WE NEED A CULTURE SHIFT
As Mike and I continue to talk about the gaps we are seeing in the machine trades, we notice one thing that is very standard, the need for more qualified personnel. Most people we talk to are looking to add a Milling specialist, a Lathe specialist, a Wire EDM specialist, a Programmer, a Manufacturing Engineer, a Quality Engineer… The list goes on an on.
As Mike and I look over the last year we think of how thankful we are for all this is going on in the machining industry right now. Even in a time where we have to work against another COVID variant and whatever social tension may come our way there is so much to be thankful for. We have seen record amounts of job availability in the market, a larger number of projects being awarded from large customers along with more company owners focusing on building strong cultures. This mixed with a ton of enjoyment working with many owners has us really encouraged about what is to come in 2022.
I was sitting on the tarmac in Atlanta when I saw the following words appear on the little television screen of the fellow traveler cross the aisle – “how far you go depends upon how far you go”. I was so struck by these words that I had to write them down and share them with you, the NTMA family.
Let’s begin by acknowledging the tremendous amount of risk that is associated with starting a new business or purchasing an existing business. Virtually anyone that you come in contact with on a daily basis has an idea for a new business. Very few people, however, have the resolve to actually pursue their idea(s), particularly if they are already gainfully employed. A willingness to accept the reality that you wake up every morning unemployed is the first in a long list of risk factors that make entrepreneurs special. out fifteen years ago I heard a great definition for leadership that went something like this; “a leader is someone that articulates a vision of the future that is so compelling that others follow despite their current circumstances.”
About fifteen years ago I heard a great definition for leadership that went something like this; “a leader is someone that articulates a vision of the future that is so compelling that others follow despite their current circumstances.”
There is a truth regarding talent that is so significant that it is lost on many. Part one of the truth is this – “no single company can hope to address the lack of skilled machinist in America”.
This is a definition right out of a dictionary. From our vantage point, profit is so much more – it is the reward that one should expect for taking on an entrepreneurial risk. The business owner should expect to generate a profit each and every month; otherwise, the enormous risk associated with spending money on labor, materials, tooling, 3rd party processes and overhead is simply not worth it.
“Culture eats strategy for breakfast is a phrase originated by Peter Drucker and made famous by Mark Fields, President at Ford. But if culture is such a big deal, it would help if someone were to define it for the masses.
There are many coaches and mentors available to small-to-medium business (SMB) owners that have owned, worked in, engaged with and/or analyzed tens of hundreds of businesses. As a result of their “travels” most would feel safe in stating that (there is a very high likelihood) that if you own a machine shop it is probably a gold mine.
Let us open with something that we are all experiencing and therefore can agree upon – it is easier to get a new client than it is to find a good employee!
What would you do with the extra money if you were able to double the bottom-line profits of your company? You should take a minute to visualize what that might look like. Would you put more into savings for retirement? Would you put more into a college savings account? Would you purchase a vacation home? What would you do with the extra money?
It is probably appropriate at this point to share a very important message from our company.
My partner Dave and I are two very different people –
Let’s begin by acknowledging the tremendous amount of risk that is associated with starting a new business or purchasing an existing business. Virtually anyone that you come in contact with on a daily basis has an idea for a new business.
At EBITDA Growth Systems, our brand promise is that we will double your profits in three years, or we will return your fees.
The only reason that we can make such a bold guarantee is that for decades we have known and experienced the power of goal setting.