I thought it might be interesting to brainstorm top strategic priorities commonplace today for manufacturers and distributors.
1. Speed. More and more, I’m seeing speed enter the logistics contest as a key strategic priority. How do you set up your organization to be in front of your competition in terms of speed?
2. Service. Since the recession and with the widespread use of Amazon, suddenly customers are demanding more for less—and faster than ever before. Yet even fast shipping isn’t enough if you don’t stand out from the crowd in terms of the complete service experience.
3. Collaboration. How effectively do you collaborate with your supply chain partners? Those who value collaboration seem to generate more business at better margins than the rest.
4. Marketing. One of my business consulting colleagues and friends talks about your marketing “sweet spot.”
I’m seeing a renewed focus on R&D, product development, thinking strategically about market positioning, etc. If you are interested in increasing profitability, it cannot be overlooked.
5. Technology. Technology for technology’s sake is a waste yet it can also be a competitive advantage. I’m seeing an increase in executives interested in how to leverage technology to improve key business processes and productivity.
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