My dad has always been an inspiration to me in my business. In fact, most of the stories I tell are about something he’s done and achieved in his career.
My dad has walked into many struggling companies that have either been running at a loss or not achieved the results that they should. It would always amaze me that, in just a few months, productivity, staff morale and ultimately profitability would all be way up.
He is a real turnaround specialist.
I will share just a few plays in his playbook that might help you TURN IT AROUND.
- Upon his arrival, he would talk to the people on the ground as well as management to get information.
- I’ve heard it said that the person with the information is the person with the power. Most often however, that’s not management. In management meetings, the managers will only tell you what they want you to know to make themselves look good. That’s why you need to build relationships with the people on the ground to get the real information.
- He would ask for the financial as well as the operational reports to analyze the data.
- He would apply the 80/20 principle. For example, he would get a list of all the products and rank them by profitability by taking into account all input costs, including man hours to produce the product.
- He would then shift the focus to the most profitable products and in many cases stop producing the loss making, time consuming products.
- It goes without saying that he would look for cost saving opportunities.
- He would analyze the flow of work through the business and reorganize it to be more efficient.
- My dad has been running manufacturing businesses most of his life and it’s so important to get the flow of the product through the factory right from the mixing of the raw materials to the filling of the bottles or wrapping of the sweets to the packaging of the products to the storage and ultimately transporting of goods.
- This however does not only apply to factories but even to the flow of administration processes through an office.
- Finally, he would automate the collection of data and ensure that this data is available in real time.
- If you have a business without this, you are running blind.
- Information is power, real time information is control, predictive information is knowing.
- Predictive analytics is the age we are living in and with which we can be proactive.
My dad has been such an inspiration to me and without me realizing has inspired the products that ICS has built over the last 17 years.
Our two major products assist you to manage your business end to end.
A performance management tool for all your financial and operational information.
A business process automation platform that allows you to easily design and automate your business processes.