By Becky Ferrell
Back MANY years ago, one of my favorite comedic routines asked a question, “How long can you tread water?” I won’t detail the routine or identify the comedian here, but I’m fairly certain there are many of you, depending on age, who remember that line.
Market Leadership
There’s a not-so-funny aspect of that question when you work in manufacturing.
Perhaps you’re blessed to be the market leader, and your nearest competitor is far behind or maybe even doesn’t exist. More likely, your competitors are many, and all are looking at that number one position as yielding a market advantage. So, if you are, or are striving to be, the leader, how long can you tread water?
Your answer SHOULD be “not long” – or even better, “you can’t.” In today’s global markets, if you’re not improving, you’re either stagnating or falling behind. One thing is certain: regaining momentum once lost will be difficult.
Avoid Complacency
So, how do you prevent yourself (or your organization) from slipping into the complacency of “treading water”?
KPIs for Improvement
One strategy is to ensure the KPIs you’ve established are not only relevant, but push/promote improvement. Are functions of your organization holding onto a metric that has already been met? While it may be “comforting” to the organization to have that “green” metric, basking in the sunlight of it won’t hold your competition at bay. (We talked about this in more detail in the blog, It’s Good to Be Green.)
Benchmarking
Are you benchmarking your competition? No matter how close their relative position, do you know how they are performing? Has their quality improved? Product/option offerings increased? Market penetration increased? Increased advertising? Is marketing hearing some excitement about their products? What are purchasers saying?
Compliance & Quality
Are you constantly monitoring compliance to quality standards, e.g. TS16949 / QS9000, etc., as opposed to “cramming for the exam” just prior to an audit.
Skill Development
Your greatest asset is your personnel. How are you monitoring and improving their skill sets? And then utilizing these skills on a daily basis. Is training meaningful and targeted?
Innovation
Do you have an active, vibrant problem-solving process? One in which leadership is actively involved? Are employees empowered to make suggestions, benefiting the organization and reaping rewards for their ideas?
Get Moving
Each of these areas work individually and collectively to ensure your organization is swimming strongly, with little opportunity to get lulled into treading water. Don’t get me wrong, stopping to celebrate the wins and recognize the improvements is critical to employee morale. But you must keep in mind that while you’re basking in the sunshine of accomplishment, your competitors have you firmly in their sight and they are NOT resting.
Want to keep that leadership position? Don’t tread water too long. Ring the bell and get your organization moving again, or you might find suddenly yourself struggling in the wake of your competitor.
At HVM, our highly skilled contractor resources are experienced professionals who not only take pride in their work but have DONE the work. Our focus, our priority, is to ensure the client receives “best in class” recommendations and support. Need help with “next level” KPIs or ensuring compliance is adequate? Need to ramp up your problem-solving process? Simply need an experienced set of eyes to evaluate your operational performance? Give us a call! You’ll be pleased with the quality of our work, and your result!