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Using a Team Meeting System for an Electrical Distributor
This week I will be writing about using a Team Meeting System. This is a disciplined rhythm of recurring team meetings focused on goal-setting, alignment, reporting, and accountability that occur on an annual, quarterly, monthly, weekly, and daily basis.
I have been writing about some of my hero clients and how we are achieving significant results. We have 36 Coaching Modules, which are areas within your business under the categories of growth, profits and freedom. So, when we improve your performance, your business will run better.
Randy’s Electrical Distribution Company
Randy is our business hero of the week. He was referred to me by another client. When he got in touch, he had experienced a theft in his business that cost him more than $100,000. Randy is near retirement and we are working to prepare his business for new leadership.
Coaching Modules For Randy’s Electrical Distribution Company
As we began working on his business, we recognized the need for several of our Coaching Modules. These included a Strategic Plan, Key Performance Indicators, a Break-Even Plan, a Comprehensive Exit Strategy and a Team Meeting System. We focused on the need to improve Randy’s gross margin which was below industry norms.
There are two ways to increase your gross margins: 1. Increase your profit on your products or services and/or 2. Decrease the cost of your products and services.
The Implementation Of The Team Meeting Rhythm
In Randy’s business, there were some employees who had great ideas about how to buy inventory low and sell it for a higher profit. So, we wanted to increase teamwork and information share within the team. After developing Randy’s Strategic Plan we met with the team to share the direction of the business and to get team buy-in. Then we decided to put in place a Team Meeting Rhythm with his team.
Results For Randy’s Electrical Distribution Company
As Randy met with his team they began to brainstorm on ways to improve profits. This new focus improved morale and they were able to celebrate a number of successes. The result was almost immediate; his margins began to increase month over month. At this point, their gross profits have increased more than $100,000 per year.
“Alan Melton as helped me see and discuss things that I wouldn’t see otherwise. We have set goals to improve profitability and productivity. Alan helped us with our team concept including communications and regular meetings. The areas that you have helped us implement have improved our Gross Margins by more than 2.5%.”
Congratulations Randy for implementing a Team Meeting System and for seeing your business and employees prosper! You are a true business hero and an inspiration to us. You can view a bus company using a break-even plan here.