One of the first interviews I conducted for Industrial Distribution magazine many years ago was with the president of a regional power transmission distributorship tucked away in a rural town in Pennsylvania. The business had about $20 million in sales.
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- Meet with your employees (not just your management team) to get their input into developing a realistic plan for growth. Where can you improve your operations? What barriers are there for you to accomplish those goals? Do your workers need additional training?
- Carefully evaluate your product lines. Should you add or drop lines?
- Closely evaluate your competition. Are there acquisition opportunities available? What are they doing better (or worse) than you?
- Examine your inventory. Do you really need some of the “D” items you are carrying?
- Conduct performance reviews. Do you have the right people to carry out your plan? And unless you get those employees to buy into your plan, you’ll never execute any strategy, now matter how good it is. And that ultimately could lead to the demise of your business.
Jack Keough is a contributing editor to Modern Distribution Management and the owner of Keough Business Communications. He can be reached at firstname.lastname@example.org or by phone at 508-734-0029. Keough is the former editor of Industrial Distribution Magazine.