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4 Tips for Successful Co-Manufacturer Management
Oftentimes a start-up or lower middle-market company will have its product made by another company, usually a larger, specialized manufacturer. In many consumer packaged goods categories this use of a Co-Manufacturer is quite common. As both a former Co-Manufacturer and customer of Co-Manufacturers, I can appreciate the complexity inherent in relying on production assets that are out of your direct…Read More -
Is Your Business Plan Up To Date?
Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your company haven’t changed all that…Read More -
Social Media and Your Brand: 3 Ways to Mitigate the Risk
Warren Buffet famously said, “It takes 20 years to build a reputation and five minutes to ruin it.” Every day, social media users confidently reply, “Mr. Buffet, hold my beer.”
Business leaders have learned that social media can be a great platform to market your brand and reach your target market with relative ease. Wise leaders are also aware that…Read More -
Are Employees Assets or Expenses?
How does your company report on its human capital? This Harvard Business Review article challenges the traditional approach that I was taught, and that I see practiced by most companies I interact with. Generally speaking, there is a significant gap in the way that companies share this information, if they do at all. “This lack of reporting on human capital…Read More -
NonProfit Boards and Power Imbalances
The stories in this article from The Chronicle of Philanthropy about NonProfit board members misusing their power ring all too true to me. Throughout my career, I have witnessed many effective nonprofit boards of directors working in tandem with the organization’s CEO/executive director and staff fulfilling their respective missions. Then again, I have also witnessed many boards that are ineffective, indecisive,…Read More -
Balancing Supply & Demand – the Importance of Forecasts
Early in my career, I managed the Demand Management process for a food processor. Our primary business was private label production, so we had a large number of SKU’s. Trying to forecast them all not only added up to a tremendous amount of (I suspected non-value-added) work, but the demand for some of the items was sporadic which made the…Read More -
Microsoft ERP Software: Yesterday, Today and Tomorrow
At a certain point, most growth-oriented companies decide to invest in ERP (Enterprise Resource Planning) software. ERP is software which integrates various business functions into one related system to streamline processes and information across an entire organization. It is a shared database which can tie in manufacturing, inventory, purchasing, sales, accounting, HR, etc. Reasons a company decides to invest often…Read More -
Growing a Happy, Productive Workforce in a Distracted World
Distraction and disengagement has become a cultural norm. We live in a world of distractions and disengagement. There is no end to the things we’re led to worry about, with digital devices exacerbating our worries and distraction just as quickly as they provide opportunities to learn, connect and solve problems. The cost of distraction is high in every arena.…Read More -
For Best Results, Start Your Strategic Planning Early
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. A good place to find inspiration for strategic objectives…Read More -
Common 6 Sigma Implementation Errors to Avoid
Over 20+ years in manufacturing, I have seen numerous examples where the use of 6 Sigma techniques has paid dividends in controlling quality and consistency of product. It is critical, however, to ensure that your measurement system accurately illuminates the variability you are trying to control in your process. I have in the past visited a baking facility where a…Read More -
Capitalism Evolved: A New Understanding for 2019 and Beyond
Recently, members of The Business Roundtable – nearly 200 CEOs of major U.S. corporations – released a statement indicating: “We share a fundamental commitment to all of our stakeholders …we commit to deliver value to all of them for the future success of our companies, our communities and our country.” This statement was in contrast to prior Roundtable statements which…Read More -
4 Tough Questions to Ask About Your Sales Department
Among the fastest ways for a business to fail is because of mismanagement or malfeasance by ownership. On the other hand, among the slowest ways is an ineffective or dysfunctional sales department. Companies suffering from this malady may maintain just enough sales to stay afloat for a while, but eventually they go under because they lose one big customer, or…Read More