Setting Goals and Sticking to Them

It's January and many of us are diving into our resolutions with a passionate cry that this year I will stick with my goals! Wait -- didn’t we say that last year….and the year before that? Sticking to new goals is a challenge. Here are some ways to set appropriate goals and successfully accomplish them.

 

Define the Goals
- Create a clear definition of what your goal is.

- Be clear on the “why” of the goal which is your motivation.

- If you have more than one goal, group them into categories
- Tackling too many goals is a recipe for failure. Stick to a few key goals.

 

The Road Map

- A critical step is defining the how-to with monthly, daily, weekly steps.

- Put each step on a calendar to keep it top of mind and direct a clear path.

 

Evaluation – Practice not Perfection

- Put check-ins on the calendar to review progress

- Reviewing will drive more meaning to the goal and redirect efforts if needed.

- Each quarter ask questions such as - is the goal still relevant, how would you grade your progress, can you do other things to improve?

Celebrate the Wins

- Encouragement along the way keeps you engaged to accomplish your goals.

- Changing isn’t all or nothing. Celebrate victories with small rewards.

  

Example Goals

• Business Goal:
  Define - grow sales by 5%
  Motivation - a more profitable business
  Map - create monthly retail sales promotion with help of sales team
  Evaluation - monthly review of sales results,what worked what didn't
  Celebration - quarterly catered lunch, bonus at year end if achieve goal
• Health Goal:
  Define - Reach my goal weight of 150 lbs
  Motivation - a healthier me to be active and live longer
  Map - sign up and calendar an exercise class and attend 3 days a week
  Evaluation - monthly weigh in and review of efforts
  Celebration - quarterly get new shoes, year end a full spa day

Remember that life is about the journey. You will learn, you will fall, and you will grow– with focused intention, a plan, and self awareness you can stick with those goals and make them happen!

End of the Year Budgets

The year is quickly speeding to a close.  Many buyers have budget they want to use up before the year end. Here are some tips to maximize your remaining budget before the new year ball drops!

Most Purchased Items
Take inventory of items purchased the most frequently. Can you stock up and obtain a bigger volume discount? Keep in mind the needed product storage or your distribution center warehouse space.  Review with your teams anticipated usage that might impact the need for higher or lower quantities.  If you can afford to hold the inventory, it might be worth the savings for a bulk price and freight to buy now.

Highest Spend Products
Are there products that are a big hit to your budget? If it is something you purchase every year, evaluate if your current excess budget might cover it now.  This will keep the expense off the books next year and allow funds to be used for other items.

Vendor Closeout Savings
Keep your eye out for vendor promotions or special offers.  Many suppliers want to get products off their books and are slashing prices.  Keys to success are to evaluate if you need the products and if the savings is truly a value. Evaluate price per unit, carrying costs, install expenses and all the incidentals. Once you crunch the numbers you might score some great deals.

Negotiate Terms
Many suppliers are willing to negotiate for bigger ticket purchases. Discuss more favorable terms or spreading out payments. This can help with cash flow is tight. Vendors are happy to record the sale before the close the year and typically are willing to work with you.  Another option is to work closely with your Controller. Many companies want to part with cash before year end for tax purposes.  Ask your vendors for pre-payment discountsby pre-paying up front. You shave off some cost and enjoy the tax break.

The New Year will be here before you know it. Don't delay. Now is the time to use those budget wisely!

Small Business Stress Buster Tips

Stress is a normal part of each day. As manager or buying agent you're burden with the accountability of the buck stops here. You likely feel elevated levels of stress during the holiday busy season. Here are some tips to keep your stress in check to survive, thrive, and enjoy the season!

Set Priorities
Shooting from the hip can create chaos because your team has no defined course of action. Having a plan is half the battle. Set yearly- quarterly-monthly-weekly-daily goals. This allows you to break down your goals into smaller pieces and work through them on a manageable level. Start each day by reviewing your priority list. This keeps you on schedule and you know you are covering your bases.

Re-evaluate Results and Goals
Don’t set it and forget it. Check in with how you are tracking towards your goals. Did something change where your goals or tactics need to be reconsidered? Maybe your buying contract didn't pan out to the savings you needed or your medical supply shipment didn't arrive. Be prepared to come up with plan B such as a back up vendor source or re-evaluate your analysis for additional savings. Revisiting goals will nip concerns in the bud before they become bigger stressors.

Uncover the Root Cause
Stress can cause us to overact to challenging situations or be upset at the messenger. Remember to take a deep breath and attempt to get at the heart of the matter as quickly as possible. What caused the effort to fail – billing error, shipment issue, patient usage estimate was off, or was it a staffing issue? Try to put the issue in perspective with the big picture of your business. Attempting to stay calm and look objectively at events can steer you to the right solution faster.

Teamwork
You are not alone. Your staff or co-workers are there to support you and make the business a success. Train them well and empower them to take on more responsibilities. Reach out to them when your to-do list is overwhelming. Letting go of your internal control-freak can be the best thing for your stress level and helps your staff grow.

Get a Life
You need a life beyond your business. When you leave for the day check out of business mode. Enjoy your family, friends, hobbies, and outside interests not related to your work. Decompress and let your mind enjoy other topics. This refreshes your body and soul to tackle the next business day ahead.

Stress is an unavoidable part of life, but with a little pre-planning and getting down to the root causes of challenges you can overcome stress and drive your business to success. A little chocolate can always help too!

The Personal Touch

Technology creates efficiency, streamlines operations, and makes our jobs easier. However there can be a draw back to all this digital communication. We often lose the interpersonal communication that drives a deeper understanding of others. Consciously utilizing a more personal approach can build better relationships with your coworkers and business partners. 

Why are stronger relationships important?  Businesses need coworkers and partners to work closely together to succeed. We all inevitability need a favor or extra effort to make goals reality.  Tapping our strong relationships, we can pull off these magical business feats and both savor the success!

Here are some easy ways to add the personal touch to your communication.

Handwritten Notes
Written notes are memorable.  Did you get help on securing that new buying contract? Did a coworker work overtime to finish up that demanded report? Pop a handwritten thank you note in the mail or place it on their desk. You will be amazed how much people appreciate the small gesture and it takes mere moments to do.

Phone Call
Instead of sending your 100th email today, why not pick up the phone and have a conversation with your business partner. Pepper the call with personal questions about their family, holiday plans, or their weekend.  A call might take more time than firing off an email, but can have a lasting impact on your relationship. Strategically target a few a day with your key partners or with coworkers. Much more might be accomplished in a quick call and you are building rapport.

Voicemail
Instead of the same blah-blah message, make yours more memorable.  Change it up each day or each week. Match your personality such as a quote of the day, or the latest sports score, or what the weather is like where you are at.  Keep it short but a bit difference than the rest.  You might find people are disappointed to get you on the phone because they are dying to know what you said on your message!  This is all about adding your personality to your work.

Think of ways you can be memorable and take a more personal approach to your communication. Building stronger relationships will help you succeed - and have a bit more fun along the way!

Vetting your Vendors

If your a medical or purchasing buyer, you likely are swimming in a sea of potential vendors.  From cold calls to contracts you are inundated with choices.  How do you make the right choice?  Having a solid vendor vetting solution is the answer!

Source
Did you find this potential vendor off a quick google search? Did your networking pal pass you the source, or were they referred to you by one of your buying contracts?  Evaluate the validity of your source and weight appropriately.  If you simply took a cold call, they might be reputable but more research is need.  If you have approved contracting partners pre-vetting suppliers for quality and savings, there is a higher probability you are have a proven partner.

Market Understanding
Consider the track record of your provider. If they are new kid on the block, will they be able to consistency meet your needs? History in the complicated healthcare supply chain is needed to navigate effectively and efficiently. A strong grasp of market forces, an understanding of your customer needs, and experience in making it happen are a requirement to score the right vendor.

Firm Guidelines
Both partners should clearly state expectations. Set firm product pricing, deadlines, and product/service standards. Define penalties for non-compliance. A crystal clear agreement leaves no room for ambiguity and drives a successful business relationship.

Cost - Benefit Analysis
Create a cost-benefit analysis that aligns to your organization's needs, goals, and company vision.  Are your goals to provide a certain percentage of business to a particular buying contract? Is your mission to cut cost to a certain level or do you need drive a targeted percentage of diversity business? Craft a list of desired benefits and associated costs.  Don't be afraid to ask a vendor for a value-analysis.  Most suppliers are willing to provde this free of charge in order to earn your business. Weight your most important objectives first and evaluate.

Feel confident you are making the right vendor selection by creating a vetting process.  Have other vetting tips? Please share below! Happy Vetting!

Supply Chain Success

Maximizing success is top of mind for most supply chain managers. Ideas on how to-do something more efficient or reduce costs constantly bombarding our days.  Supply Chain excellence is never something one can check off the list as done, however there are some tips to keep continuously improving! 

Build Relationships

In today’s digital world we get lost in a sea of emails and voice mails, but if we are honest with ourselves it all driven by people.  Get outside the email and meet them in person. Take time out to build relationships with your partners by having a quick cup of coffee or grab lunch.  We all need to call in favors at one time or another. Having personal relationships goes a long way in finding the magic answer in a time of need. Also networking will provide you with access to new resources and ideas that will improve your performance.

Get Dirty

Step away from the computer and get to know your team.  The front lines can be a wealth of information that can help you do your job better.  Are there things happened day to day that you can make a simple change to save time or avoid errors? Seeing aspects of your objectives through the eyes of others allows you to see things different and drive new solutions.

Cross Functional Projects

Partner with other departments on projects.  Connecting with others in the organization will allow you to see things from their perspective and expeience their department culture. This will improve our inter-department communication ultimiately driving better results, improved efficiency, and an overall better working experience for all parties.

Time Zone Management

This is an easily forgotten piece to planning success. By managing time zones with your work load and meeting vendors on their best targeted times will maximize your deliverables and make the most of your work day. We all keep getting busier so make the most of every moment.

 Have more tips for driving supply chain success?  Please share your comments below.  

 

Breast Cancer Awareness Promotions

Oct is Breast Cancer Awareness Month. The dog days of summer are the perfect time to start thinking pink! Take advantage of the slower time to plot out your support. Here are three easy P’s to create your perfect pink ribbon promotions!

Plan
Decide if you want to align your promotions to a charity such as the Susan Komen Foundation. A popular idea is to promote a donation drive. Offer awareness band bracelets for every donation received. You can print off pink ribbons and for each patient that donations, have them sign your name to the ribbon. Hang these ribbons around your location and watch the chain grow! Another idea is to present a potion of sales to the designated charity. You could also host a VIP after hours party complete with goodie bags with discounts for all who donate. Calendar when you will start the promotion and when it will end. Create a goal for donations and an advertising plan to get the word out and keep the support coming.

Prep

Coordinate additional support with your partners. Get staff involved in the planning process and implementation. Work with your suppliers, network partners, and neighboring businesses to ask for their participation in co-sponsored promotions or events. Order any supplies you need such as the awareness bands, signage, or postcards. Have a marked up calendar of who is doing what when and send it to everyone involved. This sets clear expectations and keeps everyone on the same page.

Promote

Get the word out about your promotion early and often. Broadcast you event via social media, emails, signage, a postcard mailer, your website, staff and clients. Keep up the momentum by announcing weekly updates of your goal target and the biggest contributors. Keeping a high level of excitement and awareness will drive engagement. Finally communicate the success and thank everyone who has supported your effort. Handwritten thank you notes, shout outs on your digital media, and on location signage are excellent ways to show appreciation for those who supported your cause. Don't forget to send some local PR following the event to local news outlets. Share the good deeds.

Have other successful promotion ideas, please share below. Think pink and support a great cause while growing your business!