If you have read the five previous articles in our series of Six Deadly Sins, then you will know that not understanding key areas of the business you run is an unacceptable sin … a shortcoming that will stunt growth and destroy profits. In this, our final management masterclass feature, we tie everything together and give you some useful tips. It is all about understanding.
Regrettably, many aggregates businesses neglect the opportunities offered by properly managed vital areas such as pricing, product costing, sales and operational planning, logistics and assets. But it is simply mystifying that most of them a lack proper understanding of the market.
Lack of knowledge in basic areas such as supply and demand information, along with understanding how the structure and the drivers of each market sector work means assets are invested in the wrong area, capital is poorly allocated and inferior strategic investments are made.
Common sense says that any business needs this information to make tactical and strategic decisions. However, bad business habits, the absence of the right tools and lack of general business understanding of some top managers mean the reality is very different.
In this final article we will discuss why this happens and how to fix it.
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Compiled by a team of leading industry experts, the Six Deadly Sins series distils their 100+ years of experience into best practice across all the critical metrics of running an aggregates business. Contact them at: %$Linker:
