The value of good advice

There’s an old proverb that says, “Good advice is beyond all price.” This might be true, but people generally tend to ignore advice, at least the unsolicited kind. For business owners and entrepreneurs, the reason is simple: they’re too busy working. Overwhelm and multi-tasking means there’s little time for heeding new information outside of day-to-day operations.

However, growth is highly dependent on taking innovative steps and integrating new insights — which often come from good advice. A 2021 survey from McKinsey Global Survey found that the more transformation actions a company takes, the greater its chances for success.

It states: “Transformation success relies on a comprehensive approach and is more likely to be achieved when companies take a greater number of actions.” In other words, the more open a company is to learning and incorporating new skills, technologies, and ways of doing business, the more likely it is to last.

Flexibility and innovation are also critical to survival in challenging times, which every business likely experienced over the last few years and may again, given the ongoing supply-chain delays and a potential recession ahead.

Jennifer Sturm, COO of Empire Bolt, writes wisely on page 44, “Successfully working in the fastener industry entails ongoing learning — even for experts in the fi eld.” In business (and life), to stop learning is to halt growth.

It seems seeking out good advice and putting it into practice is often worth the price. In support of this initiative, here are just a few of the nuggets of wisdom found inside the pages of this publication:

“Advanced companies want to work with other well-run organizations,” says Lonni Kieffer of SmartCert (page 54). Obvious advice, perhaps, but how many outdated processes does your company still run on? The digital era is here, and digitalization ensures a traceable supply chain, saving time and long-term costs that are better spent on further improving your business.

“The price point also matters,” says Brad Klippstein with Bosch Rexroth. “End users require cost-effective measures that meet budgets and readily support manufacturing orders.” (Learn more on page 34).

“The fastener industry is interfaced with many different sectors, where the right product delivered on time is critical,” shares Rob LaPointe of AIM Testing Laboratory (see page 56). “It’s worth the effort and expense to ensure that your industry contribution is received without issue.”

So, how does one ensure an efficient and effective contribution to the fastener industry? Sometimes it takes heeding advice from those companies already earning success and respect. As Christie Jones with SPIROL International writes (page 42): “It’s recommended that manufacturers partner with industry experts in joining and assembling to identify the lowest and best cost solution for their assembly.”

Michelle Froese