I’ve been working with several specialty manufacturers recently. All of them have been in different parts of the specialty-manufacturing world. We’ve found some common strategies that have helped them improve the enterprise value of their companies.
Focusing on one of the four issues below can help improve the value of your company. Here are some things you should think about concentrating on if you’re in the specialty manufacturing business:
The New Year has dawned and for many it’s time to do some serious reading. This winter I’ll have lots of time to read and thought you might like a few suggestions that will keep you engaged. Some of these are old favorites and some are new. The one thing they all have in common is you’ll want a highlighter as you read them.
Management - Peter Drucker. I believe this book is required reading for anyone that’s serious about management. One of the factoids I found very interesting is that in the early 1980’s the average CEO pay was 10 to 20 times the pay of workers in their companies. Today that number is close to 350 times. No wonder we have a problem with the middle class disappearing.
Using the word love in a business setting is something that we’re not supposed to do. We’re not allowed to tell others that we’re motivated by love. We’re not allowed to let others we know that we love them and we’re not allowed to use love as a motivating force.
At the same time, we do use love, even if we don’t admit it. When you look at anyone who does great work, it’s because they love what they do. Greatness doesn’t come from a belief that you have to do it. It only comes from things you love.
One my favorite terms is operationally irrelevant. This is the stage in your business where you are completely out of the day-to-day operation of your business.
OK, I admit it. I have a thing for Alpaca’s. You know, the cute furry creatures that some people raise to sell their fleece.
I know there are people who think I’m nuts for the preoccupation I have with Alpaca’s. You might be one of them. Maybe you’re wondering why someone would write about Alpaca’s in a blog that deals with creating value in business owners lives.
One of the first activities I recommend in instituting a quality control program is to first understand what the important measurements in a company are. It might be profits, gross profit, labor cost, or any number of other financial measurements. When you figure out what the important Key Indicator is in a company you and your company have started down the road of improvement.
There are just too many people in the world that believe life isn’t fair and life isn’t fun. I've often had people join companies I've run who's world view is the world and everything in it stinks.
My goal has always been to help people with this attitutde to move to a point where they think about their world in a more positive manner. My ultimate goal has always been to have those around me me think about we and how we can make the world (or at least our company) a better place.