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International research results show that as business gets more complex, profits and productivity decline. No matter what type or size your business, you have the choice to make it more complex and fragile or simpler and robust? This choice is yours!
If you're a business owner or manager searching for an injection of performance to your business, you've probably tried a range of things such as sophisticated marketing techniques, productivity improvement processes that include information systems and waste reduction programs, employee incentive schemes to get your people motivated, new product development to give your customers more choice and financial restructuring to take advantage of changes in interest and tax rates.
If you’ve done some of these things and still haven’t seen the benefits you were hoping for, it’s time to think and act differently! You know what they say – If you keep on doing what you’ve always done, you’re going to get what you always got.
The business world is getting more complex for a range of reasons, so it’s vital to know how to capitalize on the good complexity and remove unnecessary complexity so you can build a more profitable and resilient business.
Unnecessary complexity kills profitability and makes a business more fragile in the face of changing conditions – it’s been known for over a century. The latest blatant example of this was the Global Financial Crisis of 2008 where the early companies to fail were ones that were too complex in their structures or their products.
Conversely, keeping business focused and simpler has been shown to deliver more profits, sustainability and staff morale, whether the economy is in good shape or not. Here’s some examples of how the strategy of simplification has delivered wonderful business performance over 140 years:
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