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The Challenge of the Diverse Supplier

The Challenge of the Diverse Supplier. Building the Capacity to Succeed. Presented by: Melvin Gravely, Ph.D. Institute for Entrepreneurial Thinking, Ltd. www.entrethinking.com . The Big Question We Should Never Assume. Do you really want to compete at the next level?.

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The Challenge of the Diverse Supplier

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  1. The Challenge of the Diverse Supplier Building the Capacity to Succeed Presented by: Melvin Gravely, Ph.D. Institute for Entrepreneurial Thinking, Ltd. www.entrethinking.com

  2. The Big QuestionWe Should Never Assume Do you really want to compete at the next level?

  3. The Relevant Truth…It Has Always Been True But Even More Now Businesses must earn their right to go to the next level!

  4. The Three Eras 1 2 3

  5. The Nature of CompetitivenessThresholds To Compete Thriving Competitiveness Existing Unsustainable

  6. The Changing Value ExpectationWhat It Takes To Be Competitive Me Only Me Special Me Too Someday Me Too Time & Value

  7. Exercise How are you positioned? How do you know? What could improve your position?

  8. Know Where You Are Competing In a New EraFive Key Attributes! Know Where You Are

  9. To Thine Own Self…

  10. Where Are you Now?A Self Assessment 1 5 Business Strategy 1 5 Consistency & Predictability 1 5 Ability to Win Non-DBE Contracts 1 5 Financial Strength

  11. Where Are You Now?A Self Assessment 1 5 Supplier Relationships 1 5 Image & Reputation 1 5 Product or Services Quality 1 5 Marketing & Sales

  12. Competing At The Next Level?Where Are You Now? • Do you know the answers? • Do you like the answers? • Do you know what to do with the answers? • Do you “know” what others would say?

  13. Helpful ToolsTo Know Where You Are • www.GetTheNextLevel.com • www.NMSDC.com (BiZFit)

  14. Focus On Strategy Focus On Strategy Know Where You Are

  15. What We Say We Need Most? Is that Really What We Need Most? ? What we have What we want & Contracts Capital

  16. What Do We Really Need Most? A business that can getcontracts and attractcapital!

  17. What Do We Really Need Most? What we have What we want Contracts Capital Strong Strategy Profit Growth Wealth

  18. What does strategy get you? • Allows you to win customers • Enables you to profitablydeliver on promise • Positions you to profitablygrow the business • Creates “repeatability” leading to wealth

  19. Core Strategy Questions • How do we compete? • Cheaper or better • Position with competitors • Where do we compete? • What customers? • What venues? • What means? (i.e. bid, negotiate, quote)

  20. Core Strategy Questions • How do we consistently deliver on promise? • Process, partners, suppliers • What must we improve? • How do we make money? • Service, equipment • Man hours?, cost plus?, lump sum? • Volume? • How do we plan to grow? • New markets • New customers • New products • More w/existing

  21. Contracts & CapitalThe truth is… A means to get what you really want! Profit Wealth Growth

  22. Build The Right Capacity Build The Right Capacity Focus On Strategy Know Where You Are

  23. The Capacity to SucceedThe Capacity You Really Want!

  24. Building The Right CapacityTwo Types of Investments • Horizontal Investments • Easy to see direct benefit • Time to ROI is close • Familiar/confident with benefits • Vertical Investments • Not a direct benefit • Time to ROI is long-term • “Believe” there are benefits but….

  25. The Evolution “Curve”What Investments Make Sense? Third Second First

  26. The Business Evolution “Curve” Third What does it take to evolve? An Investment Leap Second First

  27. Building The Right Capacity Every investment is some type of “leap” of belief! • Horizontal Investments • Vertical Investments

  28. The ROI of The Right Capacity • Stronger competitive position • More business • Impact on stakeholders • Less volatility • Income and wealth • Quality of life • Survival???

  29. Building The Right CapacityWhat Stops a Business From Investing? • Unwilling to invest • Not wanting the benefits….enough • Satisfied with current position • See no need to change • Caught in the cycle of what it’s like today • Therefore “can’t” invest

  30. Head-To-Head? Ability to go Head-to-Head Build The Right Capacity Focus On Strategy Know Where You Are

  31. Does Talent Matter?Really… • Experience? • Track record? • Capabilities? • Judgment? • Expertise/Knowledge? • Work habits? • Productivity?

  32. Talent Matters Even More to You • Brand • Perception • Less margin for error • Larger % of your total • Competitive Advantage…. • Really?

  33. Competitive Advantage ? Execution! 80% is talent driven Not what you do but howyou do it!

  34. Talent Has A Direct Correlation • How much gets done • How well it gets done • How much it cost to get it done • Waste • Management intervention • Customer satisfaction • Equipment damage • Safety • Turnover

  35. Do We Hire the “Best” Talent? If Not, Why Not? • We don’t think they would work for us • Loyalty to family and friends • We don’t think we can afford the best • The cost of the best • We don’t think about the best

  36. Which Roles Matter Most? • Knowledge/Expertise • Experience • Judgment • Management • Leadership

  37. It Cost More Than You Think • Direct Cost • Compensation (salary, hourly, benefits, etc.) • Cost to fix errors • Cost to manage • Lost productivity (turnover, etc.) • Hidden Cost • Customer satisfaction • Lost business • Inability to hire top talent

  38. How Much Better……must they need to be? $40/hour $20/hour $83,200/yr $41,600/yr ?

  39. Do We Hire the “Best” Talent? If Not, Why Not? __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________

  40. What Do We Do? • HR 101- Develop and follow your hiring process • Define the roles where “Best” talent is needed • Objectively review the capabilities of the people in the role • Based on well developed description • Create a priority list of talent and roles • Decide where you want to take action

  41. Competing In a New EraWhat Will It Take? Ability to go Head-to-Head Build The Right Capacity Focus On Strategy Know Where You Are

  42. Helpful Websites • www.GetTheNextLevel.com • www.CompetitiveBiz.com • www.ColorOfOpportunity.com • www.EntreThinking.com

  43. The Question For Diverse FirmsIf you are committed to your own success… What would you be doing if you were not a diverse firm?

  44. Four Book Series… www.ColorOfOpportunity.com

  45. The Challenge of the Diverse Supplier Building the Capacity to Succeed Presented by: Melvin Gravely, Ph.D. Institute for Entrepreneurial Thinking, Ltd. www.entrethinking.com

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