In my ProVisors ODAM (Ontario-hosted Distributors and Manufacturers group – don’t you love the play on words?) meeting this month, we discussed business best practices we’ve seen with our manufacturing and distribution clients. It was a fascinating discussion as our group is diverse and consists of the most respected attorneys, CPAs, commercial insurance, business financial advisers, and consultants from around Southern California. Yet, we agreed rather quickly on core best practices. Thanks to Ron Penland for making the meetings engaging and trend-worthy.
Here are some of the top themes surrounding best practices:
- Start by understanding financial statements and cost – it’s interesting how often this arises with our clients.
- Look for the value add.
- Find ways to scale without increasing costs. There are many options such as leveraging technologies, best practices, trade associations and more.
- Leadership equals profit improvement. End of story.
- Don’t start planning your exit “too late”.
- Consider process improvement techniques such as lean manufacturing, SIOP (sales, inventory and operations planning), etc.
- Be aware of your indicators and metrics.
More Best Practices
Are you reliant on figuring everything out yourself? We hope not! The most successful people find groups, attend seminars and conferences, engage with trade associations and interact with others who are up-to-speed on the latest trends and timeless success traits. If you think you might need to go a step further, feel free to contact us and we’ll suggest a few strategies for you.