Prioritize safety with ARA’s new video series
The American Rental Association (ARA) just announced the launch of the Prioritize Safety monthly video series focused on essential safety tips for the equipment and event rental industry. The goal of the program is to make learning rental-specific topics quick, easy, and fun! Each video is no longer than two minutes in length and has a unique animation style that spans a variety of safety topics from personal protective equipment (PPE) and chemical safety to defensive driving. After an employee views the video, they will be presented with two questions to test their knowledge on what they just learned. The entire Prioritize Safety series is available in both English and Spanish and can be assigned to employees via RentalU, ARA’s online learning platform. Each month, a link to the new video will be sent out in an email. Email education@ararental.org to be added to the mailing list. The first video covers basic PPE, the importance of wearing it, and the consequences of not wearing it. Visit https://www.ararental.org/rentalu to sign into RentalU and learn more. “We are very excited to launch the Prioritize Safety monthly video series. These videos offer training that is easy for employees to access, takes only minutes to complete, and offers an entertaining spin to make the content more engaging. We hope our members have as much fun taking the training as we did creating it.” – ARA director of education, Lauren Watts.
ARA cancels Rental Innovation Conference & Exhibits
A variety of factors contribute to ARA’s decision not to hold Rental Innovation Conference & Exhibits The American Rental Association (ARA) has decided to cancel its Rental Innovation Conference & Exhibits event scheduled for March 9 and 10, 2022 in Grapevine, Texas. The decision was made due to a variety of factors. These include the continued spread of the omicron variant of the coronavirus (COVID-19) and both transmission and positivity rates in Dallas Country currently being categorized as “High.” Other factors in the decision were the return of essential travel only restrictions for many large organizations, equipment availability issues, as well as parts and staff shortages. The ARA is evaluating options to deliver the education program portion of the conference at a future event. Those who had already registered for the Rental Innovation Conference & Exhibits will receive a full refund.
PTDA welcomes two new members
The Power Transmission Distributors Association (PTDA), an association for the industrial power transmission/motion control (PT/MC) distribution channel, welcomed two new member companies. With expertise in industrial chain and manufacturing solutions, such as lasers and metal detection, Connexus (Langley, British Columbia, Canada) has over 150 years of combined industry experience. Its chains are engineered, designed, and manufactured to ISO 9001:2015 standards to meet the highest industry specifications. Company brands include Viking Chains Inc. and I’Anco Products. “We look forward to expanding our network and developing strong, long-term relationships through the PTDA as we continue to grow and enter new markets,” said Tammy Farrell, vice president, sales & marketing. Learn more at cnxsind.com. A family-run business, mayr® (Mahwah, N.J.) boasts more than 100 years of success in providing the best and most reliable torque limiters, shaft couplings, and safety brakes. Today, about 1,200 employees work for mayr power transmission, approximately 700 at the headquarters in Mauerstetten, Germany. “Membership with PTDA will afford mayr the opportunity to engage with and learn from key distribution decision-makers and influencers about current challenges and trends,” said Michael Perretta, vice president. “This will allow us to meet their need and improve our service.” Learn more at mayr.com/en. The Power Transmission Distributors Association (PTDA) is a global association for the industrial power transmission/motion control (PT/MC) distribution channel. Headquartered in Chicago, PTDA represents power transmission/motion control distribution firms that generate more than $19 billion in sales and span over 2,700 locations. PTDA members also include manufacturers that supply the PT/MC industry.
The Fickle Workforce
Much has been written in the past decade about the demographic shift from “boomers” to “millennials”. I was born in 1959, which puts me squarely in the boomer category, and I, like others in this tenured industry, struggled to adapt to the priorities and motivations of the millennial generation. When I entered this industry in 1983, I was determined to find my place, climb the corporate ladder, and stay put for the indefinite future. I stayed at my first dealership for seven years. My second post lasted 26 years. That’s what boomers do. They endure. Work is seen as a calling. Loyalty and legacy are important. Your occupation is connected with your identity. Work-life and personal life are intertwined. Not so much with our millennial co-workers. With rare exceptions, this group doesn’t really see work as a calling. Instead, work is viewed as a CONTRACT. “I’ll trade my hours for your dollars”. Work-life and personal life are mutually exclusive. Switching employers is predicated primarily on personal satisfaction. Millennials tend to grow tired of assignments that don’t interest them, or that don’t add to their personal development. Hence their tenure at any particular employer has noticeably declined. A Bureau of Labor Statistics report issued in September of 2020 highlighted these differences: “Median employee tenure was generally higher among older workers than younger ones. For example, the median tenure of workers ages 55 to 64 (9.9 years) was more than three times that of workers ages 25 to 34 years (2.8 years).” 1 For employers, this shift represents a sea change in how staffing is administrated, and how workplace satisfaction is measured and aligned. The investment costs in hiring, training, and retaining employees have not abated. In fact, not a year goes by where January 1st there aren’t multiple new federal and state regulations enacted that continue to challenge even the best HR professionals. Finding employees that want to work and have the right background is hard enough. Keeping them seems to be even more difficult. Enter the “gig” economy One of the ways the workforce is evolving is in the expansion of freelance “project” work. This is colloquially known as the “gig” economy. The most prevalent examples are on your smartphone right now. The success of Uber and Lyft shows the wide acceptance of itinerant work. As the movement grew, project work became less of a “side-hustle” and more of a mainstream occupational reality. Generation Z (people born after 1997), hot on the heels of the millennials, loves the autonomy and the freedom of expression that comes with not being tied to any single employer for more than a short while. They have the education and digital skills to be effective. They understand and are committed to the short-term “mission” because meeting mission objectives define their value for the next “gig”. Freelance work is distasteful to most boomers as they came of age in a world that clung to the security of long-term employment. Most boomers will be able to finish out their career path without changing lanes, but for everyone born after 1970 … the working world of the 2020s and 2030s will see changes that nobody ever expected. Can dealerships adapt to the gig economy format? The distribution business will find it difficult to amend its operating model to utilize the gig workforce platform. Many of the resources we need to operate efficiently require the knowledge and experience that can only be accumulated over time. Industries such as advertising, consumer goods, fashion, software, engineering, and medicine all offer ripe opportunities for project-driven initiatives, but the needs of distributors are unique and are best performed by a seasoned workforce. So, we have a hill to climb. As we power into 2022 (and beyond), we will be faced with a transitory workforce. How can we make it LESS transitory? Here are some ideas. We must resonate If it’s not meaningful, it won’t matter. We cannot expect assigned work to be a priority if it does not resonate personally with the employee. How can we make a PM service resonate with a young technician? That sounds like a hard sell. Actually, any task can resonate if we surround it with the correct motivational processes. I use the following flow chart to govern the process: Model Measure Report Reward Model: It won’t resonate if we “wing it”. We have to have a hard and fast written SOP for every task, whether it be timecard posting, work order processing, or PM completion. We simply cannot effectively and objectively assess performance if the standards are not understood! Measure: How many were done correctly? How many were not? How can we improve? What tools, policies, or changes must be instituted to have a better process and a better score. Example: In the case of PM’s, we will want to include the following measurements: Additional maintenance services sold by the technician (trans, hydraulic, coolant, etc.…) Segment two repairs found and quoted Completion of all work in the allotted time No negative customer comments Van cleanliness and housekeeping All of these metrics can be assessed as a point value and used to recognize the employee for both performance and improvement. Report: In every case, a report showing performance toward a goal should be generated. Some objectives will be personal and kept between the manager and the employee. Other objectives can serve as a platform for competition. There should be personal goals and team goals in every department. The more that relevant reporting is discussed, the higher the chance that resonance will be found. Reward: Wages and salaries are what we pay an employee to be there and get the job done. Rewards are paid for meeting specific meaningful goals both on the personal and team level. This can be done with cash (through payroll), redeemable points, travel rewards, merchandise (Snap-On, gift cards), or even PTO. The rules are simple. Pay rewards NO LESS than monthly Pay rewards PUBLICLY (during staff meetings) so that we can celebrate the wins
A few sales closing tactics. Taking a new look at old ways.
“Jeffrey, how do you close, Jeffrey, how do you close?” I get asked that question more than any other. (“Jeffrey, why is your hair falling out?” is a close second.) I keep giving the same answer, “Don’t close the sale, assume the sale.” The assumptive position is the strongest selling strategy in the world. By definition, you believe you will make every sale you attempt. It sounds simple. It is simple but it’s not easy. In order to utilize the assumptive close, you must be qualified. There are two major prerequisites that make the assumptive close possible: Your personal preparedness. You must display self-confidence, have total product knowledge, have a positive mental attitude, exude so much enthusiasm that it’s contagious, have a desire to help that exceeds a desire to earn money, and have a genuine sincerity of purpose. If this is 110% you, you’re only halfway to assumption. Read on… Your sales preparedness. There are three strategic areas of sales preparedness, and all must be in place to make assuming the sale possible. The needs of the prospect have been determined, and are put ahead of yours. You are established in the mind of the prospect as a person of character, credibility, and high repute. The prospect has confidence in you. You have built a solid rapport with the prospect based on the personal information you’ve gathered, combined with your knowledge of his business. IMPORTANT NOTE: Assuming the sale is a state of mind, it does not preclude employing the science of selling. Yes, you must, from time to time, use sales techniques, but it’s more a matter of word choice and delivery than trying to master some close that has a name. “The Benjamin Franklin Close,” “The Sharp Angle Close,” and “The Final Question Close” are all old-world methods of selling. These tactics will make people mad, or uncomfortable, or both. You may even occasionally make a sale but no one will ever refer their friends to go through the same ordeal. MORE IMPORTANT NOTE: The close of a sale is only one step in the sales cycle. You don’t just close a sale you lead up to a close. You earn the sale based on what you have said and done to guide the prospect to a decision. MOST IMPORTANT NOTE: The actual close of a sale is a delicate balance between your words and actions, and the prospect’s thoughts and perceptions. And a sale is always made either you sell them on yes or they sell you on no. Here are six closing strategies and tactics that you might find effective: Challenge the prospect to do what’s best for his business. This is kind of a guilt strategy. Look the person in the eye and ask him what he thinks is best for his business. This strategy is great when he’s doing business with an existing vendor or friend, and they are not providing the best product or service. We are experts at what we do and you can have peace of mind to do what you do best, knowing our part of your job will get done. Tell the prospect that you can help build her business by providing your service and partnering with them. Always let the prospect have a path to doing what they do best, and have peace of mind that your service will supplement that process on their way to success. This strategy is great for selling professional services. Make a list of objectives for what the prospect wants to accomplish AFTER your product or service is in place. Your objective as a professional is to get the prospect to see the world as though the sale was already made. Forget about convincing them to do it that’s selling, no one wants to be sold. Show them what their world will be like after the sale – that’s buying, everyone loves to buy. This strategy works on every kind of sale. Get the prospect to be a visionary.“Mr. Johnson, If you did __________, when do you think would be the best time to start?” Let the prospect tell you what he has in mind, instead of you telling him what’s on yours. This strategy is called the “if-when decision process,” and is great for selling equipment. Make the prospect commit to future action. The traditional method of accomplishing this is: “If I could… would you…” but today’s professionals can’t say that exactly, it sounds too salesy. This strategy must be worded more out of the conversation than a sales presentation. It must be delivered as a desire to help achieve an objective, not a pressure to make a sale. Make plans for after the sale has taken place before the sale is consummated. Even if you don’t have the commitment yet, you can try to schedule an installation time or a meeting after delivery. “I can schedule the installation for Tuesday, but I wanted to be here personally to be sure that everything is perfect. Will you be able to make it?”This is an indirect way of formalizing the sale, and classic use of the assumptive process. Assuming the sale is the hardest process to prepare for but the easiest sale to make once you do. About the Author: Jeffrey Gitomer is the author of twelve best-selling books including The Sales Bible, The Little Red Book of Selling, and The Little Gold Book of Yes! Attitude. His real-world ideas and content are also available as online courses at www.GitomerLearningAcademy.com. For information about training and seminars visit www.Gitomer.com or email Jeffrey at salesman@gitomer.com or call him at 704 333-1112.
Where will you fit in?
Reading and watching CNBC (financial channel) on a regular basis gives you a surprisingly good idea of how you are going to get out of this economic craziness and get a handle on where you stand in your market post-pandemic. Future business activities are sure to be different calling for action on management’s part, but it is sure tough to make a decision unless you know where to start. One of the most interesting segments I saw on CNBC concerned Ford and Salesforce. They seem to be joining forces to help contractors get a better understanding of their business and identify where changes need to be made making them more efficient and more profitable. When you think about this it is a GREAT value-added program from Ford since a substantial number of the customers who buy the F-150 are in some sort of service or contracting business. Is your management thinking along these lines as a means to drive continued sales to current customers, but also be a selling point to attract new customers because you have something they need that they are not getting from their current vendor? Who could you team up with to do what Ford and Salesforce are doing? Think about this because there is a market share out there for somebody to take. Along these lines, I hope you had a chance to read “Five Lessons Learned for the Post-Pandemic Supply Chain” that appeared in an MHW email recently. The Five Lessons are as follows: Stay open to new and unconventional ways of doing business. Broadening networks; expanding connections; deepening relationships Allocating resources to equipment and partnering with asset-based providers. Increasing inventory levels. Adding more storage space in multiple markets. Seems like the author, Dale Young of Worldwide Distribution Services, is suggesting spreading the risk, renting when there is a lack of hardware, stepping away from the just-in-time approach, and adding buffer inventory to carry you over the hump. Now you made not need to follow this approach, but I bet you have customers who should be thinking about these issues and what to do about them. It seems to me that most lift truck dealers have customers with problems dealing with supply chain issues, inventory issues, labor shortages, logistic problems. payroll issues and Covid issues. They may also have issues with long-term contractors that are killing them because they are not using the equipment enough to warrant the cost. So, what help can you offer customers to ease their pain? Who could you team up with to reach this goal? Could you offer seminars or Zoom programs to cover some of these problem areas? Between you and your OEM, there have to be “solutions” available to stop the pain and at the same time strengthen relationships. It is no secret that it is going to cost EVERYONE more to run their business whether they are maintaining reasonable sales levels or not. Even if they are running at 2019 sales levels their margins will shrink due to cost increases or pushback on price increases. So, if you want to know your starting point for future planning, I think we could agree that your company along with most of your customers and potential customers are going to be dealing at some level with the problems noted earlier. NOW, THIS IS WHERE YOU FIT IN Customers are going to listen to anybody that calls on them who can reduce their pain in terms of cost reduction or improved efficiency. And they are going to expect you to deliver those solutions. So, you have two or three options to consider: Lower your prices and live with it. Find ways to lower your costs to absorb the cost of the solutions you are providing. Find ways to assist customers in ways that you do not currently offer. What would the Ford CEO do? Ford is offering a solution that helps the customer pay for the truck he bought. Ford also found a partner to work with who can communicate the results of the solutions to the customers. And let us not kid ourselves, technology is going to be a big part of these solutions, and if you are not comfortable with that statement you will have to find “partners” who do and are able to collaborate with your customers. To get you started in your own company I would like you to get a copy of your trial balance for the end of the year and examine each line item to determine if the revenue or cost is going to be impacted by Covid or supply chain issues, or payroll issues, or warehouse issues including receiving or delivering product. You will be amazed how often you will be saying “What the hell is in this account?” to your controller. Believe me, you will find costs no longer required or costs that can be reduced. When you finish this simple process costs will be reduced which in turn absorbs part of the solutions you have to offer. Next, get a full list of current as well as former customers. Examine each company on the list to find those you must keep, those you would like to keep, past customers you would like to get back and new customers you would like to get. Now go down the list and find out where each of these current and former customers “stands” and ask what you can do to help. I bet you will generate a list of meetings with these companies and between you find ways to stop the pain or produce a plan to stop the pain. After all, your expertise is on the shop floor or in the warehouse environment, which covers many of the areas causing the pain. My reading and listening are telling me that technology, AI, and VR are going to become part of the solutions customers to move ahead into the future. But knowing this and knowing where you currently “stand” I surely do
Port of Long Beach to offer Summer 2022 High School internships
Applications open Jan. 18, due by March 1st Applications for the Port of Long Beach Summer High School Internship Program will open Tuesday, Jan. 18. High school internships are available to current high school juniors and seniors who reside in Long Beach or attend a high school in the Long Beach Unified School District service area. The program is tailored for students with an interest in the goods movement industry. Opportunities are available in a variety of fields, including engineering, environmental science, finance, communications, and more. Participating high school student interns will gain hands-on experience as they work alongside Harbor Department staff. The program lasts six weeks, from June 27 through Aug. 5. Students must have reliable transportation to and from the internship. Interns are paid and work up to 30 hours per week. Schedules will vary depending on the division they are assigned to. Program details, eligibility information, and online application are available on the Port’s website: www.polb.com/internships. To apply applicants must: Be a current junior or senior Reside in Long Beach or attend a high school in the Long Beach Unified School District service area Be in good academic standing (2.5 GPA or higher) Have reliable transportation Be available all six weeks to participate Submit completed online application with attachments by the filing deadline Provide right-to-work documentation (passport or birth certificate and social security card are examples of right-to-work documentation) Be fully vaccinated for COVID-19 and able to provide proof of vaccination
Leaders need to shift their focus from “What” to “Why”
Great execution is essential to any business. You can have a wonderful plan in place, but if it doesn’t manifest into action, it’s not worth the paper it’s printed on. However, with all of our focus on action, leaders often skip investing time in thoroughly examining why we’re taking action in the first place. Are your tactics the right ones to achieve the organization’s objectives, or is it just a matter of keeping up the image that something’s getting done, whether useful or not? Often times when a plan is created, there is a proverbial cut-off point – the point where it’s done, and we simply now need to execute. This usually manifests as a list of activities, such as “create a campaign” or “develop a training program”. The problem is, we’re missing the “why”. That undefined middle ground connects the plan to outcomes. The “campaign” or the “training program” isn’t the real outcomes – they are the mechanism to achieve a more specific, measurable goal. There have been countless plans which have 100,000-foot objectives, such as “increase share in the millennial market by 15%” or “shorten the sales cycle from 60 to 30 days”. While all wonderful and lofty, success isn’t simply about setting the right goals, but understanding that next level “why”. The “why” provides the framework for selecting the ideal “how” – such as that marketing campaign or training program. For example, if the organization’s leaders have determined “shortening the sales cycle” is the goal, jumping to tactics misses the opportunity to tackle the “why” – why does the problem exist today? Digging into the details instead of diving into the execution of a possible solution, examining the “why” helps you determine causes, catalysts, impediments, and roadblocks. It helps you better understand where the biggest areas of concern are within the goal. It helps you create a better approach to attack the problem, rather than implementing tactics that may or may not tie to the core of the issue or objective. Don’t forget the successful execution of any plan or strategy requires strong knowledge of the background and context of the objective – the “why”. Without it, tactics will be selected based on simplicity, cost, or familiarity – none of which may actually get you to your goal. And shortcutting the process doesn’t make things go faster, it simply causes you to throw good money after bad. About the Author Andrea Belk Olson is a speaker, author, applied behavioral scientist, and customer-centricity expert. As the CEO of Pragmadik, she helps organizations of all sizes, from small businesses to Fortune 500, and has served as an outside consultant for EY and McKinsey. Andrea is the author of The Customer Mission: Why it’s time to cut the $*&% and get back to the business of understanding customers, No Disruptions: The future for mid-market manufacturing, and her upcoming book, What To Ask, coming in June 2022. She is a 4-time ADDY® award winner and host of the popular Customer Mission podcast. Her thoughts have been continually featured in news sources such as Chief Executive Magazine, Entrepreneur Magazine, The Financial Brand, SMPS Marketer, Rotman Magazine, and more. Andrea is a sought-after keynote speaker at conferences and corporate events throughout the world. She is a visiting lecturer and startup coach at the University of Iowa, a TEDx presenter, and TEDx speaker coach. She is also a mentor at the University of Iowa Venture School. More information is also available on www.pragmadik.com and www.andreabelkolson.com.
The ARA Foundation to award $128,500 in scholarships
Each year, the American Rental Association (ARA) Foundation awards numerous scholarships in an effort to attract talent to the equipment and event rental industry. For the 2022-2023 academic year, $128,500 will be available to students seeking higher education through trade schools, universities, and community colleges. In total, 66 individual scholarships are available with amounts ranging from $750 to $5,000. Students may apply for multiple awards if eligibility requirements are met. Applicants must be associated with the equipment and event rental industry either as a student member of ARA or with an equipment and event rental operation or a manufacturer/supplier of the rental equipment and be pursuing a career that supports the industry. The equipment and event rental industry operation does not need to be an ARA member but must qualify for membership with the association. New for this program year, five $2,000 scholarships are available to ARA student members. This new membership category is open to individuals enrolled in high school or a post-secondary institution. Student membership, which is free of charge to those who qualify, opens a variety of opportunities to learn about the industry and network with other members. “Scholarships are a powerful tool for recruiting and retaining top talent to ensure continued success and future growth of the equipment and event rental industry. The ARA Foundation is proud to offer scholarships for continuing education with a record $128,5000 available this year,” says Marcy Wright, ARA Foundation executive director. Since the ARA Foundation began the scholarship program, more than $1 million has been granted to students across North America. Applications are now being accepted. Simply visit ARArental.org/ARA-Foundation/scholarships to learn more and to apply before the March 7, 2022, deadline.
ELFA releases Top 10 Equipment Acquisition trends for 2022
The Equipment Leasing and Finance Association (ELFA) which represents the nearly $1 trillion equipment finance sector, has released its Top 10 Equipment Acquisition Trends for 2022. Real private investment by U.S. businesses in equipment and software is forecast to be almost $2 trillion in 2022, with a substantial amount of that investment activity financed, so these trends impact a significant portion of the U.S. economy. ELFA President and CEO Ralph Petta said, “The pandemic is the underlying theme throughout the trends this year as equipment acquisition continues to drive supply chains across all U.S. manufacturing and service sectors. Nearly eight in 10 U.S. businesses use equipment leasing and financing to acquire the productive assets they need to operate and grow. We are pleased to provide the Top 10 Equipment Acquisition Trends to help businesses make their strategic equipment acquisition plans, especially since there are significant opportunities for businesses to benefit from expected economic growth this year.” ELFA distilled recent research and data, including the Equipment Leasing & Finance Foundation’s 2022 Equipment Leasing & Finance U.S. Economic Outlook, industry participants’ expertise, and member input from ELFA meetings in compiling the trends. ELFA forecasts the following Top 10 Equipment Acquisition Trends for 2022: 1. The U.S. economy will have solid growth in 2022. After a highly volatile 2021, the economy is on a more even footing this year, with the widespread availability and effectiveness of vaccines reducing the risks from the pandemic. The potential for economic growth later in the year is substantial with a 3.5% GDP growth forecast for 2022. 2. Equipment shortages will continue due to supply chain disruptions. Delivery bottlenecks will likely persist, especially if U.S. trading partners shut their borders in response to new virus strains. Businesses will be likely to invest more capital in maintaining inventories of crucial components and develop relationships with new suppliers to reduce the impact of future disruptions. 3. High inflation will be a major headwind for Main Street and the overall economy. In fall 2021, supply chain snags added to inflationary pressures, which will be prolonged this year. The Federal Reserve has announced several planned interest rate hikes in 2022. It remains to be seen what impact, if any, interest rate increases will have on supply or demand. 4. Positive growth in capital spending will continue. Equipment and software investment expanded by more than 15% annualized from January to June 2021, which was comparable to the rapid growth of the post-2008-09 recession. With continued, though not as strong demand, equipment and software investment growth of 4.6% is expected. 5. Equipment finance will play a significant role in economic growth. Based on historical precedent, more than half of equipment and software investment this year will be financed. In addition, inflationary pressures that drive equipment prices higher will make financing more desirable with payments spread out over time. 6. Government fiscal and regulatory policies will pose opportunities and challenges to capital spending. Businesses will need to stay informed on a range of federal and state policy changes that will impact their operations. They include the long-awaited infrastructure spending law enacted by Congress that will have businesses investing in related equipment verticals, and federal and state initiatives that will create more red tape for lenders along with associated costs to borrowers. 7. Pandemic-driven changes in the workplace will continue to impact equipment demand. Ongoing remote/hybrid work arrangements will drive demand for new types of equipment and software as businesses continue to adapt to the “new normal.” Automation and AI technologies such as robotics, machine learning, and natural language processing will boost the productivity of employees working remotely and fill the void of unavailable labor. 8. Many key equipment types will show growth. While equipment and software investment should expand at a healthy rate, growth is likely to be uneven across equipment verticals. Trucks, oil & gas equipment, and materials handling equipment should benefit from sustained demand. Verticals such as automobiles, construction machinery, and agricultural equipment may continue to face pandemic-related headwinds such as input shortages, high energy prices, and volatile demand conditions. 9. Businesses will increase their focus on digitization and data. As investment in digitization accelerates across most industries, businesses will need to leverage both customer and external data for competitive advantages in areas such as customer behavior and market dynamics. Cybersecurity risks will require increasingly robust cyber- and data-security protocols to be implemented. 10. “Wild cards” will play a role in business investment decisions. There are other areas in addition to the trends above that businesses will keep an eye on that could impact their equipment acquisition strategies. Continued fallout from the pandemic and future variants, ongoing labor shortages, passage of the “Build Back Better” spending package in Washington, and mid-term elections could all have potential business impacts. Related Video: Related Infographic:
Beyond Mentoring: The 3 C’s – Coaches, Champions & Cardinals
People who achieve career success often talk about having had a mentor who guided their career. Whether the mentoring relationship evolves naturally or is a planned relationship, it provides a sustained link between the two individuals. Everyone needs help learning new skills and imagining things they could have never conceived of on their own. Yet there are three other types of people who can have a profound impact on your ability to achieve success besides someone who is actively mentoring you. The key difference is the level of their involvement in your life or career often differs significantly from that of a mentor. Knowing that you can benefit from a wider range of advisors will allow virtually everyone you meet to inspire and guide you. Coaches: Coaches go by many names in today’s business world. They can also be consultants, advisors, or trainers. When you think of any successful sports figure from Tom Brady to Simone Biles, one common denominator is they all have that enables them to play at an elite level is a Coach. The key thing that makes a Coach different from a mentor is they are paid to make you think, give you advice, refine your expertise, and teach you advanced skills. A Coach’s experienced eye can see the changes and adjustments that will make all the difference in your ability to attain success. They teach you how to go beyond the fundamentals to leverage your skills for even greater rewards. Business Coaches do the same. They help transform leaders through their ability to teach profound business and life lessons. A great Coach will help you clarify your vision for your future and hone your ability to manage the inherent challenges of the business world. They often view dreaming big dreams as critical but they know that putting forward the day-to-day effort is essential to making any big dream a viable reality. A Coach can help you develop the self-confidence you need so you can hone your skills and deliver them with style, grace, and technical perfection. Coaches are also a support system to help you get back up quickly when you stumble, as we all inevitably do. The learnings and discipline you learn from a great Coach will remain with you throughout your career. Champions: There are some people in your professional life who will reach out to assist you in a very different way than a Coach or a Mentor. Champions are the people who can open doors for you without any real relationship with you other than they recognize your talent and potential. Champions don’t involve themselves in your life in any significant or ongoing way, but they reach back with their hand and give you a boost to lift you to the possibility of a new level of success. These types of distinguished business executives are so widely regarded that their recommendation is virtually an endorsement that moves you to the front of the line. They know they are opening a door for you, but they don’t expect anything back except that you follow through on the opportunity at an exceptional level of performance. You will gain the attention of a Champion via recommendations of their staff or from projects you work on that bring your professional skill set to their attention. These types of leaders are always on the lookout for talent. A high level of satisfaction with your efforts can bring amazing opportunities. It can include business referrals, invitations to next-level boards, and other opportunities to showcase your skills. Referrals from a Champion can make an enormous difference in your career and in raising the sophistication level of your future opportunities. The most unusual thing about your relationship with a Champion is that there is likely to be no personal relationship. They don’t have heart-to-heart talks or lunch with those they support. Yet a Champion can do more for your professional career than any Mentor ever could. Champions open doors and give you a chance to prove yourself. They can bring you to a whole new professional level and open up the world for you. Cardinals: Then there are those people who fly into your life and show you possibilities that will change the course of your future. These Cardinals just as quickly fly away and you never see them again. Nevertheless, the brilliance of what they have added to your view of the world totally changes how you see your future. When Cardinals talk to you, their words inspire a new song in your heart. The possibilities of the world they show you move your spirit in a new direction. Cardinals inspire you to soar to a level you never could have imagined before you saw them fly. Cardinals leave behind a memory that stimulates and engages you because they have exposed you to previously unimagined possibilities. You will connect with a Cardinal through chance encounters or as a result of a random opportunity that comes your way. These happenstance events have the potential to change the course of your entire life. The insights these Cardinals share with you will resonate with you at a profound level and you will leave the encounter knowing with the absolute certainty that your future possibilities have changed for the better. It is unlikely that you will ever see or talk with that Cardinal ever again. Cardinal doesn’t know you. They have no idea of your potential or ambition or your determination. They just show themselves to you and you will be inspired by the possibilities. Final Thoughts Whether you are on your way to the top of the corporate ladder or to entrepreneurial success, it is unlikely that you will get there alone. Bringing in paid coaches and allowing others to inspire and champion your talent will open you up to a world in which you can learn from virtually everyone you meet. By doing so, you will exponentially enhance your potential for success. About the Author: Jill J. Johnson, MBA,
USMTO November 2021 Monthly Orders exceed $650 Million
Orders of manufacturing technology surpassed $650 million in November 2021, according to the latest U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology. This is the second-highest monthly total and only the fifth instance monthly orders have exceeded $600 million since the beginning of the program in 1998. The value of orders was up nearly 14% from October 2021 and more than double the value of orders received in November 2020. The year-to-date total topped $5.3 billion, about $340 million short of becoming the best year in the history of the program. “November orders illustrate continued recovery despite ongoing challenges brought on by the pandemic. Tool and die, valve manufacturing, forging and stamping, and hardware – sectors in decline due to decades of outsourcing prior to the pandemic – continued to make a comeback due to reshoring,” said Douglas K. Woods, president of AMT. “Job shops showed a modest decline in dollars spent but a double-digit increase in orders, indicating an industry-wide need for increased capacity.” Two primary sectors that show increased orders despite continued challenges are aerospace and off-road equipment. The aerospace sector has experienced challenges with flight cancellations and staffing issues that may dampen any near-term plans to increase fleet sizes. However, despite these disruptions, this sector has nearly doubled its orders from the previous month. Heavy off-road equipment used for agriculture, mining, and construction has also increased by multiples over October 2021, likely due to anticipated interest rate hikes. “The sectors that make large-scale off-road equipment require more complex and highly customized machinery to make them, and they tend to be dependent on financing and sensitive to interest rates,” said Woods. “Orders coming from these rate-sensitive sectors in November may have been an attempt to lock in financing prior to the December Federal Reserve meeting, preempting any surprises that would increase the cost of borrowing.” Despite the index slipping in December 2021, the ISM Manufacturing Purchasing Managers’ Index remained solidly within growth territory. “Manufacturers have learned that supply chain disruptions and labor shortages are part of the landscape and are developing short and long-term strategies to address these challenges,” said Woods. “If manufacturers can continue to successfully adapt, I can see the momentum of the manufacturing technology industry continuing into 2022.” TAGGED
JP Bouchard and Randy Disharoon at the helm of PTDA Leadership for 2022
The recently-elected 2022 Board of Directors and Manufacturer Council of the Power Transmission Distributors Association (PTDA) begins their leadership terms. JP Bouchard, vice president, General Bearing Service Inc. (Ottawa, Ontario, Canada) assumes the leadership of the association as PTDA President. Bouchard has been active in PTDA since 2015 when he served on the editorial board of Transmissions®, PTDA’s quarterly newsletter. Subsequently, he served on the Industry Insights and End Customer Needs Committee, respectively. Bouchard has served on the PTDA Board of Directors since 2018. “This is a pivotal time for the PT/MC industry. Changes driven by the COVID pandemic make professional networking, development, and knowledge sharing more valuable than ever. I look forward to collaborating with my fellow PTDA volunteers and members to develop programs and opportunities to help shape the future of the industry,” said Bouchard. Joining Bouchard on the 2022 PTDA Board of Directors are: Immediate Past President Brian Davis, co-CEO, B & D Industrial (Macon, Ga.) First Vice President Mike McLain, vice president, Allied Bearing & Supply, Inc. (Harahan, La.) Second Vice President Brian Nowak, president and CEO, Kurz Industrial Solutions (Neenah, Wis.) Treasurer Bill Shepard, vice president, BDI (Cleveland, Ohio) Manufacturer Council Chair Randy Disharoon, sales director, conveying division, Regal Rexnord Industries, LLC (Charleston, S.C.) Manufacturer Council Vice-Chair Kristin Jennings, director marketing & industrial distribution, Climax Metal Products Company (Mentor, Ohio) PTDA Foundation President Bill Moore, vice president business development (ERIKS North America) EPTDA President Des Spillings, director, Acorn Industrial Services Ltd (United Kingdom) Directors: Chris Curran, vice president of industrial business development, RBC Bearings, Inc. (Oxford, Conn.) Jim Jeffiers, vice president, Applied Industrial Technologies and Applied US Energy (Fort Worth, Texas) Tom Holtry, vice president corporate accounts, Kaman Industrial Technologies Corp. (Salt Lake City, Utah) Rob LaRue, president, Baldwin Supply Co. (Minneapolis, Minn.) Jeff Mattson, president and COO, ISC Companies, Inc. (Minneapolis, Minn.) Craig Pirie, president, Daemar, Inc. (Oakville, Ontario, Canada) Randy Disharoon, sales director, conveying division, Regal Rexnord Industries, LLC (Charleston, S.C.) assumes the duties of the PTDA Manufacturer Council chair. Disharoon has been active in PTDA committees since 2013 when he joined the Power Transmissions Handbook® revision task force. He later served on the Education and Training Committee and the Leadership Development Conference task force. He joined the Manufacturer Council in 2018. “My time serving in various capacities with PTDA has affirmed for me the collective power and prowess of our members and industry. I am eager to embrace the opportunity to work with my fellow manufacturers and PTDA members to creatively address challenges so the PT/MC industry may celebrate growth and progress into 2022 and beyond,” Disharoon said. Joining Disharoon on the Manufacturer Council is: Immediate Past Chair Chester Collier, senior vice president global distribution, Walter Service Technologies (Pointe Claire, Quebec, Canada) Manufacturer Council Vice-Chair Kristin Jennings, director marketing & industrial distribution, Climax Metal Products Company (Mentor, Ohio) Council Members: Tammy Balogh, vice president of human resources, Flexco (Downers Grove, Ill.) Andrew A.O. Brown, vice president, Whittet-Higgins Company (Providence, R.I.) Bill Fuentes, VP U.S. operations, RBI Bearing, Inc. (Roselle, Ill.) Maxine Gomez, sales manager, Belden Universal (Hillside, Ill.) Chris Gumas, director of marketing, Ruland Manufacturing Co. (Marlborough, Mass.) Chris Keyser, VP channel & industry management, ABB Motors and Mechanical Inc. (Fort Smith, Ark.) Mike Power, national accounts manager, Altra Industrial Motion (Braintree, Mass.) The Power Transmission Distributors Association (PTDA) is a global association for the industrial power transmission/motion control (PT/MC) distribution channel. Headquartered in Chicago, PTDA represents power transmission/motion control distribution firms that generate more than $19.6 billion in sales and span over 2,700 locations. PTDA members also include manufacturers that supply the PT/MC industry.
EP 244: Ethics and Culture in the Warehouse
On this episode, I was joined by Emily Miner of LRN. Emily is a Senior Advisor on Ethics and Culture for LRN which is a company focused on helping other companies have better cultural and ethical environments. We discussed their recent Benchmark of Ethical Culture report, how the findings impact warehouse employees and how to help your operation have better ethical culture. Key Takeaways The Benchmark of Ethical Culture report was recently put out about LRN and includes their findings from talking to over 8,000 employees about the current state of ethics and culture in organizations. As Emily explains, they realized that these questions had not really been asked in the last few years, and with all of the changes that have happened for society in recent years they believed it was the right time to put this report together. The report is very comprehensive and details not only employee thoughts on ethics and culture but also details them based on the level that the surveyed individual is at. This is very important so that you can understand what level in your organization should you put your initial energy into. One of the biggest findings in my opinion is the difference between the perception of culture and ethics in a company by the different levels of employees. It seems that culture is more visible or apparent the higher you go within the company but where it is the lowest is at the floor level employees such as warehouse staff. I think this is very telling of something that needs to be seriously addressed as warehouse employees do not always get to be as involved in company culture as office workers. It should be equal across the board especially as the importance of warehouse employees has been highlighted over the pandemic due to the importance of goods being delivered to people who are quarantined. The big question, of course, is how do companies improve upon this and I think the start is to get buy-in from all levels of the company. The messaging needs to be consistent and reliable for the employees to feel that there is true culture and that everyone is acting ethically. Emily and I discuss how having different messaging from different leaders can create a lot of confusion and a lack of buy-in from employees. When one leader says to do it one way and then another says it’s okay to cut a corner here or there you end up with a big mess that will need to be cleaned up at some point. Listen to the episode below and leave your thoughts in the comments. The New Warehouse Podcast EP 244: Ethics and Culture in The Warehouse
134 New Industrial Manufacturing planned Industrial Project Report – December 2021 Recap
SalesLeads has released the December 2021 results for the newly planned capital project spending report for the Industrial Manufacturing industry. The Firm tracks North American planned industrial capital project activity; including facility expansions, new plant construction, and significant equipment modernization projects. Research confirms 134 new projects in the Industrial Manufacturing sector. The following are selected highlights on new Industrial Manufacturing industry construction news. Industrial Manufacturing – By Project Type Manufacturing/Production Facilities – 123 New Projects Distribution and Industrial Warehouse – 54 New Projects Industrial Manufacturing – By Project Scope/Activity New Construction – 46 New Projects Expansion – 49 New Projects Renovations/Equipment Upgrades – 52 New Projects Plant Closings – 7 New Projects Industrial Manufacturing – By Project Location (Top 10 States) Indiana – 11 Texas – 9 North Carolina – 9 Georgia – 7 Tennessee – 7 Michigan – 7 Minnesota – 7 Pennsylvania – 6 New York – 6 Ontario – 6 Largest Planned Project During the month of December, our research team identified 16 new Industrial Manufacturing facility construction projects with an estimated value of $100 million or more. The largest project is owned by Toyota Motor North America, which is planning to invest $3 billion for the construction of a battery manufacturing facility in LIBERTY, NC. They have recently received approval for the project. Completion is slated for 2025. Top 10 Tracked Industrial Manufacturing Projects WISCONSIN: Pulp and paper company is planning to invest $500 million for the renovation and equipment upgrades on their warehouse and manufacturing facility in GREEN BAY, WI. They have recently received approval for the project. GEORGIA: A steel company is considering investing $350 million for the construction of a manufacturing facility and currently seeking a site in GEORGIA. Watch SalesLeads for updates. MICHIGAN: Building materials mfr. is planning to invest $340 million for the construction of a manufacturing facility in GRAND RAPIDS, MI. They are currently seeking approval for the project. TENNESSEE: Silicon refining company is planning to invest $150 million for the construction of a manufacturing facility in TIPTONVILLE, TN. They are currently seeking approval for the project. LOUISIANA: A lumber company is planning to invest $111 million for the construction of a manufacturing and sawmill facility in PLAIN DEALING, LA. They are currently seeking approval for the project. OHIO: Custom corrugated packaging products mfr. is planning for the construction of a 537,000 SF manufacturing, warehouse, and office facility at 595 Thornwood Drive SW in NEWARK, OH. They are currently seeking approval for the project. They will relocate regional operations upon completion. ARIZONA: Semiconductor mfr. is planning to invest $100 million for the construction of a 120,000 SF manufacturing and office facility in ORO VALLEY, AZ. Construction is expected to start in early 2022. SOUTH CAROLINA: Electric vehicle mfr. is planning to invest $89 million for the construction of a manufacturing facility in GREER, SC. They are currently seeking approval for the project. INDIANA: Automotive mfr. is planning to invest $51 million for the renovation and equipment upgrades on their manufacturing facility in BEDFORD, IN. They have recently received approval for the project. NORTH CAROLINA: Wood products mfr. is planning to invest $50 million for an expansion of their manufacturing facility in LEXINGTON, NC. Completion is slated for late 2022. About SalesLeads, Inc. Since 1959, SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Our Industrial Market Intelligence, IMI identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization, and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team.
ARA prepares for first rental innovation conference in Dallas
The American Rental Association (ARA) is preparing for its first-ever Rental Innovation Conference & Exhibits, scheduled for March 9 & 10, 2022. This high-impact, in-person event features two full days of education sessions, networking and exhibits focused on the latest technology and innovations to advance the equipment rental industry. This is the first event of its kind — and the only in-person, ARA-hosted opportunity in 2022. ARA’s Rental Innovation Conference & Exhibits are designed to connect rental businesses with solutions to stay competitive and relevant in a rapidly changing world. There will be something for everyone looking to capitalize on the best technologies and tools to move their business forward. The rental innovation conference will include a multitude of hands-on product and technology exhibits and live demonstrations on the exhibit floor stage by equipment manufacturers and technology companies. Attendees can explore new equipment, software, and services — and experience them in person. This is also a buying conference, so attendees can place orders for purchase. Education sessions, included with registration, will give attendees essential tools to move their business forward and offer strategic approaches to implementing technology. From customer retention and fleet management to managing change and the digital environment, speakers will cover what’s trending today and what it means for the rental business of tomorrow. “We are so excited for ARA’s only live conference in 2022, and we hope attendees enjoy this incredible opportunity to network and share best practices with their rental peers and industry leaders,” said Tom Doyle, ARA Vice President, Association Program Development. “Our hope is that people gain a better understanding of the latest and greatest rental technologies and how they can improve efficiency, elevate their customer experience and create untapped revenue opportunities.” Education sessions, exhibits, and networking events are all conveniently located onsite at the Gaylord Texan Resort & Conference Center in Grapevine, Texas. Attendee registration for the Rental Innovation Conference & Exhibits opens online on January 10. Special pricing is offered for those who register before January 31. Visit ARA’s conference website at www.ararental.org/Rental-Innovation-Conference-Exhibits to learn more.
What actually shapes culture
There are companies where culture is directed from the top down. While it’s natural to assume that this vision will simply emerge throughout the organization, this alone does not create culture. Within every company there are sub-cultures. In other words, each department or team can have its own unique culture. For example, the culture of a product management team can be distinct from the culture of the sales team. This can run in direct conflict of your top-down directed culture, and therefore, conflict ensues. Bottom line, culture isn’t what you say it is. Culture is a complex, multifaceted thing. It is a convergence of individual personalities, communication processes, organizational policies, incentive structures, and leadership behaviors. It can seem almost impossible to get all these things running smoothly together. The problem isn’t that we don’t try, it’s that we misunderstand what culture is really made of. As soon as we better understand culture, we can create healthier, more productive ones. Leaders often see culture as fixed. When clear policies and procedures are established, coupled with a documented list of values, and a handful of team-building activities – we consider it done. However, culture is constantly changing. New people are hired, bringing in their own past experience, knowledge, and personality to the group. While rules can provide a framework, they don’t address mindsets and behaviors. These two things are the core of what makes culture. For instance, an organization may define high-level ideals they stand for, such as open communication. Yet these ideals are rarely, if ever, translated into specifically defined behaviors that represent them. How should open communication be interpreted? What does open communication look like? If an employee delivers bad news or shares contrarian ideas, is this communication accepted and embraced under this premise? This ties directly to mindsets. Mindsets are a collection of beliefs and thoughts, which directly influence behaviors. Let’s take the same scenario as before. If the leaders in the organization, for example, have a generally distrustful mindset, they might believe employees won’t provide useful or effective feedback, and preliminarily dismiss their input. In short, they can laude open communication, but have the mindset that it’s futile. They simply push the concept as a way to paint culture in a positive light, rather than actually supporting the belief. So what really makes culture? Policies? Procedures? These are simply manifestations of mindsets and behaviors. Instead of spending all your time defining the rules, first examine employee and leader perceptions and behaviors. Identify what’s working and what’s not. Be honest about how the organization thinks, feels, perceives, and acts. This will provide the best starting point for architecting an organizational culture that walks the talk. About the Author Andrea Belk Olson is a speaker, author, applied behavioral scientist, and customer-centricity expert.As the CEO of Pragmadik, she helps organizations of all sizes, from small businesses to Fortune 500, and has served as an outside consultant for EY and McKinsey. Andrea is the author of The Customer Mission: Why it’s time to cut the $*&% and get back to the business of understanding customers, No Disruptions: The future for mid-market manufacturing, and her upcoming book, What To Ask, coming in June 2022. She is a 4-time ADDY® award winner and host of the popular Customer Mission podcast. Her thoughts have been continually featured in news sources such as Chief Executive Magazine, Entrepreneur Magazine, The Financial Brand, SMPS Marketer, and more. Andrea is a sought-after keynote speaker at conferences and corporate events throughout the world. She is a visiting lecturer and startup coach at the University of Iowa, a TEDx presenter, and TEDx speaker coach. She is also a mentor at the University of Iowa Venture School. More information is also available on www.pragmadik.com and www.andreabelkolson.com.
Women In Trucking Association announces its January 2022 Member of the Month
The Women In Trucking Association (WIT) has announced Aldijana Miljkovic as its January 2022 Member of the Month. She is the owner of Lina Express, Inc., a Women-Owned Small Business (WOSB) certified trucking company located in the Chicago area. Aldijana started her career working as a receptionist with no experience or knowledge in the trucking industry. Moving quickly up the corporate ladder, she became a recruiter, dispatcher, accounting manager, then an operations manager. Through this process, she realized her love for the industry and discovered her passion. To further explore this passion, Aldijana bought her first truck as a side job and became an owner-operator. She hired her first team driver as she continued working as an operations manager. After five years, her side business grew to eight trucks and a team of drivers. “My boss wasn’t happy with my side growth and constantly reminded me, ‘it’s a man’s world.’ At the same time, I was managing his 75 trucks and my eight trucks with no problem,” she said. After eight years working for the same company, Aldijana felt underappreciated and put down. She parted with the company and obtained her own authority. “I’m proud I got my WOSB certificate and am now running my own company, under my own authority,” she said. “We specialize in power only LTL 48 states.” Aldijana has now been in the trucking industry for nearly a decade. Her goal is to empower other women and make sure they know that they can do anything, regardless of what others say.
American Pride on display at this year’s National Wreaths Across America Day events
More than 2.4 million sponsored Veterans’ Wreaths were placed by volunteers at 3,136 participating locations across the Country National Wreaths Across America Day took place today at 3,136 participating locations across the country. Our nation’s heroes were remembered as each name was said aloud and honored as over 525 truckloads of wreaths were delivered – representing 390 different carriers – and over two million volunteers, a third of whom were children, helped place more than 2.4 million veterans’ wreaths on headstones of our fallen across the country. At Arlington National Cemetery specifically, the Wreaths Across America program saw 66 tractor-trailers deliver over 250,000 veterans’ wreaths that were placed by nearly 38,000 volunteers. This was the 30th year that veterans’ wreaths have been placed there, a tradition started by Maine wreath maker Morrill Worcester as a gift of thanks. Morrill once again made the trek to Arlington this year to place wreaths as he has each December since 1992. “When I brought down those 5,000 wreaths that the first year, I just thought it was a way for me to say thank you, for what we have in this Country,” said Worcester, Founder of Wreaths Across America. “I could have never imagined it would strike a chord like it has and make such an impact. Me and my family continued to be humbled by the support this program receives across the country.” Wreaths Across America would like to thank the communities, dedicated volunteers, generous sponsors, essential truck drivers, local officials, and our friends in the media for coming together in unity and support for those who have protected our freedom. Each person has played an important part in the mission to Remember the fallen, Honor those that serve and their families, and Teach the next generation the value of freedom. Each live, balsam veteran’s wreath was a gift of respect and appreciation, sponsored by an individual or organization and placed on a headstone by volunteers as a small gesture of gratitude for the freedoms Americans enjoy. For centuries, fresh evergreens have been used as a symbol of honor and have served as a living tribute renewed annually. Wreaths Across America believes the tradition represents a living memorial that honors veterans, active-duty military, and their families. When each wreath is placed the servicemember’s name is said out loud, ensuring their memory lives on. Next year’s National Wreaths Across America Day will be held on Saturday, Dec. 17, 2022.
Reframing your business value–Discover the hidden value in your organization
As your business matures and grows, you may start to think about how you plan on moving towards a significant end goal: selling your company. Whether you are in products or services, every business has to decide on an exit strategy. Will you sell your business to a family member so the business can continue to grow? Will you bring in investment capital to expand? Will you sell to a competitor as part of a merger and acquisition? Or will you someday simply close the shutters and turn off the lights? Many companies will only look at the revenue goals and inventory or client list. There is a misconception that only companies with inventory are worth purchasing. There is an even broader misconception that, if you are in the services industry and do not have a tangible asset, you do not have something worth buying. Regardless of whether your company sells widgets or ideas, you may already have business value – you just have not yet recognized it as having worth. Regardless of your current situation, here are ways to reframe how you see your business value. Processes make your company efficient: A scientific process, with documentation that can be accurately followed, is a repeatable process. Processes that are repeatable, and allow a company to achieve consistent results, take the guesswork out of efficiency and growth. When you have a formula, you can take out a chance and become more effective at repeating the formula for success. There are things you most likely do for your company every day that you consider SOP and obvious. For most new entrepreneurs, some of these pieces of common knowledge are not always so common. No matter how small the process, take the time to set up a process document that catalogs what you do, how you measure it, and what your standard results are. When it comes to value, having a proprietary process that demonstrates easy repeatability is gold for a potential buyer. Contacts make your company known: If you go beyond sales and revenue in your company, the next best source of income and business is your company contacts. By having a large pool of contacts (different from purchased lists), you have a community of individuals who know and respect you as well as your company. This list goes beyond a B2B engagement. Each individual can provide introductions, be a champion for work, and give your organization a foot in the door of a potential client. Many companies forget their community and the way in which those contacts within their business provide assistance, new project work, and reputation building every day for those companies. The contacts can bring in consistent sales through referrals. These contacts become champions for your company’s growth, and growth equates to revenue. Increased revenue is a clear value-add. Talent makes your company resource-rich: Whether you have employees, subcontractors, or freelancers, that talent pool of team members can go through a rubric and be evaluated at the end of each project to make sure they are bringing value to your company and your clients. Companies today can also leverage talent across the globe so that your team members can include some of the best and brightest minds from anywhere they currently are located. You may need reminders that if you want to see value in that talent pool, you have to remove yourself from that pool. Your job, on top of running day-to-day operations, is to grow your company and bring in amazing talent to do the work. This is the hardest idea to implement, but the real value lies in the team you build to serve your clients. Leadership makes your company progress: One of the ways a member of the executive team can increase the company’s value is by being a thought leader and expert in their respective industry. A leadership role can be demonstrated in different ways, including providing expert advice, mentorship of up-and-coming individuals, teaching or lecturing at an industry event, and volunteering for a board position with an industry panel or association. For example, are there voluntary board positions in your industry associations or in universities in your area where you can help mentor and guide the next group of professionals entering the industry? This experience of working with rising talent will help you become a better leader and more in tune with emerging issues. Leaders can also prompt discussions around these issues, leading to the industry doing better in the long run. Take stock in the non-monetary value that you already have put into your company. Your organization is more than just your bottom line – it includes intangible assets that have made your company what it is today. All the experience and relationships you bring to the equation are unique to you and your company, and more valuable than you may think. About the Author: Lisa Apolinski is an international speaker, digital strategist, author, and founder of 3 Dog Write. She works with companies to develop and share their message using digital assets. Her latest book, Persuade With A Digital Content Story, is available on Amazon. For information on her agency’s digital services visit www.3DogWrite.com.