President

President - Manufacturing

President

6%
6% profitability improvement
3 Months
3 months to profitability
90%
Returns reduced by 90%
16%
Inventory reduced by over 16%
We would not be in business today if we did not make the move to bring in an interim executive.
Company Profile
Manufacturing, Electronic Components
35 employees
Family owned
Position/Timeframe
Interim President
2-3 days/week, 6 months
Situation
Company losing money, one month away from closing
Father founded the company, current run by daughter
Concerns regarding sales organization and leadership of it
Non-performing team
No plan, goals or metrics, lack of processes
High inventory
Implementation
Established strategic plan, goals, metrics with dashboards, daily quotas and accountability
Daily meetings with follow through
Prioritized quotes and engineering
Increased margins through charging for engineering, successful price increases, better metrics for purchasing
Corrected inventory
Reorganized with 20% force reduction, removed “C” players and elevated other employees
Created daily booking thermometer to allow for 13 week budgeting

Results

  • Breakeven in 2 months, profitable by 3rd month
  • 3% loss to 3% profit in 5 months
  • Returns reduced by 90%
  • Inventory reduced by over 16%