In the 2016 Summer Olympics, the British cycling team dominated the track events and took home a total of twelve medals. Twice as many as the next country in the table - The Netherlands.
When asked to explain how they had achieved this, the team management explained that they had implemented a concept called "The Aggregation of Marginal Gains". Essentially, they looked at every component of their operation, including the riders, training, equipment, clothing, etc. Each component was then scrutinized in detail to see how it could be marginally improved to provide even a small reduction in time on the track.
By aggregating these marginal gains, they were able to achieve significant time reductions. This approach also made it harder for competitors to copy any improvements because there were so many of them!
While, in their situation, they were looking at potentially only hundredths of seconds from an improvement, the concept works just a well for the small business.
By taking a methodical look at all aspects of your business and seeing where you can tweak the efficiency and effectiveness, even by only a small amount, you could achieve a significant improvement in the overall profitability and value of your business in the long run.
Check out our website to see how your business could benefit from improved processes
Author: Trevor Huett