productivity and Process Improvement
    Ebook90 pages1 hour

    Hidden Money: Productivity and Process Improvement

    By Charles H Strange

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    About this ebook

    There is money hidden in your company right now. Money that you can’t see. It is not on a financial statement, performance review, or production report. Depending on how long you have been in business and how large your company has grown, it could be hundreds of thousands of dollars. The first in the series on "Hidden Money," this book will show you how to extract that hidden money through productivity and process improvement.

    You will learn how to define your processes, apply proven strategies to remove waste and increase efficiency. By applying the principles in this book, you will be able to find and then extract the money buried in inefficient processes and procedures and put that money in your bank account.

    Just how much money is hidden in your company?

    LanguageEnglish
    PublisherCharles H Strange
    Release dateApr 15, 2016
    ISBN9780996957311
    Hidden Money: Productivity and Process Improvement
    Author

    Charles H Strange

    Charles Strange was born in Durham, NC, in 1960. His father liked moving, so until he was 12, he never lived in the same town for more than two years. At the age of 10, he got his first job delivering papers in Princeton, NJ, with a route that took him over rooftops and down fire escapes. In 1972, his family settled in Newton Highlands, MA. As a teenager, he worked in food service jobs from Dunkin' Donuts to Jordan Pond House in Acadia National Park.He was accepted into the prestigious theatre program at Carnegie Mellon University in Pittsburgh, PA in 1978. After a stint working professionally as an actor he met his wife, decided to pursue a more stable career, and went back to school. He graduated from the University of Massachusetts - Boston, Magna Cum Laude with a degree in philosophy.In 1982, he worked in one of the first computer stores, selling Apple computers in Cambridge, MA. In 1984, he moved his family to Tampa, FL, where he worked for Entre Computer Center. It was there he met his future business partner, Phil Humphrey. Humphrey and Strange created The Solution Associates, Inc. in the fall of 1987 to help companies use technology profitably in their businesses. In 1992, he bought his business partner out and is now sole owner and CEO. The Solution Associates has been evolving ever since, and has now settled into a consulting group that helps businesses implement custom software solutions that increase their profitability.Mr. Strange is a member of Tampa Bay Business Owners, the Greater Tampa Chamber of Commerce, and the Greater Temple Terrace Chamber of Commerce. He is a public speaker on corporate productivity and social media strategies, as well as a writer. In his spare time, he enjoys playing online games, directing plays or musicals, drinking wine and talking about philosophy with his two amazing children.

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      Book preview

      Hidden Money - Charles H Strange

      Hidden Money

      Productivity and Process Improvement

      Charles H. Strange

      The Solution Associates, Inc.

      Tampa, FL

      Copyright © 2016 – Charles H. Strange

      Published By The Solution Associates, Inc.

      All rights reserved. Printed in the United States of America. No Part of this book may be reproduced in any manner whatsoever without the written permission except in the case of brief quotations embodied in critical articles and reviews. For information, address The Solution Associates, Inc. P.O. Box 292803, Tampa, FL 33687

      Cover Design – Blair Strange

      Library of Congress

      Strange, Charles

      Hidden Money : Productivity and Process Improvement / Charles Strange

      ISBN 978-0-9969573-0-4 (paperback)

      ISBN 978-0-9969573-2-8 (hard back)

      ISBN 978-0-9969573-1-1 (e-book)

      For Leslie, Chris, and Blair

      Acknowledgements

      I want to thank several people for their participation in bringing this book out of me. First I want to thank Gary Teaney for handing me the book KPI – Key Person of Influence that inspired me to write this book. Next to my editor Stephen Hirst for his excellent job of taking this to the next level. Thank you Blair Strange for the great cover design. Chris Strange for challenging my ideas. And finally to my amazing wife Leslie for her convection and encouragement to get this out of my head

      Introduction

      The purpose of this series of books is to show you, the business owner, something hiding right under your nose. You will see in a new way, think differently and—when you are done—you will be able to create greater profits for your business and/or yourself.

      Most likely there are thousands of dollars hidden in your company right now. Money that is not in your bank account. Money that could be used to create more money. Depending on the size of your company, the amount could run into the millions of dollars. Surprisingly few businesses have found and extracted all of the hidden money in their companies. How much money is hidden in your company?

      Hidden money is the money that is unnecessarily invested or expended in an organization. This money may not be seen by management because it is not reported on their financial reports, performance reviews, or manufacturing cost sheets. It is buried in places that are forgotten or overlooked, and that is why it remains hidden.

      Money is hidden in four places: Productivity and Process, Working Capital, Loss/Theft/Shrinkage, and Untapped Markets. Each book in the series will explore each of these places in depth. This book’s focus is on productivity and processes improvement.

      Chapter 1

      Productivity, Processes and Procedures

      Productivity is the quantity and quality of the production of a product or service divided by the cost it takes to produce it. If you increase the quantity and quality produced, you increase productivity. If you decrease the cost it takes to produce a product or service, you increase the productivity. When you do both, you get an even bigger boost. With every increase to productivity there is a direct increase in a business’s bottom line. Our goals, therefore, are to increase the quantity and quality of what your business produces and decrease the cost it takes to produce them.

      Every business, from large to small, has processes and procedures for accomplishing the tasks that are required to run the company. Some are simple and straightforward, and others are staggeringly complex. They develop those processes and procedures to the best of their abilities using whatever tools are at hand. Rarely are these reviewed. Why should they be? Work is getting done, clients are being served, and money is going into the bank. Based on the proven methods of Lean Six Sigma, we will show you how to view your process, identify wastes, value the costs of your current process, brainstorm solutions, implement change, and monitor for long term success.

      At the conception of a business the processes are always in question. There are usually a small number of people involved in the company and the communication between the staff is smooth. When a process doesn’t work, it is usually obvious, and quickly changed. Everyone on the team is made aware of the change and works to ensure that it’s implemented successfully. If it is discovered that the process is still flawed, everyone knows it needs to be changed again. This doesn’t mean that they are necessarily optimized, it just means that the business owner is aware and participating in the management of how things get done. Often with new companies the company way has not been established or standardized (a fabulous book on tackling that particular challenge is Michael Gerber’s E-Myth).

      As the business grows and more people are added to the mix, management usually becomes more removed from the day to day operations. The company now has a person responsible for sales, someone else for purchasing and managing inventory, and another in customer service. The company way things get done morphs without direction or thought. Each individual tends to modify their process to suit their needs. When people leave or change positions, they will train their replacement. Just like a copy of a copy of a copy, something will not transfer completely

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