TERRE HAUTE —
Economic indicators say that the economy is on an upswing, but has your business seen any improvement yet? Do you think your business should be more flexible? The best person to know your business is you. Have you recently analyzed your company to determine potential areas of weakness? To use a gym metaphor, maybe some aspects of your business are flabby and need toning!
Although you may not change your key company aspects monthly, they still need to be evaluated and tweaked on a regular basis and typically this is in conjunction with the company’s business cycle.
As you review your company’s history and also the direction in which you would like your company to go, you may find it difficult to see how to make your company more flexible. This is where I would recommend researching similar companies as yours and how they embrace flexibility. Also consider looking at completely different companies as well.
Often you may learn of new and innovative practices that will not only make your company flexible but will also provide it a bit of a competitive advantage.
For example, companies will often have the following objectives:
• Improve EBITDA by 20 percent over the next two years;
• Achieve compounded double-digit revenue growth each year for the next five years;
• Introduce 5 new products to the market next year.
In addition, they also go back to the basics …
• Reaffirm and recommit to the purpose: Assure that the organization’s purpose — including mission and vision — is absolutely clear. Obtain commitment to the purpose at all levels and develop objectives that support its achievement;
• Clarify and commit to the values: Define the company’s DNA and assure that the hiring process includes some type of assessment to assure candidates possess the desired values.
It is important to understand that, regardless of how successful an individual appears to be performing — if he or she does not follow the same values as the rest of the organization, damage will occur;
• Align focus on the customer: In relation to the purpose, assure that everything the organization does is focused on the customer. As Gene Perkins, retired Group Vice President-Flow Products at Emerson Electric Company once said to his management team, “if we’re not thinking about the customer first in everything we do, we might as well fold up our tents and go home;”
• Increase understanding of the system: Especially at the management level, people must understand the company’s overall system (i.e., how the company serves the customer) and work to continually improve how materials and information flow through the system. Managers must be company-focused rather than functionally-focused;”
• Align measures and rewards with direction: Once the direction and focus has been established, make absolutely sure that there is close alignment between them and the reward systems in the organization. Be continually on the lookout for rewards that may encourage undesirable behavior. (Courtesy of corporatedeathspiral. blogspot.com/)
You might be asking, “What can all this do for me? Why should I do it?” Well, the answer is two fold. First, you will find that voluntary turnover in the workplace will decrease. More than 90 percent of all employers have some time of workplace flexibility set up. It has a stronger impact on employees’ motivation, job satisfaction, and engagement.
In addition, it also builds a stronger core culture in the workplace. And second, flexibility in the company inspires commitment from your customers and will potentially drive you further in the market to obtain more of the share.
Heather Penney is the regional director for Indiana State University’s Indiana Small Business Development Center.
Business
HEATHER PENNEY: Is it time for your business to be more flexible?
- Business
-
-
Naysayers should treat good news as good news
I like to complain as much as anybody else. In truth, I may do more than my share of finding fault and wagging a finger in warning. Nonetheless, I’m tired of commentators (including many economists) who find nothing good and only the darkest clouds for the past few months.
-
All mothers appreciate extra help
Think of all the times and ways that your mom has helped you over the years — when you were a child, and after you became an adult. With Mother’s Day upon us, now is a good time to pay mom back with a little Extra Help — with her Medicare prescription drug costs.
-
Upcoming meetings
The Terre Haute Chamber of Commerce is hosting a health care reform seminar for businesses from 2 to 3:30 p.m. on Tuesday at Old National Insurance at 925 Wabash Ave., suite 200.
-
Indiana ranked best place to do business in Midwest
Indiana was ranked as the best place to do business in the Midwest and the fifth best nationwide in a survey of more than 500 chief executives by Chief Executive magazine.
-
First Farmers rated among top 100 community banks
First Farmers Bank & Trust of Converse was named one of the 100 top-performing community banks for 2012 by SNL Financial.
-
Newsmakers: May 12, 2013
Employer Support of the Guard and Reserve has recognized John Thompson, president of Thompson Thrift Construction, and Paul Thrift, president of Thompson Thrift Development, as “Patriotic Employers.”
-
On the Move: May 12, 2013
Stacey Joseph, a realtor in Terre Haute, has earned the Certified Residential Specialist designation by the Council of Residential Specialists, the largest not-for-profit affiliate of the National Association of Realtors.
-
Chamber lauds four with Business Recognition Awards
Congratulations to our Business Recognition Awards winners! Our Awards Luncheon at the Meadows Banquet and Conference Center was a great event to wrap up Business Recognition Week, sponsored by Union Hospital. At the Luncheon we recognized four local businesses as the 2012 Business Recognition Award winners:
-
ISU students provide detailed grocery analysis
As the National Cooperative Grocers Association makes business decisions in the coming years, the organization likely will take into account an analysis of some of its competitors – about 4,000 of them.
-
Construction firm holding grand opening in Marshall on Friday
Construction, H&H LLC is holding a grand opening and Marshall Chamber of Commerce ribbon cutting ceremony on Friday at 812 N. Second St. in Marshall, Ill.
-
AP Source: Subaru to expand Indiana plant
Subaru plans to expand its Indiana factory and add workers to build the Impreza small car in 2016, a person briefed on the matter says.
-
Transit proposals can prove to be game changers
After baseball, my favorite TV watching is the government channel. Here I can see the local government in action or local government inaction.
-
On the Move: May 5, 2013
Melissa Schollaert, RDH, HHP, has been added as a counselor of holistic health and nutrition at The Maple Center for Integrative Health.
-
ISU set to offer financial planning program in 2014
When Indiana State University junior Jennifer Groth began scheduling classes last semester, she planned them out by thinking of an academic program the university does not yet offer. Groth will be one of the inaugural students in the financial planning program that ISU will begin to offer in spring 2014.
-
Newsmaker: May 5, 2013
Gov. Mike Pence announced the appointment of Jessica Robertson to commissioner of the Indiana Department of Administration, a role she will begin on Wednesday.
-
U.S. Postal Service opens village office in Worthington
The U.S. Postal Service officially opened the 40th Village Post Office in the Greater Indiana District on Monday in Worthington.
-
How consistent is your business?
There are six areas in which consistency is critical in the majority of companies. Too often, business owners feel as they are “chasing down” rather than “leading it along.” If you can get a high level of consistency with your standards and practices, then your company will benefit.
-
Good time to try Spanish online service
Cinco de Mayo is May 5 — a time to celebrate Mexican heritage and pride. Why not join the celebration by visiting Social Security’s Spanish website, where you’ll find a number of useful services and a wealth of information in Spanish.
-
First Financial’s net income up 3 percent
First Financial Corp. has announced results for its quarter that ended March 31. The Corp.’s net income increased 3.4 percent to $7.7 million, compared to $7.4 million for the same period of 2012.
-
Curtain goes up on new theater owner
The Indiana Theatre in downtown Terre Haute is under new ownership with a new purpose.
-
Indiana Theatre SOLD!
The Indiana Theatre at 683 Ohio St. is sold.
Rob Lundstrom, who owns the Copper Bar and Louise’s, took possession of the historic downtown theatre on April 25. -
Higher education completion rates questioned
Spring is really here. Baseball is being played, the Cubs are already tragic and Faye of the Forest reappeared on the back deck. She was parked on the railing as I sat down to write this column.
-
Vectren Corp. awards $2.3 million in grants
Vectren Corp. has announced that it awarded more than $2.3 million in 2012 through the Vectren Foundation and corporate contributions.
-
Hard work, good attitude produces success
Like clockwork, Indiana State University graduate Joe Evelo regularly provides monthly updates to the first client he signed up when he started his financial investment career more than 35 years ago.
-
On the move: April 28, 2013
Old National Bank has promoted Howard Mills to vice president, mortgage loan originator.
-
Newsmakers: April 28, 2013
Lenise Kohlway of Spencer was presented with the WorkOne Achievement Award last week for overcoming several employment barriers and pursuing a better life for herself.
-
Ivy Tech offers free business counseling
The Ivy Tech Business and Entrepreneurial Services Center and the Terre Haute chapter of SCORE are offering free, confidential business counseling and low-cost high-impact training workshops to aspiring entrepreneurs and existing small business owners.
-
Social Security: Try this word puzzle challenge
In 1938 — only a couple of years after Social Security was signed into law — a depression-era, unemployed architect named Alfred Mosher Butts studied the front page of The New York Times to figure out how often each of the 26 letters was used. The result was a game he called Criss Cross Words, renamed 10 years later as Scrabble. In honor of Scrabble’s 75th anniversary, we’d like to challenge you to a word puzzle.
-
Knox/Crawford United Way seeks executive director
The United Way of Knox County, Ind., and Crawford County, Ill., is in search of a new executive director.
-
Rockville Correctional Facility wins Champion Award
The Rockville Correctional Facility was recognized as a Champion Award recipient at the Indiana State Employee Community Campaign awards ceremony in Indianapolis.
- More Business Headlines
-
Naysayers should treat good news as good news
Coffee Run Leads to Hatchet Hitchhiker Arrest
Conn. Commuter Trains Collide; 60 Go to Hospital
Raw: Driver Ejected From Truck, Over Bridge
Fmr. IRS Head Insists No Politics in Targeting
CDC: Fecal Bacteria Common in Swimming Pools
Raw: Germany Protestors Picket Barbie House
Lotto Fever Sweeps the Country
NM Mom Chases Down Child Abductor
China, Others Want What's Under the Arctic Ice
Raw: 6 Die in Russian Ship Fire
Raw: Crash Sends Car Into Fla. Pool
$1 Million in Jewels Stolen at Cannes Film Fest
One Million Evacuated As Cyclone Hits Bangladesh
Raw: Suicide Bomber Kills 2 Americans, 13 Others
Raw: Texas Gov. Flies Over Tornado Damage
Raw: Pope Frees Doves From Cage
Dying Man's Blinks Lead to Murder Conviction
Raw: Obama Sits Down With Elementary Kids
Terror Suspect Due in Court in Idaho Friday
NTSB Begins Investigation Into Conn. Train Crash
Coffee Stop Leads To Arrest Of YouTube Sensation Wanted For Murder
Bearded Dragon Reunited With Owner
Marine Reunited with Warzone Companion
Beyonce Is Pregnant!
SF baseball player overpaid $500,000 RETURNS money -- and team says KEEP IT
Dad returns from Afghanistan, surprises family during Rays' first pitch
See Jennifer Lopez's New $10m Hamptons Mansion
Woman tricked into taking abortion pill
Emma Watson Goes Pantless
IRS scandal: Republicans seek to tie Obama to agency's woes
Play of the Day: Flipping to Safety
Pregnant Kim Kardashian Squeezes Her Swollen Feet Into Stilettos
Top Videos of the Week: Angry Taco Bell Guy, Glacier Moves on House, Dog Hates Baths
Cindy Crawford Stuns At Cannes
Raw: Marines Come to Obama's Aid in the Rain
CUTE: Monkey shares lollipop with dog, then HITS pooch on head with it
Miranda Kerr Looks Sexy in a Bikini Photo Shoot
