barcode dll for vb net % of Sales 100 57 4 8 15 8 28 33 43 39 230 in Software

Generator Code128 in Software % of Sales 100 57 4 8 15 8 28 33 43 39 230

% of Sales 100 57 4 8 15 8 28 33 43 39 230
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FIGURE 10-2.
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Summary of key measures (in millions).
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CHAPTER TEN
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Analyzing the data shows that profitability has a strong relationship with the cost of goods sold, SGA expenses, and sales, given the complexity of business dealings. Therefore, performance measurements must include gathering data on the cost of goods sold and operational expenses and setting goals to reduce them. To establish a causal relationship between the performance measurements and profitability, correlations that capture the relative rankings of various measurements in order of significance were reviewed, as shown in Figure 10-3. A strong or weak correlation between two factors does not ensure a causal relationship, but it does indicate that there may be one. Figure 10-4 shows that profits are strongly correlated with a combination of the three key factors, i.e., sales, cost of goods sold, and SGA expenses. However, individually these three measurements are mildly correlated in the following order: 1. Sales 2. SGA Expenses 3. Cost of Goods Sold To improve profitability, a business must increase sales, reduce the SGA expenses, and reduce the cost of goods sold (in this order). Of course, there is a tradeoff between the three variables, so a balance must be found to maximize profitability. As Figure 10-4 illustrates, about 20 percent of the margins are accounted for in indirect expenses, and profitability correlates strongly with
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Measurements Plant and Equipment Long-Term Debt Total Assets Shareholders Equity R&D Profits Retained Earnings Sales, Cost, SGA Sales SGA Expenses Inventory Cost of Goods Sold
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Correlation with Profits 0.6936 0.5891 0.4623 0.7861 0.2943 1.0000 0.8346 0.8748 0.6048 0.4829 0.4219 0.2434
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Correlation with Growth, 3 Years Sales 0.2365 0.1795 0.1681 0.1514 0.1494 0.1125 0.0690 (0.1239) (0.1586) (0.2008) (0.1315) (0.2328)
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FIGURE 10-3.
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PERFORMANCE, PROFITABILITY, AND STANDARDS
% of Total
20 15 8
Cost of Goods Sold
Sales and General Expenses
Profit
Others
Cost Categories
FIGURE 10-4.
Profits and sales growth versus business performance measures.
factors such as shareholders equity, retained earnings, and plant and equipment expenses. However, the business needs to understand the causal relationships on a case-by-case basis and then establish internal goals and targets. As the profitability equation indicates, profitability is a dependent variable, and cost and expenses are independent variables, while the equity and retained earnings are necessary for growth instead of profitability.
MEASUREMENTS FOR GROWTH AND PROFITABILITY
Reviewing the relationship between 3-year sales growth and various business performance variables, we see that the correlations are insignificant. However, a relative ranking identifies the following factors in their order of significance: 1. Plant and Equipment 2. Long-Term Debt 3. Total Assets
CHAPTER TEN
4. Shareholders Equity 5. Research and Development Growth depends on innovation and investment, while profitability depends on performance. Growth requires research and development, investment in plants, and equipment and technology. Profitability depends upon sales, cost of goods sold, and expenses. In other words, profitability depends more on internal factors, while growth depends more on external factors. Growth is realized through strategy and profits through execution. The following factors relate to the profitability of the company: 1. 2. 3. 4. 5. Sales-Cost-SGA Sales SGA Expenses Inventory Cost of Goods Sold
To maximize growth, the leadership of a business must drive innovation by encouraging employee participation and investing internal and external financial resources. To maximize profitability, management must optimize the profitability equation by increasing sales, reducing SGA expenses, and reducing its inventory of resources. Cost of Goods Sold has a strong relationship (88 percent) with the inventory. To achieve both profitability and growth, various factors must be managed at the process level. However, profitability and growth are two distinct but related events that must be managed consciously and can be optimized for best results.
BALANCING THE SIX SIGMA BUSINESS SCORECARD FOR GROWTH AND PROFITABILITY
The Six Sigma Business Scorecard incorporates factors that lead to both profitability and growth. As Figure 10-5 shows,
PERFORMANCE, PROFITABILITY, AND STANDARDS
IMPROVEMENT
Management and Improvement
Purchasing and Supplier Management
Sales and Distribution
C O S T
Leadership and Profitability Operational Execution Service and Growth
R E V E N U E
Employees and Innovation
INNOVATION
FIGURE 10-5. Six Sigma Business Scorecard.
the scorecard has seven categories. Some categories are growthrelated, while others are profit-focused. The following table shows the breakdown of categories according to profitability and growth:
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