Increasing productivity is the best to increase the ROI on anything. We already might know that it is the best way to cut cost and the increase profits of any business, but it also works for all aspects of life. The core idea in business is to maximize customer value while minimizing waste. Simply, it means creating more value for customers with fewer resources. Reduced waste equals to reduced cost which equates to a lean business. One of the easiest ways to do this is by implementing a system to recycle waste. When you make something you end up making something else along with it, "waste." Just like they say you cannot not communicate, you cannot not make something else. Everything has a by-product. Observant and creative people spot these by-products and see opportunities. Your life has by-products. Yes, all of us create by-products every day of our lives and one quick way to increase our productive is by learning to sell those by-products
For example, an entrepreneur who starts a business from scratch, even if he fails, has huge by-products. She has gained experience into what to do and what not to do when starting/managing your own business. She can write about her experience in a book, newspaper, or online article to gain more exposure or increase her income. You see, the business was the product and the experience was the by-product.
The lumber industry sells what used to be waste — sawdust, chips, and shredded wood — for a pretty profit. Today you’ll find these by-products in synthetic fireplace logs, concrete, ice strengtheners, mulch, particle board, fuel, livestock and pet bedding, winter road traction, weed killing and more.
Ultra refined petroleum finds its way into plastics, cosmetics, food, rubber, synthetic fiber, insecticides, fertilizers, heart valves, toothpaste, detergents, waxes and the list goes on.
Corn and soybeans are refined and processed into just about anything these days. By noon you’ve probably consumed a few pounds of corn energy without even knowing it. It’s hidden in your food in the form of HFCS, xanthan gum, dextrin, maltodextrin, MSG, or ethanol in your gas tank.
Everything listed above is a by-product. Lumber was originally cut for boards for building. Oil was originally drilled for fuel. Corn and soybeans were originally farmed for food. But today these industries have figured out how to use the waste to make even more products. As a result, they reduce waste, reduce cost, and increase business productivity which I think it is the best business insurance for success. They’re squeezing, pressurizing, refining, heating, cooling, and otherwise processing leftovers into money.
You Don't Have to be in Business to Resell Your By-Products
A popular misconception is that lean is suited only for manufacturing. Not true. Lean applies to every aspect of life. It is not a tactic or a cost reduction program, but a way of thinking and acting. Think about it like a mind frame or pair of glasses from which you see the world. If you write for InfoBarrel, you are most likely already reselling some of your by-products. You saw a movie last weekend or bought some new gadget and turned around and decided to write about it. There you go, you just resold one of your by-products!
Assuming that you were going to watch or buy that product regardless, you enjoyed a product/experience and turned around and sold its by-products. Again, this does not apply only apply to writing but to everything you could possible imaging. You can speak, teach or make new products based on those by-products.
Credit: Sarah A. Henderson from Sierra
Eliminating Waste in Life
I want you to go about your day, or sit down and think of your average day, and try to identify by-products you create and how you can resell them. Think about it as an investment. You are investing on yourself-- on improving your life. It's like buying a personal insurance that you will be more productive from here on.
Commit to it. Leave a comment and let other people hold you accountable for increasing your productivity. Remember, your time is limited so you better learn how to use it more effectively so you can spend it doing the things you love.