Linking Metrics and Strategy

Wednesday, August 22, 2018
Ideally, performance metrics should reflect a company’s strategic objectives. Yet, this may not always be the case. Executing a strategy is not as clean, neat or as easy as articulating that strategy. Another observation: almost every day managers must answer questions about performance. “We’re missing our targets for XYZ. What should we focus on to improve?” To solve performance problems, I typically suggest mapping the current processes, employing basic lean thinking principles and encouraging continuous improvement. Once a solution is implemented, we use metrics to benchmark the results and compare to prior performance (what I frequently describe as baseline measures). Metrics explain how effective our efforts are in achieving organizational goals  [Read More...]

Gaps in education

Wednesday, August 22, 2018
Over my career, I have formed relationships with other second- and third-generation professionals in the distribution industry. I spent over half of my professional life as the second-generation heir apparent in my family business. Although I did not remain with that company, I received quite an education in what it feels like to be that next one up to bat. Additionally, I found that there were several gaps in my education that would have better prepared me for this responsibility. The more you can fill in these gaps, and follow a few best practices, the better chance you have for a successful transition. As many other family business people have experienced, I went to work in the warehouse at an early age. I often joke with audiences that my father broke a few child lab  [Read More...]