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Innovation & social responsibility are keys to success

An expert in lean consulting has suggested that solely focusing on profit margins and money is bad for business.

 Ankit Patel, a Nashville-based lean blogger who has instigated multi billion dollar business strategies for international companies like Dell, has claimed that innovation, passion and social responsibility are the qualities that really make firms a success.

 “A business does need to make money but if you look at the most successful businesses their primary goals aren't to make money,” Patel posted.

 “A company exists to fill a need, innovate, and be socially responsible. On top of that the people or person starting a company should be passionate about what they are doing. To me a company cannot last for a very long time if it doesn't have these qualities.”

 One of the central values of lean thinking is to concentrate on delivering a quicker and more superior value product for customers – as this will increase business and profits.

 “In traditional companies too much emphasis is sometimes put on the bottom line so you end up with processes that aren't so good for the customer,” Patel added.

 He believes that modern companies need to strip down their products, cut down on excess costs as this will not only benefit consumers but also strengthen both a business’s finances and its reputation.

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