But in order to be a consistent high profit business, attention to how the business is managed and how things get executed must be a primary focus. In broad terms the four key variables are people, process, strategy and culture. The way each of these is managed will invariably determine how successful the business is over the long-haul. Too often businesses apply technology to bad processes. It is imperative that processes be refined to the point where they are as efficient and effective as possible prior to applying technology.
Many businesses buy technology with hopes of enhancing efficiency simply by putting it in place.
When purchasing equipment such as production machinery, forklifts, copiers and computers, there is sometimes the tendency to look for a less expensive solution. However, it often makes sense to pay a little more and buy more reliable or faster equipment. Down time and inefficiency cost businesses a lot of money. Buying equipment that could break down more often or not produce as quickly as other equipment is one way of slowing down or even stopping work flow. Before you buy equipment, ask yourself how important time lost is to your organization.