314 week ago — 3 min read
Traditionally, there are 3Ms a business requires, Men, Materials & Machines. With increasing emphasis on standardisation, the list grew to include Methods; increasing clout of capital markets led to inclusion of - Money. In a knowledge / talent driven world, what strikes the difference between successful and not so successful companies is the 6th M - Morale.
Here are the ‘M’s a business requires to maximise profits:
1. Manpower – Use industrial engineering design principles to operate on a lean structure. More manpower does not necessarily lead to efficiency, in fact it leads to wastage of time on hand-offs, miscommunication and supervision.
2. Materials – Have strict and comprehensive quality control; invest in tools, technology and systems to monitor incoming raw material quality, outgoing finished goods quality; monitor rejection rates.
3. Machines – Best technology guarantee steady returns with minute attention to preventive maintenance; Maximise uptime by not stinting on maintenance activity.
4. Methods – Have clearly laid down guidelines / standard operating procedures to ensure employees are clear on what has to be done to churn out excellence. Make updations; Do not rely on chance.
5. Money – Money is only a barometer of a company’s success, of the need that it is fulfilling in market place, of customers’ satisfaction. But their continued patronage is key to the continuity of your business. Ensure profits are rational, keep an eye on Return on your Investment (ROI).
6. Morale – to ensure that your 5Ms come together to make magic, ensure employee morale is high. Invest in their career growth, train them to achieve their personal best. Have systems to teach them to make decisions; Only capable teams can take company’s vision forward.
Focus on the 6th M. Employee Morale! This will enable your company to function at its potential and grow seamlessly. Having enthusiastic employees motivated to the task of solving problems and finding solutions will certainly help your company grow your business.
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Posted byGeet Mala Jalota
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