CEO, Ozburn-Hessey Logistics
Provider of global supply chain management solutions
Can you provide us with one mistake you made in business that you will never make again?
One mistake that [hopefully] our company will never make again is taking on a new piece of business that is not a fit for us, especially when the prospective client does not have a corporate culture similar to ours. When you do this, you put your reputation as a business partner on the line and, you place the client’s business at risk. If your solutions and the prospect’s needs do not closely align, it is better to part ways before entering into an agreement. We’ve learned from that mistake and have actually won new pieces of business while directing the prospective client to another supplier. That approach goes a long way in establishing trust and building a lasting business relationship.
How would you increase your income by 1% in one month?
If I knew I would have already implemented it, but generally, increases in revenue/EBITDA are achieved by managing receivables and payables more efficiently, improving labor management, and adhering to documented processes.
If you had 15 days to turn around a new company you just bought, what are the one or two most important things you would do first and second?
Wow! Fifteen days! I don’t think I would have purchased that company. But if I would have, I would first meet the people—all of them or as many as humanly possible—because people are critical to the success [or failure] of a company. I would ask what they think is working and not working for the company; in their opinions, what it would take to turn the company around and I would carefully consider each answer.
Secondly, I would look at the processes and metrics driving the company. Where they were lacking, I would implement immediately. Where they were too abundant or meaningless, I would make eliminations. Upon meeting with the people and analyzing the processes, I would develop a “quick hit” list of the four or five approaches to make an immediate impact on the business and enlist the help of the entire team to execute the plan of the entire team to execute the plan.
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