How to find $500,000 in a dumpster:
A lucrative lesson on listening to your team: 🧵
A lucrative lesson on listening to your team: 🧵
The word "culture" has been abused.
It's become synonymous with free coffee & snacks.
But real culture is about listening & encouraging everyone to speak their mind.
My favorite part?
The winning ideas come from unexpected places.
It's become synonymous with free coffee & snacks.
But real culture is about listening & encouraging everyone to speak their mind.
My favorite part?
The winning ideas come from unexpected places.
With 800+ employees, my mentor built an impressive furniture manufacturing business.
Touring his 600k sf facility, I saw robots moving materials & machines that cost millions.
I was awe struck, but he wasn't particularly animated until the end of the tour.
Touring his 600k sf facility, I saw robots moving materials & machines that cost millions.
I was awe struck, but he wasn't particularly animated until the end of the tour.
It wasn't because of fancy machinery.
Instead, he told an incredible story about a 19-year old who saved the company $500,000...
on his FIRST DAY.
Instead, he told an incredible story about a 19-year old who saved the company $500,000...
on his FIRST DAY.
Mind blown - I needed to know more.
The simple version is:
Realizing scrap wood could be converted into a useful component, he brought the idea forward.
New ideas - on the first day?
It seemed unusual he felt comfortable enough to give feedback right away.
The simple version is:
Realizing scrap wood could be converted into a useful component, he brought the idea forward.
New ideas - on the first day?
It seemed unusual he felt comfortable enough to give feedback right away.
But during training, instructors explained:
Ideation is encouraged & rewarded.
It's foundational to the company's success.
My mentor said:
The opportunity cost of wasting the teams collective brain power is too high.
So they made it a priority & rewarded it.
Ideation is encouraged & rewarded.
It's foundational to the company's success.
My mentor said:
The opportunity cost of wasting the teams collective brain power is too high.
So they made it a priority & rewarded it.
Turning scrap into $500,000 earned the employee a nice financial reward & serious growth opportunities.
I learned a valuable lesson:
Listen to your team.
It's likely their insights hold massive value.
So, here's what I did about it:
I learned a valuable lesson:
Listen to your team.
It's likely their insights hold massive value.
So, here's what I did about it:
We identified 4 areas for improvement.
1. Pricing & revenue collection
2. Vendor management
3. Customer relations
4. Warehouse operations
All team members are asked to submit 5 ideas per month.
The best/common ideas are implemented immediately.
1. Pricing & revenue collection
2. Vendor management
3. Customer relations
4. Warehouse operations
All team members are asked to submit 5 ideas per month.
The best/common ideas are implemented immediately.
Idea owners are rewarded with gift cards, cash, or other benefits.
It's become a friendly competition that has everyone striving for continuous improvement.
Recently, we had a BIG win...
It's become a friendly competition that has everyone striving for continuous improvement.
Recently, we had a BIG win...
Warehouse ops weren't as profitable as they could be.
Until a $65k idea from a team member.
"We're providing free services that our competition charges for."
Our value prop is convenience, not price - free labor doesn't align with core values.
Until a $65k idea from a team member.
"We're providing free services that our competition charges for."
Our value prop is convenience, not price - free labor doesn't align with core values.
We immediately created pricing & implemented.
In the first 30 days, we made $4,000 in additional profit (and climbing).
Better yet, not one complaint from customers.
I was ecstatic to watch this play out in our operation, as it had for my mentor.
In the first 30 days, we made $4,000 in additional profit (and climbing).
Better yet, not one complaint from customers.
I was ecstatic to watch this play out in our operation, as it had for my mentor.
You can implement this too, here's how:
Empower employees to have the confidence & freedom to present ideas.
No matter their role.
Remove your ego in the name of improvement to be rewarded with fulfilled employees & higher profits.
Empower employees to have the confidence & freedom to present ideas.
No matter their role.
Remove your ego in the name of improvement to be rewarded with fulfilled employees & higher profits.
If you enjoyed please RT the 1st tweet, so others can find it.
Follow me @barrettoneill for content on business & growth.
Follow me @barrettoneill for content on business & growth.
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