Waste is a problem in every type of business. If you are to succeed as a small business owner it is imperative that you keep a close eye on the waste and avoid it as much as possible. Now there are number of different wastes that can occur in small business. Understanding them and finding ways to avoid them is a task every business owner needs to undertake.
First, let’s think about the problem with waste. Waste means that you’re paying for something but you’re not getting the benefit from it. Essentially, it’s just a massive drain on your company. If you allow wastes to keep developing in your business model, you’ll be missing out on huge potential profits. Now, let’s look at the three primary types of wastes that every business is likely to encounter and what you can do about it.