by Fronetics | Nov 25, 2013 | Blog, Marketing, Social Media, Strategy, Talent
First impressions are no longer face to face. Rather, a first impression is now comprised of information which can be gathered via a quick search of the Internet. A first impression can be, for example, inclusive of your LinkedIn and Facebook pages, your personal blog, your Instagram page, your Twitter account, your Klout score, your pins on Pinterest, and anything else that may have made itself onto the Internet. Because of this, that 7 seconds you used to have to make a first impression when you enter the room is gone – chances are that the first impression was made long before you arrived. The reality is that when you walk into that room you are likely being evaluated against the first impression that was made prior to your arrival.
In today’s world you are a brand. Like it or not, if you want to be successful you need to not only recognize this reality, but you also need to take steps to build and enhance your brand. Here is how to brand yourself.
1. Define your brand
In short, a brand is a story. What is your story? Take the time to sit down and look at where you have been and where you are. Where you want to be? What is your skill set? What experiences do you have? How are you unique? Take all of this information and knowledge and define your brand – define your story. Be clear, be concise, and be direct. If you can’t define you as a brand in a sentence or two, you have lost an opportunity.
2. Take stock
What information is “out there”? Start by making a list of all the social media accounts you have – even if you no longer actively use them
Next, Google yourself. What do you find? As G.I. Joe says, “Knowing is half the battle.”
3. Define a strategy
At this point you have a brand and you know what information about your brand is publicly available. Is the information enhancing or hurting your brand? What steps can you take to strengthen your brand? For example, should you adjust your privacy settings on some of your accounts so that personal information and exploits are not available for all to see? Does your LinkedIn page need to be updated? If you don’t take the time to define your strategy you will not be able to execute it effectively.
4. Take action
Frank Cavallaro recently wrote about moving from strategy to execution. He wrote: “Strategy is about making choices. Execution is about getting down and dirty so that those choices can produce results.” Don’t stop at creating the strategy – execute. And remember, the Internet is not static. What information about you has been added? Furthermore, it is important to periodically look at your brand. Is it still representative of where are and where you want to be? If not, take the time to re-brand yourself.
When you take the time to brand yourself you have the opportunity to define that first impression.
by Elizabeth Hines | Nov 19, 2013 | Blog, Leadership, Strategy, Talent
Career Builder identified Supply Chain Manager as a Top Growth Job for 2013. Why did supply chain manager make the short list (just 18 jobs made the list)? Supply chain manager has experienced an 8 percent job growth since 2010 and there is just one active candidate for every five posted jobs. Colleges and universities have recognized the demand – and opportunity. The Wall Street Journal recently reported that supply chain management is the “hot new MBA” and that “more than a half-dozen universities have recently introduced undergraduate majors, M.B.A. concentrations and even entire degree programs dedicated to procurement, inventory management and global supply-chain strategy.”
Finding the right person for a job opening is essential. Hiring the wrong person is a costly mistake not only financially, but also in terms of team morale and productivity. Given the demand for supply chain talent, the dearth of experienced talent, and an increasing number of newly graduated talent entering the job market – how do you find and hire the right person? Here are a few tips on how to hire.
Look across the industry
Look across the industry and identify individuals who are a good match to your company and the role.
Look within the company
Look inside your company. Is there someone who would thrive in a new role – even if the role is outside of their current field?
Look outside the industry
While this may seem counter intuitive, bringing in a talented professional from outside the industry could provide the fresh ideas and insight that your company.
Work with colleges and universities
Develop a relationship with colleges and universities. Work with the schools to identify upcoming or recent graduates who are/were stars. Another option is to establish an internship program with a school.
Work with a strategic advisory firm
Working with a strategic advisory firm is an option as well. This type of partnership, such as the ones I build with our clients, can make identifying the right talent for the right position easier. An advisory firm often has the pulse on where the most talented people are in the supply chain and logistics industry. This type of partner can launch a successful candidate search process, get new hires up and running, and help retain talent for the long run.
Be creative and have vision
Throughout the hiring process remember that creativity and vision are key.
Offer an out
Here is a great example of offering an out. Zappos pays new employees to quit. You read that right – the company pays new employees to quit their jobs. Once new employees have completed their 4 wee training program they are given “The Offer.” That is, they can choose to remain with the company or quit. If they choose to quit they will be paid for the time they worked and given an additional $3,000. The employee has 24 hours to decide. Why does the company do this? If the employee is not happy in the new position and not committed, it makes sense for both parties to cut and run.
by Elizabeth Hines | Nov 12, 2013 | Blog, Leadership, Strategy
Source: www.Chickenmaker.net
A 2013 study conducted by Deloitte found that 64 percent of the global executives surveyed reported they had a risk management program in place that is specific to the supply chain. That being said, 45 percent of the respondents said their programs were somewhat effective or not effective at all. Respondents — especially those in the technology, industrial products, and diversified manufacturing sectors — reported that supply chain disruptions have become more costly over the past three years. They also cited margin erosion and sudden demand change as two of the most costly problems. Moreover, the 2013 Global Supply Chain and Risk Management Survey conducted by the MIT Forum for Supply Innovation and PricewaterhouseCoopers found that in the last 12 months more than 60 percent of companies surveyed reported that their performance indicators had dropped by more than three percent due to supply chain disruptions. While there are many factors which are likely to contribute to the issues pointed to in these studies, I believe that one is that companies focus largely developing risk management strategies to mitigate and cope cataclysmic events and not the day-to-day bumps in the road. As such, companies tend to be ill-prepared to handle the day-to-day bumps.
Big events are outlier events
Because big events such as hurricanes, tornados, tsunamis, and terrorist attacks can have a long-lasting impact and often visual impact on the logistics and supply chain industries they tend to stay top of mind. That being said, these events are outlier events. “Outlier events have much more influence than they should,” Professor Ananth Raman of Harvard Business School told David Stauffer for an article for the school’s website. M. Eric Johnson, director of the Center for Digital Strategies at Dartmouth College’s Tuck School of Business, told Stauffer for the same article, “Managers will often consider the giant risk but ignore the smaller risks that create friction in the supply chain.” When companies ignore the smaller risks, they do so at their peril.
You can’t ignore the day-to-day
Creating risk management strategies that focus on the everyday events is critical. Dealing with these events in a reactive and piecemeal fashion is inefficient and ineffective and can significantly hurt your company. The following are some tips on what to consider when developing an effective risk management strategy which focuses on the everyday risks:
- Employ a strategy that is robust and closely monitored.
- Put a leader in charge.
- Clearly define your process and make it comprehensive. Establish a well-defined process to mitigate events such as cashflow contingencies, client credit risk and default, competitor interruptions, inventory risk, data backup and recovery, key client attrition, employee satisfaction and retention, social media use and abuse, and reputation recovery.
- Make sure the strategy is both nimble and flexible. Being intractable can exacerbate issues.
- Don’t forget about human resources. Don’t be afraid to move employees into new roles. Moving an employee into a new role permanently (or for a specified period to deal with an event) is a powerful and effective strategy.
- Be first. If there is a problem, be sure that the clients hear about the problem from you. When you contact clients, tell them what the issue is and what you are doing to address it. Be clear, concise, and honest.
- Educate. Take the time to make sure everyone is educated about the strategy. If just one person knows the strategy, it will not be effective.
A big event might happen, but everyday events will happen… every day. Don’t give your company Chicken Little syndrome by focusing only on big events.
by Elizabeth Hines | Nov 5, 2013 | Blog, Leadership, Strategy
Companies within the logistics and supply chain industries are often built around a small number of clients because these clients generate 80 percent (or more) of revenue – The Pareto Principle aka the 80/20 rule. Some companies choose not to openly acknowledge this reality; I believe this is done at their peril. Rather than ignore the elephant in the room, accept it, and establish a culture that addresses this reality. This will mitigate risk and enable you to be able to better manage both time and resources within your company.
Here are tips on how to manage when the classic 80/20 applies:
Build a culture of intellectual honesty
The first step is to build a culture of intellectually honesty. While your employees can probably guess that a small number of clients are generating the majority of your company’s revenue – be open. Take the time to get the entire company on the same page. Establishing a culture of intellectual honesty enables management to implement effective and appropriate risk and management structures to be put in place. Additionally, it empowers employees, because it allows employees to better understand why certain systems and structures have been established.
Exceed expectation, anticipate needs, don’t get lazy
With respect to your high revenue generating clients – exceed their expectations and anticipate their needs. Just because you have a strong relationship with them, and maybe even a long-term relationship, you never know what the future will bring. New management, an acquisition, merger… there are several events that could end the relationship. Never assume that history will make your relationship bulletproof.
Moreover, don’t get lazy. Be proactive. Every time you pick up the phone to talk with the client or every time you meet with them — impress. You need to know their strategy and know their needs — immediate, mid-, and long-term. What’s more – be open with the client. Let them know they are important to you. If there is an issue make them aware of it, let them know you are being responsive, and address the issue ASAP. Furthermore, ask the client for feedback, listen, and be responsive — address their concerns in a timely fashion. Finally, follow up with the client to make sure they feel their concerns were addressed.
Manage talent
Many companies get in the trap of assigning a large number of employees to the revenue-generators. At issue is that if the big client terminates their relationship with you, you may be forced to lay off talent — good talent. Additionally, this type of structure is generally fraught with bureaucracy. Instead, assign a small, focused team to the client. This type of team will have fewer bureaucratic hurdles and will do far better than a bloated team that has to battle red tape. And importantly, if you lose the client, you are more likely to be able to reallocate quality team members.
Establish an evaluation process
Regarding the smaller clients, it is important to have a defined and accountable process in place that evaluates why they are part of the 80 percent. If the client is not a good fit to your model, manage them out of your base. If they are a good fit, delight the client and treat them as if they were the big fish — you never know, one day they could be your biggest client.
Put a leader in charge
Finally, it is essential to put a leader in charge of client acquisition. By putting someone in charge who understands your company culture, the business model, and the company needs, client acquisition will be more effective and more efficient.
by Elizabeth Hines | Oct 29, 2013 | Blog, Leadership, Logistics, Strategy
There are a host of issues and risks you need to consider and mitigate when implementing an international reverse logistics process. Here are six things to consider when taking your reverse logistics process international:
1. Laws, rules, and regulations
One of the first issues that you need to understand are the laws within the involved country (or countries) as well as any rules and regulations, such as taxes and tariffs, that focus specifically on border crossing of defective or non-working electronics. Not taking the time to understand the legal system could result in fines and/or costly delays.
2. Costs
Costs are another issue. Labor, transport, and disposal costs, for example, vary vastly from country to country. Accounting for even minor cost fluctuations is essential, and not only for budgeting and cost containment. Shifting cost can upend even the tightest client relationships.
3. Product classifications
Product classifications can vary from country to country. Research how the client country classifies product types. When it comes to defective or nonworking electronics, one country’s commodity can be another country’s contraband. Furthermore, misunderstandings can be expensive. For example, understanding product classifications such as tested-defected or non-tested-defective can mean the difference in being able to resell or recycle in one country to another.
4. Service levels
You must also consider service levels. What are the labor norms? Are they drastically different than those in the United States? How will the labor norms impact the service level agreements you have in place? More than likely you will find that what works well here in the United States will need to be amended elsewhere.
5. Culture
Another important thing to consider is culture. One cannot begin working in another country without taking the time to learn about and understand the culture. Although it may be tempting, don’t try and change the culture. Real success comes when you work with/within the culture.
6. How things work
Finally, take the time to fully understand what it means to work in the specific country. For example, does the country shut down around the Christmas holiday? What impact will that have on meeting deadlines? How far will you need to plan ahead?
by Fronetics | Oct 23, 2013 | Blog, Leadership, Strategy, Supply Chain
Red Sox fans are known for their loyalty, optimism, spirit, and patience. The Curse of the Bambino caused an 86 year championship drought. During these 86 years, and the equally long seeming gaps between the 2004, 2007 World Series wins and the upcoming 2013 victory (remember, Red Sox fans are ever optimistic) – Red Sox Nation aimed high. Yes we accepted each game won with fanfare, but we never too our eyes off the big win – the World Series.
In business the big win is achieving a specific goal or vision – typically large-scale change or a disruptive innovation. It takes time to win big. It also takes hard-work, motivation, and buy-in by your team. Here is where Red Sox Nation comes in. Here is what Red Sox Nation can teach business:
- Be persistent
- Celebrate the daily victories
- Never give up
- Never forget the big win is the goal
- Never aim lower than the big win
