After giving some background on himself, Mr. Dias shared some facts about the company. Haskins Steel operates on a four-block campus with 1,750,000 square feet of buildings and is open 24/7 five days a week. Their main function as a metals service center involves providing metal and manufacturing services to a broad range of customers with an industry sector which includes mining, agri-business, food packaging equipment, rock crushers and side-hill levelers for combines, and tables for casting aluminum billets and ingots. Around 30% of the goods Haskins Steel produces are then exported by customers after the steel is transferred to them. It was about 7 years ago when the company embraced lean manufacturing, which is a continuously improvng market for them.
Before sharing some of his strategies for success, Mr. Dias explained the meaning behind the company's vision statement. Haskins strives to be the best metals service center, and aims to incorporate passion and profitability within their service territory Their mission involves ensuring that their employees take the time to care for their customers. In addition, as the warehouse can be extremely dangerous, a top priority for the company is ensuring safety both for the employees and others. Their safety slogan is "Make sure you get to play, work safe every day." This reminds employees that through constant education, training, compliance with the laws and ordinances governing safety in the workplace, they can all work together to create an effective and productive atmosphere.
Mr. Dias also shared with the students some of his strategies for success in business starting with Haskins 5 principles that represents their brand image and customer expectations:
1. Friendly salespeople
2. Accuracy of order and defect free products
3. On-time delivery
4. Fair prices
5. Nordstrom guarantee
While these principles are prominent with Mr. Dias's company, they can be used as an outline when opening, running, or conducting any business. The key factor is quality assurance when interacting with customers.
Marketing:
- Creating a dynamic website is one thing. To educate your customer to use it and to incent your outside sales team to promote it is another thing.
- Social Media is not effective for all businesses. Manufacturers do not use social media in their businesses for the most part.
Entrepreneurship:
- Initial capital contribution is very important. This followed by a history of successful sales. Then you can get a financial institution to extend credit.
- Angel investor capital can be very costly.
- A business has many stages of maturity. Learn and recognize those stages.
- About midway into maturity, you will want to give back to the community. There are many ways to do that, VOLUNTEER! Some giving directly benefits the business and other ways are just nice to do.
Suggestions and Guidance:
- Learn how to write a business plan.
- Prepare a statement of cash flows. Be realistic and conservative.
- Don't undercapitalize. Have a backup plan for more capital infusion.
- Learn and understand all of the regulations and compliance. If you don't plan for these expenses, and budget time for it, you will learn the hard way.
- Find out how to effectively use social media to market your business.
- Be prepared to respond to a rush of orders. Customer loyalty brings repeat business. It's important to give customers a good first-time experience.
5 Success Strategies:
Only 2% of America's entrepreneurs will succeed, execute their 5 strategies, and join the 2% who make it.
- Understand the value of your business.
- Use tax strategies that build your wealth.
- Develop investments outside your business.
- Stay informed about exit and succession planning. (Who's gonna run the business after you?)Successful business owners who exit their businesses say that money was not their number one consideration when deciding to whom to sell their business.
- Protect your wealth.
Many of the reasons business owners get a business valuation has to do with 98% of the business failures. These reasons include death, disability, distress, divorce, shareholder disputes and goodwill impairment. It is important to know when to time out.
One in ten business owners fall into this category.
Entrepreneurs are significant risk takers and routinely think of all their assets as available for risk taking, but almost always have a spouse who is the opposite. The purpose of investing outside your business is to establish finances.
Money cannot buy you happiness but the lack of money can certainly make you miserable. Business owners in the 2% club do not take unnecessary risks with their wealth.
Above everything else, Mr. Dias emphasized integrity and empathy. The most important business principle is to develop your brand not by simply creating a logo or slogan. Follow these principles correctly and consistently, and successwill be in the near future for you.
Student Contributors: August Jeong
