"What is the best franchise to buy?" This is the most common question I’m asked; followed closely by “What is the hottest franchise?” Or, “What franchise should I buy?” That would be a great question – if it wasn't the wrong question. The simple truth is, there is no such thing as a “best franchise.” But there might be a franchise that is best for you. Just as each person is different, so is each franchise. The franchise that is a perfect fit for Joe might be completely wrong for Jane. Because, most likely, Joe and Jane are different from each other. There are many franchises where the primary role of the owner is to manage key employees. McDonald's comes to mind. Some of the key tasks for the McDonald's owner are to hire and manage the store managers. To be successful, the owner must be willing to work closely with a few key managers, to train, and develop them. It’s also helpful if this owner is good at watching the many, many details that have a big impact on a McDonald's, such as inventory levels or wastage. But not every franchise is like that. Some have very few employees, and maybe no inventory. You might never have heard of 101 Mobility, but it’s a leading edge company in the field of home modifications such as stair lifts or wheel chair ramps for people who have become disabled. This franchise requires only a handful of employees. The owner’s role is to develop relationships with key referral sources, and to ensure proper delivery and installation of the needs modifications. These are both excellent franchises. But the person who would make a great McDonald's franchisee has very different skills from the person who would be successful owning 101 Mobility. There are other considerations, too. Don’t only think about what your skills are, but also what you like to do. I recently worked with a man, Mario, who had spent 25 years selling restaurant equipment and managing restaurant equipment salespeople. If I never asked him about his preferences, he would have looked only at franchises where the owner’s role would be to sell. But as I questioned him, this man explained he had grown tired of selling. He had done enough of that. He was ready for a new challenge. In the business he eventually started, Mario was not at all involved with sales. Because he was able to enthusiastically tackle his new, non-sales, responsibilities, Mario has built a large, successful work-place drug testing business. What other criteria should you consider for a franchise? We suggest our clients think about: What kind of a work schedule do you want? Business hours only? Or are you happy to work nights and weekends? Your investment budget is an important factor. How much do you want to invest? Think hard on this one – you don’t want to lie awake at night regretting too large of an investment. Are you comfortable delegating to others? Not everyone is. There are many factors to consider in deciding what franchise might be right for you. Do your research, give close thought, and don’t be impulsive. There is no such thing as a “best franchise.” But if you do your homework, you just might find the best franchise for you.
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To begin, what are the lean wastes?
TIM WOOD — Who Is This Guy?
Time — It’s Ticking In Your Head!
Do engineers waste time? NEVER!!! Are you sure? How long did it take you to look up a part number for your last project? Have you spent hours on the internet combing for the perfect transformer? Did you rework the drawing because it was missing information? All of these take time.
Time is an engineer’s best asset. With any project, more time is always preferred. Despite our best efforts, everything has a deadline, and you will be out of time. So why do things take so long to accomplish?
Much like production, everything an engineer does has a process—formally or informally. If your process requires you to do unnecessary tasks or wait in a queue for information, it all takes away from our time.
Review what it truly takes to complete a task versus the total time to complete an action. The difference is your opportunity. How can you make tweaks or eliminate wasteful tasks to improve your time?
Inventory — How Can Engineering Have Inventory?
In the classical sense, engineering typically does not have dozens of parts on their desks or stacks of products on the shelves.
How many projects are on your desk needing your attention? How many drawings need revisions from production markups and changes? Do you have software programs written for customers? How many documents need approval?
Each of these “soft” products is inventory. Thinking broader, any accumulation of work ahead of you is your inventory. The more projects, tasks, and activities on your desk, the higher the inventory for you as a worker. How do we deplete inventory?
For administrative tasks, plan a time every day to work through the tasks. Approvals in the ERP system are complete at 9 am each day. Drawing reviews are scheduled at 2 pm on Tuesday. Some days you may have five or more of these tasks, and other days you may have none. Scheduling your time to complete these tasks is essential.
Larger tasks can be managed the same way. Use large blocks of time with no meetings to eat the elephant one bite at a time. Make sure you take action weekly on these tasks to prevent overwhelming inventory numbers.
Finally, do you need to do this task at all? Delegate or eliminate the work. Is it necessary? Am I the right person to do it? If the answer is no, get rid of it!
The goal is to minimize your inventory and focus effort on where you add value.
Motion — Do I Need To Leave My Chair?
Unlike production where work may be completed in different physical locations, engineers typically work in their station and may even be sedentary. So how do I eliminate motion?
Do you walk to meetings twice a day in a different part of the building? Do you need to cross the room to use the copier? Are you required to deliver signed documents to another member of the team? Is your telephone or headset across the desk?
Motion is trickier in an office setting; however, with some creativity, you can eliminate the waste. Can my meetings be scheduled back to back to keep from leaving your office as often? Do I rearrange my desk for better optimization of my mouse, keyboard, phone, etc.? Think outside of just walking back and forth.
Waiting — Why Can’t I Get Any Answers?
How often do you need to wait for a customer to agree to a specification? Does accounting owe you a price for the transformer you are quoting? Is your boss sitting on the drawing approval needed to submit to the customer?
Each time an engineer waits for an answer or another process, this leads to waste. You cannot proceed without someone else’s action. You rely on someone’s actions to complete your own.
How do we eliminate waiting? It is inevitable to be waiting on someone. Can you send an email ahead of time asking for their help to approve the drawing? Could you call your customer asking for clarification versus sending an email? Could you walk something to the accounting department asking for their attention?
Find ways to eliminate or minimize wait times. Take proactive actions to ask for assistance. Ensure all the necessary information is available to the next person in the process. Look for those subtle little items that add up over time.
Overproduction & Overprocessing — Why Do More Than You Are Asked?
Both of these wastes involve doing more than what is expected. Throughout my career, I have been encouraged to under-promise and over-deliver. Why?
Of the wastes, I would say these two are the most difficult for engineering. We are expected to (over) produce products that exceed customer expectations.
Experience will tell an engineer when enough is enough. Over-designing a solution is a waste. Making more drawings than are necessary is a waste. Look for opportunities where you are handling the same item more than once. Can I do both tasks at the same time?
Be careful of the trap of tinkering with a project simply because you have time. If your work is complete, meets the need, and is robust, stop. Continuing to tweak is an example of overprocessing. Learn from your mentors what finished looks like!
Defects — I Hate Doing Something Twice…
Defects are an enormous opportunity for anyone to eliminate wastes! Who likes doing the same task twice because it was wrong? If an engineer needs to do rework, the results are wasted.
Similar to the goal of “zero” safety incidents, engineers need to strive for perfection. This goal is philosophically correct, and reality shows our human side. Mistakes will occur.
How do you eliminate these defects? If you make a mistake, begin by correcting it, and follow up with changes to keep the mistake from returning. Write a procedure, make a checklist, and educate yourself (and your team) to prevent the error. When you have “extra time,” check your work. We all get tunnel vision on projects, so taking another step to verify your efforts is valuable!
When mistakes occur, learn from them. Do not swipe them aside as a trivial element of your work. Take time to make improvements to eliminate the chance of error in the future. We all make mistakes… Some of us learn to keep from repeating them repeatedly.
Is TIM WOOD My Friend?
The concept of eliminating wastes is paramount to a lean journey or continuous improvement. Look around every aspect of life, and you will observe wastes. Knowing what wastes look like is the first step. Your best opportunity is to find ways to eliminate them from your work. Make something better, eliminate an unnecessary step, error-proof your processes, and make things better.
So is TIM WOOD my friend? For years, the answer was no. I had no time for him in engineering because he worked in production. Now that I see him clearly, I embrace him and use him to make me, my team, and my company stronger.
YES — TIM WOOD is my friend!
Looking for a job has become relatively tough for many people. Even some professionals with advanced academic qualifications, such as bachelor's degrees and even MBAs, are currently having a rough time on the market. However, there are still plenty of jobs out there for the right candidates.
One of the ways of differentiating yourself from other job seekers is by having transferable skills. Broadly speaking, a transferable skill is an expertise that you can use across a wide range of industries.
According to the University of Southern California, many graduates change jobs as many as four times within a period of five years. If you are a job seeker, identifying your transferable skills and articulating them to employers is likely to increase your chances of getting a job.
Here are five transferable skills all job seekers need:
In almost every career, from banking to the hospitality industry, good communication skills are vital. As such, it would be to your advantage if you have the ability to articulate your ideas in writing as well as orally. Since communication normally involves more than one party, you should be a good listener as well.
Employers often look for people who can communicate with co-workers effectively and in an objective manner.
Don't know your workplace communication style? Take our FREE quiz today!
2. Analytical Skills
This is a vital skill in almost every field of work mainly because the majority of businesses generate revenue by solving problems that clients face daily.
For example, cloud-computing companies provide data storage solutions, thereby ensuring that their clients have a backup of data stored on site. Employees can access company data on the go knowing they have secure storage for their information. In such an environment, analytical skills are likely to come in handy when clients face problems such as uploading data or updating certain files. To solve those issues, one would have to identify and define the problem's parameters.
This skill also involves collecting and analyzing data in order to design creative solutions to complex problems.
Most organizations and business enterprises employ more than one employee. Because of this, it may not be possible to have all the employees in leadership positions. Therefore, a few employees who show the ability to lead generally take charge of the others.
Leadership is all about motivating fellow employees and leading them to work toward a common goal. In addition, leaders analyze tasks and set priorities for the other employees as well as identify and allocate resources that employees need.
4. Information Management Skills
Traditionally, businesses kept a few records such as sales, purchases, and salaries in-house. In most cases, this data was no more than a few gigabytes. However, the emergence of social media, the adoption of e-commerce by consumers, and the large number of data points generated by businesses and corporations have upended the traditional model of managing information. As a result, most employers need employees who can sort and present data objects in an understandable manner.
Information management also involves evaluating and synthesizing information against industry standards. Industries where you can apply this skill set include finance, education, manufacturing, and print media.
5. Project Management
Project managers are in high demand in many industries. Your work as a project manager will involve planning projects, assessing potential risks associated with the project, allocating project finances appropriately, and overseeing the execution of the project on time.
You can use this transferable skill in industries such as education, energy, consulting, and even the military.
The job sector is becoming increasingly competitive with every passing day. With this in mind, job seekers need to broaden their horizons when searching for a job.
Leverage the power of transferable skills acquired in previous jobs to get ahead of the competition. Just remember to quantify these skills on your resume. Also, make sure to mention them in your job interview, and you'll surely stand out from the competition.
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This article was originally published at an earlier date.