Saturday, 22 January 2011

Learn from the big boys

In the world of the 'big boys' there is a concept known as multi-factor productivity. This means the productivity of the total of an organisation's labour, its capital, its energy, etc.

I introduce this just to remind you that your business also has its complexities ... and if you adopt too simple a measure of how well you are doing, you might miss some important factors.

So think about the range of factors important to you (and your customers) and think about how well you are performing on each one. Temper output with quality and moderate short term profit with longer-term relationship building, and you might have a 'multi-factor' assessment of where you are going.

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