Part 7
Bringing it All Together
Safety impacts more than just the bottom line. How does your current risk reduction system affect the equity value to your company owners? Is the status quo leaving value on the table for your owners? If so, how much?
What if a poor continuous improvement system was in place and our company lost ground to competitors that were improving? Is it worth the risk of not trying?
Creating a winning competitive advantage and a more valuable company does not have to be an impossible task or based on luck. Pursuit of continuous improvement as a competitive advantage is “low hanging fruit” for most businesses. However, great companies do not wait to be great. They acted yesterday!
Small improvements from a strong continuous improvement and risk reduction system can yield significant impacts on the operating performance and value of a company to its owners. Focus on what you can control and take a few bold steps to ensure these systems are effective and appropriately resourced in your company.
Focus on what you can control and take a few bold steps to ensure these systems are effective.
Taking action means improving the supporting systems that enable continuous improvement and risk reduction; a 25 person company can do this effectively through their people, culture and basic processes, but a 250 person or 2,500 person company requires powerful (but easy to use) systems to systematically improve itself as thousands of decisions and actions are taken every day across your staff.
Conclusion
Ultimately, the value of the company will be determined by long-term performance and someone else’s expectation of the longer-term performance. Choosing continuous improvement as a competitive advantage ensures that the “trend is your friend” and that you’re building the best possible company for your co-owners, colleagues, customers, families and stakeholders.
