Articles Tagged with ''business management''

Given today’s rapidly changing business environment, strengthening your company’s ability to compete requires you to think about your businesses like never before.

The environment requires new levels of strategic vision and a growth mindset that prioritizes strategic planning and investment. We are all challenged every day to stay relevant and enhance our ability to compete, and this is true now more than ever.

Throughout 2022, the focus of this column will be on strengthening your network. Don’t worry, this isn’t about cybersecurity, and you won’t need an information technology degree to make the most of these articles. We are not talking about that kind of system. Instead, we’re going to cover the basic nuts and bolts of building strong networks of people within your company and with outsiders. 

Since diving into the wholesales-distribution corner if the PHCP-PVF industry, I’ve spent a lot more time thinking and learning about family-owned businesses, small-to-mid-sized businesses and all of the behind-the-scenes that goes along with building a career in one of these businesses. I’m proud to say that from learning from you all, I’m much more aware of the importance of supporting the independently-owned businesses within my community. And I don’t think I am alone in this attentiveness.

The topic of labor has been front and center for quite some time now inside and outside of this industry. But it wasn’t until the recent Thanksgiving holiday break that it really hit home as to just how bad the current situation is. While waiting for my daughter to finish a recent fitness class, I decided to run a quick errand to mail a package. While driving down this road in an industrial park setting, business after business had roadside signs looking for labor — virtually every business on this busy road.

It’s easy to rest on your laurels when things are going well. Some may not think to stretch your organization out of fear that you will get in the way of a “good thing.” Remember the old adage — “If it ain’t broke, don’t fix it.”

As a business owner, you are constantly comparing business performance not only to competition but to previous year earnings and performance. In merger and acquisition transactions, EBITDA is often used by companies to compare similar businesses in the same market. Understanding how to use EBITDA can help your overall performance and make sure you are prepared in the event of a business sale or purchase. 

Growing up, gameshows on television were a big thing. I can remember countless times eating dinner at my grandparent’s house and Wheel of Fortune being on the small television in the kitchen right in front of the table. Easy to see Pat and Vana and enjoy grandma’s cube steak at the same time.