Issue link: http://read.dmtmag.com/i/81895
In the Long Road Ahead – Who Will Come Out as a Winner? By Christine Corelli, Author, Conference Speaker C onsidering today's challenging business climate, volatile economic conditions, more cost-conscious customers, and intense competition, you can't help but wonder: "In the long road ahead, who will come out as a winner?" When the dust settles, ten characteristicswill identify busi- ness organizations that stood the test of time. Th ese companies employed sound business practices that created and sustained success and ensured business development even in the most chal- lenging business climate. Several years from now, here's what will be said of them: 1. Th ey slowed down in order to speed up. Th eir top execu- tives were true visionaries. Th ey knew they had to create a realistic but strong vision for the future. Th ey took the time to conduct strategic planning sessions where their visions were communi- cated with confi dence. Large companies had the smartest people in their company participate in these sessions, regardless of title or rank. Small companies included all of their employees. Teams were instructed to look at every aspect of their construction parts business as if they were unbiased outside consultants. Together, they acknowledged the harsh realities their compa- nies and the construction industry was facing. Emphasis was placed on the fact that "revenue is really nice, but profi t is what matters." Th ey identifi ed actions that would help drive business growth and ensure long-term profi tability. Th ey rejected "business as usual", fully realizing they would likely have to shiſt gears along the way. Ways to cut costs were identifi ed, but not to the extent that cost cut- ting would lower the level of service they needed to provide. Th e teams addressed their organization's strengths and weaknesses, and identifi ed critical action steps along the way to achieving their goals. Th ey devised and implemented relationship strategies aimed at maintaining the highest levels of customer loyalty. Th ey decided that they would need to diversify their off er- ings if they were to remain competitive. Th ey agreed that the sales staff would need to position themselves as indispensible business partners to customers. Th ey knew that they needed to be far more knowledgeable than their competitors and give their customers far more help if the company was to survive and prosper. Profes- sionalism and the highest levels of communication throughout the company were key to every company's success. Th e importance of accountability was addressed at these meetings. To ensure the highest levels of productivity and service excellence, teams identifi ed how, specifi cally, every individual was to demonstrate accountability. "Guiding principles" were estab- lished on how they would operate as a team, and how they would serve customers. Most importantly, the companies developed a clear competitive strategy and made a group commitment to meet their challenges head on. Th ey vowed to accept the harsh realities they were facing, to not get stuck in the past, and to stay positive about the future. IDA UNIVERSAL September-October 2012 To ensure regular commitment to the mission at hand, these companies held periodic meetings that were informal and not tedious. Quarterly management retreats were held to evaluate progress. 2. Complacency was their enemy. Th e successful companies challenged the Status Quo and took risks – not frivolously, but supported by rational decision-making. Th ey conducted research on what top performing parts add value for their customers. Th ey realized and exploited the fact that much of the value they provided to customers was the superior knowledge they had to off er. It was not only the sales team who had the most knowledge – it was the entire staff . Th ey became value- added organizations, knowing how important their expertise was to their bottom line. Th ey helped their customers far more than any competitor, knowing that in tough times, customers appreci- ate it. Th ey asked customers: "How can we provide more value?" and reached agreement on priorities, actions, and outcomes. Th ey established a VIP program for loyal customers that emphasized increased value to make these select customers feel special. 4. Th ey got serious about customer service. Every single suppliers to the construction industry were doing as well as a competitive analysis of their top three competitors. Small compa- nies made every eff ort to compete with larger suppliers. Employee involvement and idea sharing among employees were key to their success. Th ey adopted even bolder marketing and advertising strategies, branded their customer service, and competitively funded their communications campaigns. Th ey reinvented their entire business to become more nimble, more fl exible, and more customer-focused. While other organizations failed to add the Green Movement to their "must-do ASAP list," the winners recog- nized the Green momentum was not about to subside. Th ey cre- ated a green program, promoted it in their marketing and public relations campaigns, and gave their sales people something more to talk about. 3. Th ey consistently sought and implemented new ways to aspect of the customer experience was analyzed. Service fl aws were identifi ed and eliminated. Proactive complaint preven- tion was practiced and became part of the guiding principles for accountability. Systems and procedures were streamlined to make it easy for customers to do business with them. Support staff knew their performance was critical to the suc- cess and profi tability of their organizations. All staff was held to the highest standards for customer service excellence in every aspect of the customer experience. Sales, management, and customer service staff made sure they understood their customers' business in order to anticipate Continued on page 63 21