Think Like an Owner Jim Derry - “Culture is the lowest level of behavior you’ll tolerate” - EP.247
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Oct 29, 2024 Jim Derry, former CEO of Field Fastener, shares his expertise from leading a $180 million business known for its unique vendor-managed inventory system. He dives into the significance of a measurable, data-driven culture and how it can set a company apart. Jim emphasizes the importance of values in shaping corporate culture and addresses the unique challenges of managing a multi-generational family business. Notably, he quips, 'Culture is the lowest level of behavior you'll tolerate,' underlining the essential balance between performance and values.
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BHAG: A Key Growth Driver
- Jim Derry recounts a pivotal moment in Field Fastener's history: setting a BHAG (Big Hairy Audacious Goal).
- This goal, to increase revenue from $22 million to $100 million, propelled significant growth and improvements within the company.
Culture as a Competitive Advantage
- Field Fastener's strong culture attracts and retains both employees and customers.
- Customers value doing business with companies that prioritize people and long-term relationships.
Teamwork Trumps Individual Performance
- Jim shares a story about an employee, Matt, who wasn't a team player, despite being productive.
- This situation forced the company to choose between upholding their core value of teamwork or letting it slide, ultimately leading to Matt's dismissal.