Top Signs Your Company is Executing Well on the Mission Statement
Updated: Apr 20, 2020
“Money is a measure of your choices.”
- Martin Byrde
I’d like to adapt that quote so that it sheds some focus on processes.
"Success of any kind and at any level is a measure of your process."
Every company talks about what they want to achieve: but do they show it in their processes?
In the coming years, successful companies will be those who use digitization to introduce flexibility, production of one, customization, and speed while staying cost-competitive. All these means is if you want to win the game, you should be able to do more and cost less.
No matter how deep you look in your company, digitizing your internal processes is the first way for your company to spot where it needs to cut the fat.
In the industrial manufacturing sector this means integrating all your minds into a common and accessible place so that your team can act quicker than your competition.
It means forgetting the mom-and-pop-shop mindset and adopting a lean and integrated mindset that lets you meet customer's needs in less and less time.
As you begin and get into the rhythm of the new year, here’s four ways you can see if your company’s habits are in line with the growth mission.
Iron-clad communication: no slipping through the cracks.
Global best Practices
Capital Expenditure for Growth.
Let's look at them a little deeper.
1. Things don’t keep slipping through the cracks.
If it takes two people 10 hours to do a job, adding two more people doesn't mean it now takes five.
Increasing productivity needs a dash of forecasting, a pound of technical skill, a pinch of management, and a kitchen that needs high visibility and traceability.
The entire purpose of this is to make sure tasks and targets don't slip through the cracks because of poor communication.
Especially in companies that aren’t growing so quickly, increasing productivity by maintaining traceability of key factors.
Past issues & their resolutions
Roadblocks & fixes
All relevant documents and communications.
If your company is able to implement processes that catch things before they lose priority and impact, you are on the right track.
2. You Can Find Things to Improve.
Measurement is the toughest task to actually execute well because there is no immediate impact of doing it wrong. Everyone wants to improve on a consistent basis, but without digitizing your processes you won’t be able to completely capture the pitfalls and best practices.
People are off books on nooks. Steering towards a digital measurement and implementation of continuous improvement allows you to see how your actions impact KPIs and how each metric affects overall company performance.
3. Your Best Practices are Globally Shared and Adopted.
“In this system we control exactly what they do. The coaching is exactly the same. The playing style is exactly the same,”
One of the best examples of how a successful organization implements best practices globally is the City Football Group (CFG). Let's see how this helps them.
The CFG owns smaller football clubs all over the world from Australia to Uruguay to the U.S.
They all play the same style of football.
So when they need players in the big-leagues, they promote players from the lower leagues and know that they can handle the job.
Similarly, in the manufacturing world, working to implement your best practices globally lets you do the job right in every position and at every level. Prioritizing global best practices over a simple crunch & deliver mentality will ensure long-term success with exponentially less effort with each new customer.
4. You Tie Growth to Capital Expenditure.
The industrial manufacturing market is growing at a snail’s pace. With growth teetering firmly under 5% annually, and political landscapes hanging in the balance, you as a company need to prioritize gains, but you also need to prioritize investments.
In a recent survey, only 30% of U.S. based industrial manufacturing leaders said that they were planning on increasing spending in IT over the subsequent 12 months. The rest are likely to fall behind.
In slow-growth industries, increasing your influence means looking for new ways to add revenue. To do so, your company should invest in tools that enable your customers and producers to be more connected and integrated.
You need to invest in technology and tools that allow you to:
Maintain global visibility in your products' lifecycles.
Avoid reworks and unnecessary quality issues.
Avoid meaningless status meetings and brainstorms when you can focus on getting work done.
Avoid losing talent to boring tasks and projects.
With the right tools in the hand of good talent, you can experiment with processes more, standardize them, and get to market quicker.
Key Questions to Conclude
Disruptors in this market will reap success based on innovating within their supply chain, connecting suppliers & consumers, and driving your team to integrate on a digital forum.
The key questions you should ask yourself are:
Is your company prioritizing connectivity through your entire supply chain?
Are you finding that your business model allows for new revenue streams with new and existing clients?
Is every task, project, and customer taking the less and less time?
If the answer to any of these questions is No, then you need to have a chat about how you can change that.
Tell us where you want to be and let us get you on track to the lean, mean, manufacturing machine!