Have you ever thought of siphoning gas at work? With gas prices hovering around $4.00 a gallon it might not be a bad idea, huh? What do you think your coworkers would say if they looked out the office window and saw you with one end of a hose in your mouth and the other in a car’s gas tank?
Well they would probably think you were either: cheap, desperate, or insane!
But, one employee at CarMax (a used-car retailer) made the suggestion to their CEO and the move has saved more than $500,000! They transfer the fuel from wholesale vehicles they turn quickly, into cars that will end up on their retail lot.
Ok, so how does this have anything to do with your business? I’m so glad you asked, here are some key takeaways:
- There is waste at just about any company.
Take an outsider’s look at your company and try to uncover areas of waste. It could be something as simple as misuse of office supplies or something more complex. But, if you can find and eliminate waste in key areas you could see amazing savings that fall directly to the bottom-line.
- Be open to suggestions from everyone.
Had the CEO of CarMax not been open to suggestions from his team, they would still be throwing away hundreds of thousands of dollars on fuel. Encourage everyone in your company to contribute their ideas in a non threatening way. Be sure to note that not all ideas will or can be implemented but foster an environment where ideas are valued.
- Uncover unused and untapped resources.
These resources may come in the form of raw materials or other resources like fuel. But a big untapped resource surrounds you each day–your people. Look for unused skills, talents, and experience and put that to good use! Make sure you have the right people in the right jobs.