Your Greatest Competition is Yourself
January 20, 2021 | Barry Matties, I-Connect007Estimated reading time: 2 minutes
It really doesn’t matter who you think your external competitors are, because the only competitor that really matters is you. Of course, you will look externally to stay on top of latest trends, but when it comes to competition, just competing with yourself is a win. When you look at yourself as your greatest competitor you will start with a huge advantage: you already have great intel on how “your competition” thinks. Ask yourself, “What can I do to displace my ‘competitor’ and create something much better?”
Process efficiency: The first area in which to compete is process efficiency. If you can perform your processes in a more efficient way, you will begin to add capacity, increase employee happiness, enjoy higher productivity, and find greater customer satisfaction. This will lead to more sales and ultimately higher profits.
And when we talk about process efficiency this includes all processes: how you answer phones, make sales, process orders, manufacture your products, do your accounting, shipping, filling out paperwork and every other process step in your business. When doing these tasks in your business, think differently. Think in terms of crushing the competition. Albert Einstein said: “We cannot solve our problems with the same thinking we used when we created them.” So, if you are busy chasing your so-called external competition, you will miss the greatest opportunity sitting right in front of you—the opportunity to think differently and compete with yourself.
Use the formula: As we start the new year—what we are calling the year of continuous improvement—it’s a good time to start with the simple process improvement formula: X = Xc – 1. When you look at any current process (Xc), the question you want to ask (and have your coworkers ask) is, “How can we reduce (Xc) by (1)?” It could be one day, one hour, one minute, one less piece of material, one less percent of scrap, one less form to fill out, or it could even be lowering a risk factor or other even less tangible things. By reducing (Xc) by (1) we now have a new (X) and the process starts over.
The tricky part can be deciding what to choose for your first (X). In the early phases of process improvement, the common advice is to start with small improvement projects and grow from there. By doing so, you and your team will be able to feel and celebrate the success and benefits gained. X = Xc – 1 is perhaps a new way of thinking for some. In any case, X = Xc – 1 focuses you and your team to really compete with your greatest competitor—yourself.
This article appeared in the January 2021 issue of PCB007 Magazine.
Suggested Items
Altus Equips SSTL with Advanced Cleaning Technology for Electronics
05/07/2024 | Altus GroupAltus Group, a leading supplier of capital equipment for the electronics manufacturing industry, has announced the successful installation of an advanced PCBA cleaning system at Surrey Satellite Technology Limited (SSTL).
RTX's Advanced Ground System for Space-based Missile Warning Now Operational
05/06/2024 | RTXAn advanced ground system for space-based missile warning developed by Raytheon, an RTX business, is now operational at the U.S. Space Force's Overhead Persistent Infrared Battlespace Awareness Center (OBAC).
BrainChip, Frontgrade Gaisler to Augment Space-Grade Microprocessors with AI Capabilities
05/06/2024 | BUSINESS WIREBrainChip Holdings Ltd, the world’s first commercial producer of ultra-low power, fully digital, event-based, neuromorphic AI IP, and Frontgrade Gaisler, a leading provider of space-grade system-on-chip solutions, announce their collaboration to explore the integration of BrainChip’s AkidaTM neuromorphic processor into Frontgrade Gaisler’s next generation fault-tolerant, radiation-hardened microprocessors.
Argonne, Toyota Collaborate on Cutting-Edge Battery Recycling Process
05/01/2024 | BUSINESS WIREThe U.S. Department of Energy’s (DOE) Argonne National Laboratory has recently launched a collaboration with Toyota Motor North America that could reduce the nation’s reliance on foreign sources of battery materials.
Real Time with… IPC APEX EXPO 2024: Outlining Rehm's Innovations and Global Presence
05/01/2024 | Real Time with...IPC APEX EXPOMichael Hanke, the chief sales officer for Rehm Thermal Systems, shares insights on the North American market, new machinery, and software development. He also discusses Rehm's turnkey solutions, process flexibility, global presence, and the dedicated team of 700 employees working on global solutions.