A good banker has your best interests at heart and can be a key advisor to your business. Not only do commercial lenders provide lines of credit and short term cash flow, but they can also offer import/export cash management and protection assistance, cash for expansion and growth, and advice and counsel about a number of issues related to your business. Of course bankers can’t tell you how to run your business and they walk a fine line to keep the regulators happy, but most mid-market bankers I know are excited to help their clients in any way they can.
Rick describes a number of vendor management concepts to get the best prices on your raw material and supplies.
Depending on how strong a company’s CFO is and how much pressure there is to reach financial marks, most companies are heavily purchase-price oriented. Taking a total cost of ownership (TCO) perspective is crucial to achieving a value-adding relationship with suppliers. In many cases, the place you save the most money is not part cost.
Andy gives advice to hiring managers on the opportunity they are missing by focusing on experience rather than mindset.
I start with a story. Once upon a time there was a young couple who used to go to the beach for a walk together every Friday morning before they made their way to work . . .
. . . Early one morning after a big storm had passed they were walking along the shoreline and found a vast beach littered with starfish as far as the eye could see, stretching in both directions.