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Will You Add? - Benchmarking Your Way To Success
In today’s high speed world where information moves at the speed of light across the country, electrician jobs go unfilled for lack of qualified, talented individuals. There are entire websites and head hunting personnel firms that specialize in finding qualified, educated electricians for large electrical contractors and government agencies. In addition, there are courses and programs that will help you to create an industry approved version of an electrician’s resume that will be accepted by small firms and large ones alike.Even apprentice electricians right out of school are i
There are 300,000 firms with an average size of $8 million in revenue. The companies that you need to bench mark against should be companies of comparable size. It is not the product, it is not the industry, it is companies in wholesale distribution of similar size and scale. You have very different problems once you have multiple branches then you do when your warehouse is staffed by a man and a dog. So, first of all if you are going to do bench marking, against what do you bench mark yourself? Secondly, out of 300,000 firms, how do you decide who are the good guys and who are the bad guys? ROTA is probably one of the measurement terms that cuts across all lines of whole
Yesterday, FORTUNE interviewed retired GE CEO Jack Welch, whose management principles have been coming under attack, recently.Defending every one with simplicity and logic, Welch went on to say that the idea of rank ordering your employees as to their relative effectiveness is still a good practice, and it isn’t in any way, “cruel,” as its detractors contend.“It's all about fielding the best team,” Welch said. “It's been portrayed as a cruel system. It isn't. The cruel system is the one that doesn't tell anybody where they stand.”Consider that last line, which to so
What is bench marking all about? Benchmarking is the process of observation and validation of procedures and practices that the most successful companies employ. They set the standard for success. Who has the best customer service, inventory management, pricing systems, logistics, warehouse management or sales effectiveness process? Any business process can be benchmarked. Once we identify the winners, benchmarking is the means to figure out how the winner got to be the best. This provides insight to help determine what we have to do to reach those standards. Bench marking is a best practice. Best practice is not about opinions. You have a bunch of opinions on best practices, I have opinions on best practice and I have the confidence of my convictions. I am an old sales guy. I know that I am right. Why? Because it just feels right. That is not what Best Practice is about. Best Practice bench marking says -- I am going to go out and compare myself to businesses that are similar to mine and look at somebody that does better then I. I am going to take a look at what they do and if I find a Best Practice, I’ll bring it back and apply it. Most business processes are common and very similar throughout wholesale distribution.
“Benchmarking is a best practice tool. It is the process of identifying, understanding and duplicating proven practices from organizations that have consistently performed in the upper quartile of performance to improve your own businesses performance.”
So, who do you bench mark against?
A common mistake many people make when beginning a bench marking initiative is that they only look within their own industry to find a benchmarking candidate. This in itself will not negate your effort to the point of making it valueless. You already have a tremendous amount of knowledge about your own industry. The benchmarking objective should be to find a company or companies that have a proven record of success specifically in the area that is the subject of your benchmarking activity. This means that you must focus on a specific area, process or practice that you are trying to improve. Bench marking an entire company, although interesting and helpful, will not allow you the time or focus to specifically address issues, processes and practices that are specific areas of desired improvement within your company.
Peter Drucker described Wholesale distribution as a dark continent of the American economy. It is the main thing that made us different then communism. Wholesale distribution wasn’t even legal in the Soviet Union or Russia until Boris Yeltsin was elected president. Seven percent of our GDP, 1 out of every 20 jobs in the United States is an employee of a wholesale distributor. So, don’t go thinking that distribution is like some little second string thing, just the middle man, Five percent of all the employment in this country is involved in wholesale distribution. Distribution is not in the backwater of the economy. We are the Dark Continent. We aren’t some invisible thing because wholesale distributors touch everything.
There are 300,000 firms with an average size of $8 million in revenue. The companies that you need to bench mark against should be companies of comparable size. It is not the product, it is not the industry, it is companies in wholesale distribution of similar size and scale. You have very different problems once you have multiple branches then you do when your warehouse is staffed by a man and a dog. So, first of all if you are going to do bench marking, against what do you bench mark yourself? Secondly, out of 300,000 firms, how do you decide who are the good guys and who are the bad guys? ROTA is probably one of the measurement terms that cuts across all lines of wholes
Every business wants to keep their customers coming back. Today I will show you how you can do just that.It is extremely important to know what your customer likes as this will help in customer retention and customer relations.Have you ever been to a shop, a restaurant, a drycleaners, a bank and the person there knows exactly what you want?How does that make you feel? If you are like me then the answer would be "great" it makes you feel special, respected, noticed, significant etc.Let me illustrate this by means of an example;Picture the scene: After a
“Benchmarking is a best practice tool. It is the process of identifying, understanding and duplicating proven practices from organizations that have consistently performed in the upper quartile of performance to improve your own businesses performance.”
So, who do you bench mark against?
A common mistake many people make when beginning a bench marking initiative is that they only look within their own industry to find a benchmarking candidate. This in itself will not negate your effort to the point of making it valueless. You already have a tremendous amount of knowledge about your own industry. The benchmarking objective should be to find a company or companies that have a proven record of success specifically in the area that is the subject of your benchmarking activity. This means that you must focus on a specific area, process or practice that you are trying to improve. Bench marking an entire company, although interesting and helpful, will not allow you the time or focus to specifically address issues, processes and practices that are specific areas of desired improvement within your company.
Peter Drucker described Wholesale distribution as a dark continent of the American economy. It is the main thing that made us different then communism. Wholesale distribution wasn’t even legal in the Soviet Union or Russia until Boris Yeltsin was elected president. Seven percent of our GDP, 1 out of every 20 jobs in the United States is an employee of a wholesale distributor. So, don’t go thinking that distribution is like some little second string thing, just the middle man, Five percent of all the employment in this country is involved in wholesale distribution. Distribution is not in the backwater of the economy. We are the Dark Continent. We aren’t some invisible thing because wholesale distributors touch everything.
There are 300,000 firms with an average size of $8 million in revenue. The companies that you need to bench mark against should be companies of comparable size. It is not the product, it is not the industry, it is companies in wholesale distribution of similar size and scale. You have very different problems once you have multiple branches then you do when your warehouse is staffed by a man and a dog. So, first of all if you are going to do bench marking, against what do you bench mark yourself? Secondly, out of 300,000 firms, how do you decide who are the good guys and who are the bad guys? ROTA is probably one of the measurement terms that cuts across all lines of whole
What do you think of when I say Coca-Cola, Microsoft, IBM, GE, Intel and Nokia? Well, if you said they are all big companies, you'd be right. But they are also the six top rated global brands as judged in a survey conducted by Business Week earlier this year (2006).Why is a brand important? Obviously, a brand provides recognition. A brand sends a message to the market. The "brand" clearly identifies what can be expected from the company. Wikipedia defines "brand" as "a collection of images and ideas representing an economic producer," or " a symbolic embodiment of all the i
A common mistake many people make when beginning a bench marking initiative is that they only look within their own industry to find a benchmarking candidate. This in itself will not negate your effort to the point of making it valueless. You already have a tremendous amount of knowledge about your own industry. The benchmarking objective should be to find a company or companies that have a proven record of success specifically in the area that is the subject of your benchmarking activity. This means that you must focus on a specific area, process or practice that you are trying to improve. Bench marking an entire company, although interesting and helpful, will not allow you the time or focus to specifically address issues, processes and practices that are specific areas of desired improvement within your company.
Peter Drucker described Wholesale distribution as a dark continent of the American economy. It is the main thing that made us different then communism. Wholesale distribution wasn’t even legal in the Soviet Union or Russia until Boris Yeltsin was elected president. Seven percent of our GDP, 1 out of every 20 jobs in the United States is an employee of a wholesale distributor. So, don’t go thinking that distribution is like some little second string thing, just the middle man, Five percent of all the employment in this country is involved in wholesale distribution. Distribution is not in the backwater of the economy. We are the Dark Continent. We aren’t some invisible thing because wholesale distributors touch everything.
There are 300,000 firms with an average size of $8 million in revenue. The companies that you need to bench mark against should be companies of comparable size. It is not the product, it is not the industry, it is companies in wholesale distribution of similar size and scale. You have very different problems once you have multiple branches then you do when your warehouse is staffed by a man and a dog. So, first of all if you are going to do bench marking, against what do you bench mark yourself? Secondly, out of 300,000 firms, how do you decide who are the good guys and who are the bad guys? ROTA is probably one of the measurement terms that cuts across all lines of whole
In Parts 1 and 2 of Avoiding the common mistakes when starting up in the Nursery World we looked the importance of market research and sorting out your finances by using experts like accountants, financial advisors and nursery insurance brokers. We also looked at nursery business plans and importance of knowing your customers.In this final article we will provide you with some top tips to make sure the opening and long term prospects for your new nursery go to plan:Rules and regulations – with nurseries being regulated by OFSTED and with any breach of rules likely to be fr
Peter Drucker described Wholesale distribution as a dark continent of the American economy. It is the main thing that made us different then communism. Wholesale distribution wasn’t even legal in the Soviet Union or Russia until Boris Yeltsin was elected president. Seven percent of our GDP, 1 out of every 20 jobs in the United States is an employee of a wholesale distributor. So, don’t go thinking that distribution is like some little second string thing, just the middle man, Five percent of all the employment in this country is involved in wholesale distribution. Distribution is not in the backwater of the economy. We are the Dark Continent. We aren’t some invisible thing because wholesale distributors touch everything.
There are 300,000 firms with an average size of $8 million in revenue. The companies that you need to bench mark against should be companies of comparable size. It is not the product, it is not the industry, it is companies in wholesale distribution of similar size and scale. You have very different problems once you have multiple branches then you do when your warehouse is staffed by a man and a dog. So, first of all if you are going to do bench marking, against what do you bench mark yourself? Secondly, out of 300,000 firms, how do you decide who are the good guys and who are the bad guys? ROTA is probably one of the measurement terms that cuts across all lines of whole
A great idea for a church fundraiser is putting together an annual 'Church Feastival' where good food, carnival games, auctions, and family fun combine for a wonderful fundraising event. The idea is to attract a broad spectrum of the local population to your fundraiser by having something for everybody.The benefit to the church is that many newcomers will form a very positive impression of your ministry and facilities that will in time translate into a larger congregation. And of course, there's all the wonderful things you can do with all the funds raised by your 'Feastival.'n’t some invisible thing because wholesale distributors touch everything.
There are 300,000 firms with an average size of $8 million in revenue. The companies that you need to bench mark against should be companies of comparable size. It is not the product, it is not the industry, it is companies in wholesale distribution of similar size and scale. You have very different problems once you have multiple branches then you do when your warehouse is staffed by a man and a dog. So, first of all if you are going to do bench marking, against what do you bench mark yourself? Secondly, out of 300,000 firms, how do you decide who are the good guys and who are the bad guys? ROTA is probably one of the measurement terms that cuts across all lines of wholesale trade. ROTA is the Return On Total Assets. In other words, you could grow sales a lot if you doubled your inventory. How about if you made your terms 30/60/never? You would probably get a lot more sales, but what happens to your assets? Your assets explode. The effectiveness of a wholesale distributor fundamentally is measured by their financial return.
If you plan to initiate a bench marking process in your organization your biggest return in the shortest period of time might be to focus on three specific areas that are generally the most complex for distributors that are growing. Those three areas are:
* Markets
* Customers
* Segmentation
Much can be learned about operations, logistics, technology, purchasing and inventory management but the biggest bang for your buck on your first bench marking adventure lies in focusing on the three categories listed.
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