BEING EFFECTIVE AND EFFICIENT
When you are running your business, you want to be sure that you understand being effective and efficient.
To understand these two concepts, ask yourself these questions, example if you are producing a product, say corn tortilla chips:
- Can I invest in a commercial stove that will burn less butane as well as heat the oil faster, thus allowing me to cut costs? If the answer is yes, then that is "efficiency".
- Will this commercial allow me to create the same quality (or even increase the quality) of corn tortilla chips? If the answer is yes, then that is "effectiveness". If you lose quality, then you are losing effectiveness.
In any business, you want to be efficient but not at the cost of being effective on the continued quality of your product or service.