Tag Archive: connections

Do You Have a Network?

January 17th, 2020

 

Do you have a network of people you can go to for answers, help, introductions, and more? My network is not only very important to my business but it is also very important for my personal life. Starting with business, I can definitely say that LMA Consulting’s success is 100% due to my network, meaning my colleagues (former employers, groups, etc.), clients, family and friends.  If you aren’t paying attention to people, you might as well hang up your hat!

With that said, you MUST be genuine. I’ve seen people who seem to be connecting strictly for business or to “sell” something. They never do well over the long term. On the other hand, if you are well-respected and genuine, people will go the extra mile for you (just as you will for them). One of my best decisions early on in my career is that I “kept track of good people”. It is probably the best decision I made in building my business and creating an enjoyable career.

I’ve always believed it is key to both professional and personal success, but lately it has certainly proven true! A family member had a stroke, and several people in my network helped find the best care, navigate medical processes, and much more. A close friend needed help in navigating an unpleasant work situation, and several folks provided assistance and resources. A colleague got my aunt connected with the best breast cancer doctors in Boston (and had to go to her ex-husband to do it!), a few colleagues connected me with resources to resolve house issues, several colleagues have provided resources, referrals and information for family and friends related to finance, taxes, internships, jobs and more. I totally appreciate my network. Thanks to you all for being there!

One Tip to Implement This Week:
Why not take stock of your network? Don’t worry so much about who you can go to for issues. Instead, think about what you can do to provide value to the people in your network. Show them that you appreciate them. Why not start there? It is far more interesting to provide value than it is to receive value – although I am very grateful you exist when the need arises.

When I first started with a group of trusted advisors (ProVisors), I wondered how I would ever be able to help some of the professionals that didn’t relate to my focus in manufacturing and distribution/logistics. Over time, I realized that there are countless ways to provide value to people. Simply introducing connections where you think they might be able to provide value to one another is a great start. Why not think about one person and find a way to provide value. Start today!



Why Join A CEO Group?

December 6th, 2019

We recognized Ron Penland as our 2019 LMA Advocate. Ron has added value to our business in many ways over the years ranging from insights on what’s relevant to manufacturers and distributors and their bottom line to valued connections. Since Ron runs CEO groups, I thought it made for a good segue to discuss the value of interacting with peers. Are you drinking your own Kool-Aid or do you get push back when you need it?

You might want to consider the unpleasant idea of gaining input even when you don’t want to hear it. The proof is in the pudding. Certainly, Ron’s CEOs have been FAR more successful than even the average CEO group as his CEOs get 2 to 3 times the multiples for the sale of their businesses when compared to the industry averages. That alone is noteworthy. I joined one of his groups simply to better understand what is on our clients’ minds. Of course they tell me what relates to our project but if I understand more about the broad spectrum of issues, I can ensure LMA provides an even more powerful return. That is an important win-win – the more value we help our clients create, the better for both of us!

Do you have any venues for interacting with top notch peers? After all, just interacting with someone in a peer position willing to talk to you could be even worse than being a hermit! Kash Gokli, head of Harvey Mudd’s manufacturing practice and Director of their clinic program and I gather CEOs a few times a year to help foster a community of executives and to discuss timely topics in our Harvey Mudd executive roundtables. Of course, we don’t go into depth and specifics of company performance like you do in a CEO group. Yet, it can add definite value. Contact us if you are interested in joining us.

There are other options as well for building these invaluable connections. Think about volunteering for a community benefit to provide expertise. In the Inland Empire and surrounding areas of Southern CA, we are starting a consortium for advanced manufacturing and supply chain success. We are currently looking for manufacturers and exporters who would be interested in being involved from the ground up in an advisory capacity. Please contact the Inland Empire Economic Partnership (IEEP) or me if interested. And a local manufacturing executive asked me to participate in CAIEDEC which is an organization supporting export. CEOs are involved in both of these initiatives and these groups are the first to pop to mind.

There are plenty of opportunities to gain ideas, insights and push back. Are you seeking them out? If not, why not? Wouldn’t you like to exceed corporate objectives to fast-track your career or sell your company for double the industry average? Pick just one item to test this month, and results will follow.



Conflict & Collaboration in the Supply Chain

August 5th, 2018

Have you thought about the role of conflict and collaboration in the supply chain?  When thinking of supply chain from creation to customer, there are many links and connections.  In the current supply chain model, there are connections between and among suppliers, transportation partners, manufacturers, outside processors, distributors, customers, end consumers, and much more.

Within any of these connection points, there are another set of links and connections between new product development/ R&D, sales, operations, finance, HR/ staffing, and any more.  Given the sheer number of variations of connections, it becomes a critical link in achieving success.

Therefore, the concepts of conflict and collaboration take on an elevated level of importance.  In the modern supply chain, even competitors collaborate. At a recent Harvey Mudd executive roundtable, we had a discussion on competition.  After stimulating the discussion, it turned out that almost everyone had an example of collaborating with the competition in order to thrive in today’s Amazonian, customer-focused marketplace.  

So, the question becomes: Should we encourage conflict or collaboration?  

We say “both”. To keep a healthy debate and focus on evaluating options including those we are likely to dismiss, we must encourage conflict and a difference of opinions.  Our most successful clients put various people from different functions, geographies and backgrounds together to stimulate healthy conflict and new ideas.

For example, in one client, a non-technical person from the office asked the key question that prompted the idea for a technical solution to improve the performance of the key operation that held up orders to customers.

On the other hand, learning the art of collaboration is bedrock to sustainable success.  

For example, in order to find a win-win with a competitor, it requires innovative and collaborative thinking.  Are you deliberately putting you and your team into the position to collaborate with those who might not have the same view?  

So long as you set up guidelines and an overarching high-level objective, they’ll find a way to collaborate to new heights.



The Power of Connections and the CEO Summit

March 22nd, 2017

Earlier this week, I participated in the CEO Summit hosted by the University of La Verne. I moderated a session on leveraging the supply chain for growth and profitability (see one shot of us below), and I am a Board member for the College of Business and Public Management, and this is our key event of the year. The keynote speaker, Karen Caplan, CEO of Frieda’s Specialty Produce started her speech off by noting the power of connections. She attributed her connections and networks as significant to her success. How does your network stack up?

power of connections

I can personally attest to the power of connections. When I started my business 12 years ago, I had few connections — high quality and vital but few in numbers. Thank goodness as they are the reason I’m here today — thank you Vicki, Sandi, Debra, Brenda, Mike, Dave, Paul, Liz, Keith, Bill, Jolene, Ann, Kathy and a few others. Beyond the first few years, I would have failed (as do the vast majority of small businesses) if I hadn’t valued the power of connections. Fast forward 12 years later, and I have a vast network of high-quality people from several different affiliations, clients and colleagues that seems to grow every day. In looking at my webpage, I see I have a few more updates — the Drucker School and the University of La Verne. I can attest that my success is derived from these connections.

One tip to implement this week:

No matter how few or how many connections you have currently, you should ALWAYS be thinking about seeking out a few more high-quality connections. Even if you believe you have none, it isn’t a problem. Find someone you think you could add value to from a business perspective and start a conversation. You might find that there are synergies there.

It is NOT all about the numbers; quality is more important than quantity. Take your time to develop and maintain relationships with your high-quality connections. When I first started, there is NO way I could have succeeded even if I had 1,000 connections if they were not high quality. Look for quality. And, remember, it isn’t all about you. What can you do for them?

Lastly, take time out of your day to focus on these relationships. They will not maintain themselves. I realize we are all “too busy” but we never can be “too busy” for our key relationships. Make it a priority.

 

Looking for more ideas to keep your supply chain connected? Access more tips and resources on my blog. And keep connected by subscribing to my newsletter and email feed of “I’ve Been Thinking…”