In today’s work session I saw that the client has used his road trips (due to the resignation of a route driver and the corresponding challenge in finding new employees in a timely fashion) to think back about his dual strategy of investing in “in-house manufacturing” vs. investing in “service expansion through a second location”. He is putting his business model into practice.
Here are some of his thoughts:
All entrepreneurs would be familiar with this scenario. A route driver quits and there is no replacement available on short notice. “Tomorrow” you have to deliver and pick up on a route that will cover 800 miles over 48 hours. Who can do it?
Answer: Guess who? The boss can do it. At least he is the only one who can be spared and he “must” do it. It’s a command performance. It’s not optional. It happens more frequently than we think.
So, he grabs the keys to the truck, throws his overnight bag into the truck, loads up the deliveries, gets his route chart out and hits the road.
This is exactly what happened. My client lost a route driver and now is taking this one route every week until he can hire a replacement. With the shortage of workers out there, this may take longer than he wants.
The Catholic CEO recently held a workshop for people who have lost their jobs, or may soon lose their jobs, for conscience reasons.
The workshop had 3 tracks.
1. Stay and Fight -The speaker was John Carpay, president and founder of the Justice Centre for Constitutional Freedoms in Calgary, Alberta, Canada.
2. Find a New Job
At this meeting, which took place just before Christmas I asked the client two questions:
Question #1: MAIN HIGHLIGHTS OF 2021
My summary is that he has continued to invest in cash flow from the core service business by adding a new location and upgrading/refurbishing of the main equipment pool, while at the same time making a calculated move into manufacturing his own line of tooling.
Question #2: MAIN PRIORITIES FOR 2022
Catholic Business Principle 1: Truth vs. Profit
Catholic business owners need to think about the truth of every word and action of the business. This is not relativism, or "my truth," but it is THE truth. Your words and actions in business must be true. A Catholic business owner, or employee, can not sacrifice truth for profit. By profit, we mean wealth, competitive advantage, pricing, profit, etc.
Catholic Business Principle 2: Integrity vs. Profit
Integrity is related to truth, but slightly different. It is that every word and action of the business are consistent with each other. How you make, design, market, guarantee your product or service must be reliable, honest, and stable. People, customers, and employees alike, must be able to count on you doing what you say you will do. It is...
This week the client has developed the real estate bug!
Is this good?
Normally I’d say not because it introduces a new specialty knowledge requirement and can take an entrepreneur off focus. But in this case it’s good. Here’s why:
Here are a few ideas on how we can treat people, rooted in the Catholic faith, inside and outside of our business. These points are about pricing regarding our competitors and the benefits of working for a Catholic business.
How to price your products as a Catholic business:
We hit a goldmine! I heard some classic observations “from the heart” from my client – after years of struggle and toil. It was amazing!
Our weekly meeting started with an update as usual. It’s a bit slower now because it’s that unique period between Thanksgiving and Christmas – where some customers hurry up and place an order because they need to clear their expenditure budget before the end of the calendar year and still others take it easy and hold off until the turn of the year.
So, I heard that things are a bit slower. I heard that my client found an old building with about four or maybe five extensions added from the 1940s all the way to just a few years ago. The building could be purchased for about half the cost of the new building – but upon reflection it has some negatives like pillars and posts interspersed throughout the floor plan – although it is all on a single level! Even with some renovations and the...