I have spent much of my life urging companies to become more efficient – and helping them to do do.

But, of course, I know that some do not go far enough.

Becoming more efficient should not be an end in itself.

Becoming efficient creates capacity – it gives an organisation the headroom to start thinking about doing different things, adding more value, innovating.

So, regard your journey to greater efficiency as a stepping stone. Refine your business to create that capacity to transform it in the longer term.