With the new year in full swing, most of us have made resolutions: lose weight; move more; be kind; whatever we think we need to be better. Businesses are no exception. We’re always looking for better ways to do things. Why waste time on outdated systems if there’s something better? You don’t see people reverting to music on 8-tracks instead of streaming services, do you?
So, let’s talk about lead time. In this industry, we live and die by lead times. The math is simple, the shorter your lead time, the quicker you make money. Too much lead time and you run the risk of losing a sale. And, if we’re in for another recession like some have predicted, we need to constantly think about making money and keeping our existing customers happy.
Here are 3 things shorter lead times can mean for the financial health of your business: