In business there are many things that deserve attention.
Ben Franklin correctly pointed out that a small leak can sink
a great ship. Taking this advice, some tend to spend too
much time looking at the “little” things and miss the bigger
picture when attempting to control expenses.
When these individuals call a meeting, or have personal
interaction, looking at small expenses while ignoring bigger
cost items we call this a “coinversation”. This word adds the
“I” to conversation changing the sound so that “coin” instead
of ‘Dollar” exhibits the lack of concern on larger items.
At Kmart in the 1990s there was pressure put on Store
Operations to cut electrical expenses in stores. One action
that received a tremendous amount of attention was how to
reduce the time lights were on in the public restroom. They
looked at many options from sensors to timers. Meanwhile
they overlooked that plumbing within the restrooms at older
stores was leaking, toilets not shutting off, and a general
appearance of uncleanliness that was turning customers
Avoid coinversations by soliciting input on a larger scale
and then drilling down on common issues. This engages
employees who see their input as valuable while
enlightening management to bigger problems.
It is important to look at all aspects of profitability, but it
needs to be done in such a way as to keep management
and employees focused on the bigger picture.
Use this term for developing skills in these areas:
A Bizerm™ is a new business term combining two
descriptive words into a single word or phrase whose
definition is often only known by those using it. To
see more terminology in the workplace, click here.
©2007, 2017 Max Impact, Rochester Hills, Michigan, USA