The farm is where I learned that to keep things running at peak performance you had to listen carefully for squeaks, grinding or other out of place sounds that signaled adjustments and repairs were needed before things got worse. The same goes for business. Here’s what to do about the sounds coming from your business […]
When you’re driving a high performance car, even the sound it makes tells you everything is humming and ready for peak performance. But all cars need regular tune-ups (oil changes, tire rotations, radiator flushes, new brakes) and more often than we’d like, cars need something bigger fixed. I used to do all the work myself […]
Incremental growth and productivity are essential for businesses: incremental revenue growth, incremental cost of goods sold productivity and as a result, incremental earnings growth. Many companies have become well-oiled machines at growing incrementally. In fact, you can use the tools of continuous improvement to calculate their consistent capability (Cpk). But there will come a time […]
A recently released FMI grocery shopper trends report for 2011 quantified what most in business already knew: consumers continue to tighten their belts. With rising commodities driving food inflation and the price at the pump changing driving habits, consumers are changing the way they shop. According to the latest Technomic consumer sentiment survey, 84% of […]
The price of crude oil dropped significantly today as seen in the chart below from Business Insider. Historically, crude prices and the price at the pump are directly and tightly correlated (see below). If sustained, how long will it take to be reflected at the pump or will oil companies lag in their pricing in […]
U.S. Bureau of Labor Statistics released Q1 productivity and cost numbers today. U.S. labor productivity was up 1.6% driven by a 3.1% increase in output and a 1.4% increase in hours worked. Manufacturing sector productivity was up 6.3% driven by increases in output and hours worked of 9.7% and 3.3%, respectively. Unit labor costs in […]
Many aisles in stores are becoming a blur of products, none standing out from the others. Take a look for yourself. If you’re spending all your energy trying to figure out how to differentiate yourself on the store shelf to win the “first moment of truth”, you’re probably losing. In 2005, P&G’s A.G. Lafley introduced […]
Most businesses have been hit hard over the last few years by a very difficult economic climate. In 2007, just over 25,000 businesses filed for bankruptcy. That number soared to over 58,000 each of the last two years. In the face of difficult times for business, it’s refreshing to find opportunities for growth. The Greater […]
Getting great ideas to market is a very difficult job. Whether it’s a new product, a unique service for consumers, a better way to engage shoppers or even a simple change in the package, the path from idea to the store shelf is fraught with peril. You can read HBR’s article about Innovations Hidden Enemies […]
As commodity and other costs continue their upward trend, what can businesses do to maintain margins? Typically, they turn to pricing strategies and traditional cost reduction methods. But pricing can be a surefire way to lose consumers (and market share) and it’s becoming increasingly difficult to squeeze out productivity from traditional sources. As most business […]
