← The Cash Flow Contractor4 jun · 37 min

301 - TIMWOODS for Contractors: The 8 Types of Waste Hiding in Your Business

301 - TIMWOODS for Contractors: The 8 Types of Waste Hiding in Your Business4 jun37 min

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$1 saved in waste is worth $2.86 in sales at a 35% margin. That's why getting efficient pays better than getting bigger. In this episode, Martin and Khalil walk through TIMWOODS, the lean manufacturing acronym for the 8 types of waste: Transportation, Inventory, Motion, Waiting, Overproduction, Overprocessing, Defects, and Skills. They translate each one for contracting and service businesses, with examples from the back office, the shop, and the job site. Plus the Toyota Way forces underneath (Muri, Mura, Muda), and a 1% P&L exercise that surfaces the highest-impact fix before you chase new sales. Key Topics & Timestamps<ul><li>00:51 - Episode Intro</li><li>03:40 - Profit Math and 1% Fixes</li><li>09:30 - Transportation </li><li>11:44 - Inventory</li><li>14:49 - Motion</li><li>17:08 - Waiting</li><li>19:04 - Overproduction </li><li>20:50 - Overprocessing</li><li>25:56 - Defects</li><li>29:45 - Skills</li></ul> Memorable Quotes<ul><li>"Waste really is where your opportunity is." — Martin</li><li>"Efficiency really is the elimination of waste in a process." — Martin</li><li>"The more you can think about your business like a machine, the more success you're gonna have." — Khalil</li><li>"Reality is it's either the system or it's you." — Khalil</li><li>"Having the courage to delegate and trust people to get it done is absolutely necessary." — Martin</li></ul> Key Takeaways<ol><li>Doubling sales doesn't pay the bills. At a thin margin, doubling the top line without fixing waste can sink the business faster than slow growth.</li><li>A $1 of waste saved is worth far more in sales. At a 35% margin, $1 equals $2.86 in sales you don't have to chase to keep the same profit.</li><li>Walk TIMWOODS through your business: Transportation, Inventory, Motion, Waiting, Overproduction, Overprocessing, Defects, and Skills. Every category has waste hiding somewhere.</li><li>Run a 1% sensitivity exercise on every line of your P&L. Whichever line moves profit the most when improved by 1% is the line worth attacking first.</li><li>Mental context-switching is motion waste. Daily huddles, focused production meetings, and clear handoffs cut the brain-jumping that exhausts your team.</li><li>Skills waste is on the owner. If your team has no way to surface what they see on site, you're paying for talent and ignoring it.</li><li>Defects almost always trace back to the system or the owner. Before blaming an employee, ask whether the delegation was clear and the process is hard to do wrong.</li></ol> Resources<ul><li><a href="https://offer.growth-kits.com/24-things-book-a-roadblock-call?hs_preview=ormlyTeJ-182223989023">⁠24 Things Guide⁠</a></li><li><a href="https://growthkits.com/schedule-a-call">⁠15-Min Roadblock Call⁠</a></li><li><a href="https://www.quo.com">⁠Quo⁠</a></li><li>Build a business that runs without you. Explore our <a href="https://growthkits.com">⁠GrowthKits⁠</a></li><li>Need marketing help? We recommend <a href="https://www.benali.com">⁠Benali⁠</a></li><li>Need help with podcast production? We recommend <a href="https://www.demandcast.co">⁠Demandcast⁠</a></li> </ul>More from Martin Holland<ul><li><a href="https://bit.ly/The-Profit-Problem">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theprofitproblem.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a></li></ul><ul><li><a href="https://bit.ly/Anneal-Business-Coaching">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠annealbc.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> </li></ul><ul><li><a href="mailto:martin@anealbc.com">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Email Martin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a></li></ul><ul><li><a href="https://bit.ly/Meet-With-Martin">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Meet With Martin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a></li></ul><ul><li><a href="https://bit.ly/Martin-Holland-LinkedIn">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠