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Value Creation Blog

10 Ways To Build Enterprise Value Through Continuous Improvement

Posted by Josh Patrick

Goals are Silly We’re taught that to be successful we must set large goals and work like crazy to achieve them.  One of the sayings that goes along with this mindset is, “if you can dream it you can achieve it.”

My own belief is that having large goals might be an OK thing to have, but that fits more into having a mission you can live your life within.  Instead of striving towards a goal I’ve come to believe that constant improvement is healthier and allows for enjoying the trip as well as the outcome.

Here are 10 things that I believe are important when it comes to working towards regular, ongoing improvement versus one particular goal:

  • Ongoing improvement allows you to make small experiments towards improvement.
  • Continuous improvement allows more people to win.
  • When the risk is small, more people will be involved in making your company better.
  • A company that works towards continuous improvement often has more people involved.
  • The risk of failure is greatly decreased with continuous improvement.  If things don’t work out you can move on to your next experiment.
  • It’s easy to figure out what didn’t work when you use a continuous improvement model. 
  • A continuous improvement model encourages you to try one thing at a time, and quickly decide whether you want to incorporate the change in your company.
  • Continuous improvements allow you to think about throughput in your company.  The better your throughput is the more efficient, fun and profitable your company can become.
  • Thinking small encourages cross-functional relationships to form.  There is a good chance these groups can leave their baggage behind and find what all have in common.
  • Continuous improvement allows you to develop compensation programs that pay people for making your company better.  You can start having bonus programs that reflect the actual work that your employees do.

Continuous improvement is often about small changes that can be made and measured.  Taking the pressure of time frames away from our employees and ourselves allows us to keep getting better with less stress.  It’s important that we measure our improvements and share the results of the work we do with our employees.

What are your thoughts about goals versus continuous improvement?  Do you think that it’s important to set big goals?  Or, would you be happy enjoying the ride while taking time to smell the roses and look back at what you’ve accomplished?

I’ve written a special report on using key metrics in your business.  I encourage you to download this report by clicking on the button below.  I believe you’ll find this report fits in nicely with the entry above.

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Topics: key metrics, for business owners, enterprise value, Key Performance Indicators (KPI)

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