Streamlining processes is one of the keys to riding out this economic storm

What is your organization doing to sustain itself and prosper in these tough economic times?

• Many are laying off employees.  
  
• Many companies are reducing the prices of their products in order to close sales.  
  

However, what is that doing to your brand identify and your bottom line?

According to Michael Krauss, president of Market Strategy Group LLC and a Marketing News columnist, there are four keys to riding out this economic storm:

1. Seek opportunities to add value; stand firm on price; and find ways to interest your customers in the benefits and values of your offerings.
   
2. Reassess your segmentation.  Make sure you know your customer base and target them correctly.
   
3. Seek out adjacent markets
   
4. Streamline your processes [and continuous process improvement].  “Marketers need to be cutting costs right now” Krauss says succinctly.
   

How do you streamline your processes without streamlining your employees onto the unemployment line? You need to:

1. Identify all areas of a processes using Value Stream Mapping
   
2. Lean out the waste and streamline the value added processes to ensure they are in line with the VOC (Voice of the Customer) and VOB (Voice of the Business).
   
3. Place employees that are being “leaned out” into proactive roles that stimulate business or enter into a new market segment.
   
4. Implement key Lean Six Sigma tools, such as the DMAIC, to improve the quality of each process in order maximize the effectiveness of each process and reduce the costs associated.  Hence, increasing the profit margin of your product or service.
   

Companies looking for help on how to streamline processes or how to implement Six Sigma in their organization should attend ISSSC’s Six Sigma White Belt (Introduction Course).  Or, call our professionals at 513.834.8332.