November 18, 2024 • 31 mins
Episode 345: It can be difficult to stop and make a plan when you are busy in the day-to-day tasks of running your business. However, without a good plan, your business might struggle to grow. Transforming your heavy-duty parts business is not just about adapting to market trends; it's about mastering the art of strategic planning. Discipline in planning, as emphasized by Scott Boltz, Director of Consulting at the Heavy Duty Consulting Corporation, prevents the distraction of chasing shiny objects and aligns the business with its core goals, which is critical for long term success.
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Heavy Duty Consulting Corporation: Find out how many “fault codes” your heavy-duty parts business has. Meet with us today. Visit HeavyDutyConsulting.com
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Jamie Irvine (00:00):
You're listening to the Heavy-Duty Parts Report.
I'm your host, jamie Irvin, andthis is the place where we have
conversations that empowerheavy-duty people.
Welcome to another episode ofthe Heavy-Duty Parts Report.
We're very happy to have youhere.
In this episode.
We're going to discuss theimportance of having a strategic
(00:21):
business plan when you areoperating a heavy-duty parts
company.
We're going to share with you alot of information that we
experience at the Heavy-DutyConsulting Corporation with our
clients the good, the bad, theugly.
We're going to get into all ofthat.
Before we start ourconversation with our guest
today, I wanted to review withyou some interesting information
(00:44):
I found that really puts intoperspective how many business
owners actually operate with abusiness plan, and I think this
is so important because two ofmy favorite quotes is fail to
plan, plan to fail and the fivePs.
Proper planning prevents poorperformance.
Now listen to this A study ofHarvard Business School alums
(01:07):
that had started businessesdiscovered that no more than a
third had a written, detailedbusiness plan.
Put another way, only a minorityof entrepreneurs, including
even MBAs from a preeminentbusiness school like Harvard
Business School, started theirventures with a formal, written
(01:27):
business plan and then continuedto operate their ventures with
a formal written business plan.
Now, if even people who comefrom those preeminent schools
don't use a business plan,something that they were trained
to do in their MBA, you canimagine that when we talk to
(01:52):
people who are just as qualifiedin many ways to run a business
but maybe don't have aneducational background like that
, maybe they started off inheavy duty, maybe their parents
or grandparents started thebusiness, they grew up in the
business and now they've takenover, it stands to reason that
those individuals also often donot operate with a strategic
business plan in place.
(02:13):
If so many people do this, doesthat mean that not having a
strategic business plan, oroperating without a business
plan, rather, is okay?
Like if so many people don't doit, even these people who are
professionally trained don't doit.
Do we need to do it?
Do we need to have a businessplan?
(02:34):
Is this just some sort ofacademic exercise that has no
real intrinsic value whenoperating a business?
Is there no connection betweenbusiness success and having a
strategic business plan?
That's what we want to get intotoday.
So to help me with that, I'dlike to invite our Director of
Consulting Services, scott Boltz, to the program.
(02:55):
Scott, welcome back to the HeavyDuty Parts Report.
Hey, jamie, good to see you.
How are you?
I'm doing well.
I'm doing well.
So we are talking aboutstrategic business planning and
you know, I shared with theaudience some statistics from a
Harvard study, of Harvard alums.
I kind of started to talk alittle bit about the realities
(03:17):
of the people that operatebusinesses in heavy duty.
I think my first question foryou is when we meet our clients
at the Heavy Duty ConsultingCorporation and we talk to them,
our initial conversations oftencenter around the business
owner's ambition, the goals theyhave, maybe the dream they have
(03:39):
for their business.
But when we meet them, what dowe often find is missing
business?
Scott Boltz (03:44):
but when we meet them, what do we often find is
missing?
Well, it's not just them, butit's almost everyone.
It is so rare to see anorganization of people with a
clear, defined set ofdisciplines that they constrain
upon themselves, and so that'sone of the key kind of topics
that I think is going to be atheme throughout this
conversation is discipline.
So often our clients are firstgeneration or second generation,
(04:07):
sometimes third generation,very successful people that have
been able to, over a period oftime, generate a business that's
gotten to a certain point, andthen it kind of plateaus and
they say we want to grow, orsomething like that, or it
plateaus and then it's governedby the fluctuations of the
market.
So if the market takes adownturn, so does their business
(04:28):
, and because they have nodiscipline around what they're
doing, they're only relying onthe historical facts that have
been true to get them to wherethey are, but it doesn't mean
that where they are is going toget them to where they want to
go.
Jamie Irvine (04:42):
Yeah, I think what you're describing the way I see
it is a very reactive approachto business.
So something happens in themarket or in the world and then
they try to react to it.
It's always reaction, asopposed to that proactive
approach, that is necessary toreally drive to that next
plateau, maybe one that they'venot been able to reach.
Scott Boltz (05:03):
Indeed, and we ask them very simple questions like
what is it that you want?
How are you going to get there,why do you do what you do?
And so it's almost an unfairquestion because they haven't
sat down and written out thediscipline of listing all those
things in a way that they cancreate a uniform way of managing
(05:26):
their business, inspiring theirpeople, inspiring their
customers, and also not going inplaces where they don't need or
want to go.
So the business plan alsoprevents the shiny object
problem.
Jamie Irvine (05:39):
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When I think about our mostsuccessful clients versus
clients that have not succeededin our program let's talk about
clients that have not succeededin our program they often not
only are they reactive, but theyoften have an attitude of kind
of winging it.
(07:30):
It's interesting to me becauseeven in situations where we have
, you know, the initialmarketing we have done maybe I
was on stage at a techconference or a industry
conference or they heard some ofour marketing via the podcast
or through some other mediumwhat's interesting to me is in
that initial discovery of us andour services.
Oftentimes, when I look at thecontent that they've consumed, I
(07:52):
have explicitly said that youcan't just wing it.
You can't just get into theparts business by calling up
some suppliers and buying someproduct and trying to sell it.
You know I have gone through,and sometimes I've gone through,
an entire hour of instructionon what the preconditions for
success are in business and whyyou can't just wing it anymore.
(08:14):
They hire us and yet somehowthey want us to just hit the
easy button for them and and andbasically enable them to
continue to wing it.
The easy button for them andbasically enable them to
continue to wing it.
Scott Boltz (08:28):
That's not the answer, is it?
It's not at all.
And Jamie, you're being verykind by saying clients we have
only.
I could count on one finger,maybe two fingers.
Jamie Irvine (08:37):
It's definitely the minority of who we work with
.
Correct, Correct and again butit has but it has happened.
Scott Boltz (08:43):
It has happened.
Uh and again, discipline'sdifficult to especially
self-imposed discipline is moredifficult than anything else.
Right, it's easy to go into asystem that has a set of rules
and you follow the rules.
It's much more difficult toapply a set of rules to yourself
.
That takes discipline.
So, um, I guess what I would sayto that is that if you want to
(09:05):
come into an industry where youcurrently play in the space, but
you want to expand into otherhorizons beyond that let's say
parts, for instance, or otherthings, or even other
adjacencies within service thenyou have to know what you don't
know before you make any moves.
You have to know what you don'tknow before you make any moves,
and you have to do it in such away that the market will accept
(09:27):
you, because we don't play inthis space as a singularity.
We're an environment of people,we have an environment of
customers, we have anenvironment of vendors, and even
the vendors have vendors, andso we have to be able to
structure ourselves in such away that we're going to be
maximally effective andsuccessful.
(09:48):
And if you don't do that inadvance, before doing anything
else, then you're almostguaranteed for failure.
No-transcript.
I think the world's a certainway, despite what the world
thinks, and we stop behaving ina way that the market would be
(10:09):
acceptable to what we're doing.
Jamie Irvine (10:12):
They've convinced themselves that what they don't
do doesn't work.
Scott Boltz (10:17):
A man- convinced against his will, is of the same
opinion still.
Jamie Irvine (10:21):
Yeah, we go over that quite a bit.
So you're right, the majorityof our clients have been very
successful operating in ourprogram and adding this level of
discipline to their business,and that's why we do in many
ways.
That's why we do what we do,because our why is to help heavy
duty people thrive.
So we've worked very hard andwe're constantly updating and
(10:42):
improving our systems to enableour clients to take this
disciplined approach and tosucceed with it.
Let's talk about somedefinitions here.
So what we're saying clearly isthe solution to this problem of
not winging it or not taking adisciplined approach is to
(11:04):
develop a strategic businessplan that helps you to get out
of that mode and get into a muchmore proactive mode.
So let's talk about the purposeof developing the strategic
business plan in the format thatwe recommend, and I want you to
talk to me about how that kindof creates a funnel for
(11:26):
information.
Where does it start and wheredoes it end, and then we'll get
into the application and how weuse it.
Scott Boltz (11:32):
Indeed, Well, we follow a model that I first was
trained on when I worked for acompany owned by Bain Capital.
Bain Capital has very littletolerance for any plan that is
not well-founded orwell-thought-out, so they want
to know.
Anytime you say something, theywant to know why and how,
(11:52):
what's it going to cost, andthere's a waterfall effect of
all the things that you need toconsider in any business
decision, especially onestrategically Right.
So we follow that methodologyand that metric, and it's also
been governed and guided by alot of our executive coaches
that we currently work with.
(12:12):
And so we start with the bigmacro idea.
So we start with why.
So if a company cannot defineand be able to explain and be
able to articulate why they'rein business, then they're not in
business.
I mean, they are technicallyspeaking, but they cannot refine
themselves.
So then there's a core, there'sa core group of topics
(12:34):
underneath that that we need todefine, like core values is one
thing.
So here's our why, and thenhere's our core values that
support that why.
And then here's our mission,and that's a statement
internally for everyone thatworks for our company and then
even our vendors that need tofall into that mission.
And then we get into thecompelling value proposition,
(12:57):
and what that is is the five toseven things that we tell
customers at every level, fromthe people that answer the
phones, people that work thecounter, to the technicians, the
outside salespeople everyone issinging from the same hymnal.
Okay, so that's a disciplinemovement in that own funnel, but
the funnel is much greater thanthat.
(13:18):
Then we get into marketanalytics and we look at the
entire economy as a whole in thespace in which we play, and
then we get into from there,especially in the trucking
market, how freight is movingand what that heat map looks
like.
And then we get into what wecall TAM-SAM-SOM, which is an
(13:40):
understanding of the totalmarket, the serviceable market
and the serviceable obtainablemarket from there.
So now we're coming down thefunnel.
Then we get into the currentstate of the business, in that
we describe what the business isnow, and then another exercise
we go into is to describe wherewe want to go.
What does the future state ofthe business look like?
And then the middle in thatwhole thing is the strategy.
(14:02):
So the bridge that goes fromthe current state to the future
state is the strategy of thedocument, and once that's all in
place.
You bolt on the P&L, thebalance sheet, we understand our
financials and then weestablish key performance
indicators and then we use allof that to guide the marketing
to achieve those goals.
Jamie Irvine (14:24):
Yeah, so when you put this together for a client
and this work has all been doneproperly, what should you be
able to do with that strategicbusiness plan?
Scott Boltz (14:34):
So it's funny how useful it is.
And what I mean by that is that, first of all, it's a
communication device for you asa business leader, to your team.
So the first thing you shoulddo when that document is
complete is to present it toleader, to your team.
So the first thing you shoulddo when that document is
complete is to present it toyour entire internal team.
That internal team now seesthat you have a plan and they
understand where you want to goand they bolt that mission into
(14:55):
their own personal missions intheir specific jobs.
If you require financing whetheryou're talking to a bank or
private equity or VC orsomething else you can use that
document in that place.
So those people understand thatyou know what you're doing, you
have a plan and you havemetrics to measure against, and
so it's going to help in afinancial perspective as well.
(15:16):
And then, thirdly, your vendorsand your marketing partners.
It's a document you can provideto them that says the same
things that it says to the otherpeople, but it's used
differently with their respects.
So they can then internalizeyour entire mission to their
respective responsibilities anddisciplines, to your business to
(15:39):
make it move forward.
So basically, it is a momentummultiplier that brings everybody
in, that touches your businessand moves it in the same
direction.
Jamie Irvine (15:52):
Scott, not only can you use it there, but
there's other stakeholders thatyou can use it with.
For example, we've had clientspitch this to their family
because family members areinterested in the business,
especially family members likewives that rely on the business
to provide them with a livingfor their children.
It's been used with familymembers, for example, between
(16:13):
one generation and thesuccession plan to the next.
It's been used at that end ofthe spectrum.
You mentioned financialinstitutions.
You mentioned also suppliers,but it and that supplier one is
so interesting because it's notan obvious but really, if you
are developing, let's say, afrom a service business and
(16:36):
you're moving into a parts andservice business and you're
setting up a proper partsdistribution business, when you
use this with suppliers, theylook at your plan and they go
yeah, I want to support this newdistributor.
I can see now how what they'regoing to do is actually going to
help me with my businessobjectives.
So it's extremely valuable withsuppliers.
(16:58):
Another one is with customers.
You can actually use it withcustomers because you can say
look, I'm supplying you, here'swhere we're going and here's how
we're going to enhance ourability to help you.
Right, and customers look atnow.
You may not share every detailwith suppliers and customers,
but there's definitely largecomponents of this that can
(17:20):
become very useful.
And what I've seen how thistranslates into more immediate
success is sometimes our clientsare like, wow, like we spent,
you know, sometimes it can beweeks, other times it can be
several months building out thisplan and it feels like we're
not getting any forward momentum.
But instead of just going outin the marketplace and just kind
of like you know, winging it,and hoping for success, when you
(17:44):
do it that way, any success youhave you may not be able to
replicate, and failures youdon't necessarily understand why
.
Right, so you're in either case.
That's bad.
But when you have this plan inplace, what we've seen with our
clients is one they sit down andnegotiate with suppliers and
suppliers have those initialmeetings and they go we're in,
(18:04):
you're signed up.
Let's go On the flip side.
We've seen it where we've takenthe chairman of a board and CEOs
of companies of our clients.
We've taken them into the fieldand we've gone out with our
salespeople and we've walkedcustomers through the why, the
value proposition, thecustomer-centric policies and
(18:27):
the commercial covenants thatwere put into the value
proposition.
And so all of this time that weworked in the boardroom to
develop all this.
Then the CEO or the chairman ofthe board gets to actually see
in real time us go five for five, eight for eight, multiple days
in a row, out in the field withcustomers where we sit down.
We walk them through it all andthe customers go check, check,
(18:50):
check, check, check.
Yeah, I'd like to set up anaccount with you.
I'd like to move forward withthis and start buying your
product.
It's been phenomenal to seethose things play out in real
time after the disciplinestrategic business plan has been
put in place.
So there's just so manyapplications for this strategic
business plan that go way beyondwhat most people think of when
(19:13):
they think of the academicexercise of creating a formal
written business plan.
I want to talk to you aboutsome of the things people do
even if they have a businessplan.
Some of the things people doeven if they have a business
plan, the pieces that are oftenmissing.
Scott, what's a lever?
Why is it important and how doyou use it?
Scott Boltz (19:32):
That is a fantastic question.
So it's one of the things thatfew companies ever delve into.
Normally what happens isthere's these grand ideas, we're
going to expand to another city, we're going to go into another
market let's say, mobilemaintenance or something like
that but there is no tangibledescription of an action that
(19:54):
must be done.
There's no understanding ofwhat it's going to cost, how
long it's going to take, whoneeds to be informed.
There's a ladder effect that isnot comprehended.
So it's just a grand idea andthat's it.
So it sounds great in theboardroom and it sounds great
amongst your executiveleadership team and, yes, we're
(20:16):
going to do this.
And then we're like okay, let'sdo it.
And then you run into yourfirst obstacle and everything
dies.
And at the next quarterlymeeting or the next monthly
meeting, whatever the frequencymay be, they're like where are
we at on this?
And they're like well, we kindof hit a brick wall and we're
working on it, and then it justkind of peters off.
So what a lever truly is is atangible description of the
(20:40):
initiatives that you're going todo to go from your current
state to your future state.
So if we do nothing and we rideinflation or the market wave,
the business should do somethinglike this.
It's going to be basically flat, but if we add in a service,
and if we add in a new vertical,and if we add in a new product
(21:02):
category, all those thingsshould net a return rate.
So then the lever process thatwe go through is to describe the
lever, which I just did, butalso talk about the criteria
necessary to make it a reality.
What is reality?
Reality is that it's workingand it's generating revenue, and
(21:23):
that revenue is on top of thebaseline that we've talked about
within the system.
Jamie Irvine (21:27):
I also think that what I really like about the
lever is the way that we walkpeople through, establishing
what things are going to cost,how long they're going to take,
the resources around, peoplethat are going to be needed, the
additional resources or thingsthat will be needed to be
(21:49):
successful, and then looking ata reasonable expectation on
return on investment.
Because when you have a bigobjective like scaling a
business to a certain level thatthe business has never hit
before, you're going to havefive levers or more to get there
.
How do you rank, order those?
(22:10):
How do you put those in theright order so that you can
build one on the next andachieve success?
And I think when I think of someof the reasons that our clients
have struggled one, they didn'thave the capital to support the
goal.
Two, they didn't have the rightpeople sitting in the right
seats and even with our help,they struggled to recruit and
(22:34):
bring in the right people.
And three, sometimes there wasa disconnect between their
ambition and the reality, bothinternally and, more importantly
, externally.
And so, without walking throughall of those steps and putting
those levers in place and rankordering them, even with a
strategic business plan, if youhave that component that's
(22:55):
missing.
You're still winging it to somedegree.
You're still not fullyarticulating everything that you
need to in order to besuccessful.
Scott Boltz (23:04):
Right.
So I think one of the thingsyou said really kind of keyed me
off, which was the disconnectbetween reality and perception.
So a business owner can have agreat idea.
You can have five let's sayfive great ideas, and how do we
rank order them, was yourquestion.
(23:27):
The way that you rank order themis you work through our process
and you map out all therequirements necessary to get
them in place what people areinvolved, the right people, how
expensive are they?
Once you have all that in place, you must also understand how
quickly it can be done.
So I'd rather do something thathas minimal investment and a
great return first and then pushdown something that is going to
take a lot of time and a lot ofcapital investment and a lot of
(23:51):
people to get done.
So the way you rank order it ishow soon do I receive return
and how great is that return?
The problem that most businessowners that don't have the
discipline behind their processin their levers is they go with
what makes them feel better orwhat they think looks better to
the outside.
Jamie Irvine (24:10):
Or is exciting or exciting yes, or fun, right.
Scott Boltz (24:15):
And so we really look at the return on the
investment and the speed inwhich that return arrives,
because that return couldfinance the other ones.
Jamie Irvine (24:23):
For anybody who's listening, that is a current
client of ours that is enrolledin this program.
I want you to know that, basedon our research, you now have
elevated yourself into a verysmall minority of business
leaders in this industry, sothat alone is going to give you
a strategic advantage.
So, scott, what happens thatcauses them to start to struggle
(24:49):
, even when they start offreally strong with a real
disciplined approach?
Scott Boltz (24:55):
Well, it's kind of funny to see, because discipline
is difficult, and it's notdifficult once.
It's difficult for the period oftime that you're going through
the process, and so it's fine tosay like I'm willing to commit
to this and we're going to gothrough it and we're going to be
smart, we're going to be good,and then, three weeks into it,
(25:16):
you have to produce a document.
That actually requires time andeffort, and you also have a
business to run right, and sowhat happens is they're more
focused on running theirbusiness that day than running
their business to the goals thatthey want to achieve, and so
there becomes a timeresponsibility and a time debt
let's call it a debt and if thatdebt becomes too big, it
(25:40):
becomes too burdensome for themto continue forward, and then
they run out of gas, and that'susually how I see it happening,
and our message to them is we goas fast as you do, right, do
not lose the initiative requiredto get your business to where
it should go, and we'll workwith you on that time flow.
(26:03):
And there are things that pop upand you lose employees and you
gain employees, and this thinghappens, and there's all kinds
of things that will try to blowup your ability to create a good
strategy.
But if you're disciplined andyou can weather the storm and
you come out the other side withsomething holistic that will
guide not only yourselves butyour team, your vendors, your
(26:26):
customers and everyone else,then you're winning not only
yourselves, but your team, yourvendors, your customers and
everyone else, then you'rewinning.
Jamie Irvine (26:35):
Yeah, and I often see too where it's interesting
it's not just problems that canderail the process.
We've had now in the lastquarter, two clients have
acquisition opportunities fallinto their laps in the middle of
this.
That completely blew up threemonths worth of work and we had
to adjust.
And since we work inacquisitions and mergers with
our partners like Notre Capital,we were able to help guide our
(26:59):
clients through this.
Actually, we're actively doingthat right now as we record this
.
But it's interesting becausesometimes it's success that
derails the process, not justfailure or struggle.
So on either end of thespectrum, there is going to
always be a competition for yourtime, your energy, your
resources and really, at the endof the day, what I see is our
(27:20):
clients that are the mostsuccessful are the ones that are
able to one, maintain thediscipline over an extended
period of time and, two,delegate that down to people
into their organization to helpthem produce what needs to be
produced.
The ones who struggle with thator don't have the ability to do
(27:40):
that, then the responsibilitycontinuously falls on their
shoulders, and one of the thingsin our consulting program that
we do is after strategicbusiness planning, after people
in organization, sales andmarketing and lead generation
has been focused on.
We look at operations, we lookat the ability to systemize the
business, and that's the nextiteration of disciplined
(28:03):
business planning and execution.
So if you're looking to get aquick fix, if you're looking for
us to come in and just hit theeasy button for you, we're not
the right people to talk to,we're not the right service for
you.
But if you're really ready tocommit yourself and dedicate
yourself to a disciplinedapproach and if you're willing
to respect the truly honoredposition we get to hold, which
(28:27):
is one of an accountabilitypartner with you, and if you're
willing to do that over whateverperiod of time it takes to
execute on your plan and getthat plan in place and to win,
then we're definitely the rightpeople for you if you work in
the heavy duty industry.
So, Scott, this has been areally great conversation.
I've really enjoyed talking toyou about this and sharing
(28:48):
what's been going on with ourclients and what we've found to
work and not work.
I hope that the listenersregardless of whether you become
a client of ours or not I hopeyou took something away from
this conversation that you canuse to help you be more
successful in your business.
Our why is deeply centered onhelping heavy-duty people thrive
, so if that's the case, we arevery, very happy.
If you need some additionalhelp and you want to work with
(29:10):
us and you think this program isfor you, we'd really like to
talk to you.
Scott, in conclusion, what'sthe one thing you want people to
remember from what we've talkedabout today?
Scott Boltz (29:20):
I think it would be that, regardless of the
position that your business isin as an owner, whether it be an
upstart or a second generationor no matter where you are in
the arc of your growth, ifyou're operating without a plan,
you're not communicating toyour team, to your vendors, your
customers effectively, and ifyou want to grow that business,
(29:43):
you require a system in placethat will create the discipline
necessary for you to achieveyour goals, and we can
definitely help you do that.
Jamie Irvine (29:52):
You've been listening to the Heavy-Duty
Parts Report.
I'm your host, Jamie Irvin, andwe've been speaking with Scott
Boltz, Director of ConsultingServices at our parent company,
the Heavy-Duty ConsultingCorporation.
If you'd like to learn moreabout our services, head over to
heavydutyconsultingcom.
Links are in the show notes andwe'd love an opportunity for
you to meet with either myselfor Scott to talk about your
(30:13):
specific situation.
So that brings us to aconclusion of this week's
episode.
We still are running thepromotion on our parts
management training program.
If you want to talk to us aboutthat, head over to
heavydutypartsreportcom.
Slash PMT that stands for partsmanagement training.
We've got just a couple spotsleft where you can have that 20%
discount that we talked aboutwhen we launched the program.
(30:36):
That whole promotion is comingto an end very quickly, so jump
on that as soon as possible ifyou think that will be something
that will work for your companyand help your parts managers
succeed.
As always, I want to encourageyou to head over to our website,
heavydutypartsreportcom.
Hit that follow button andsubscribe to our weekly email so
you never miss out on ourcontent.
(30:56):
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(31:18):
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So for those of you that watchyour video content on Rumble, we
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Thanks again for listeningright to the end and supporting
our show and, as always, I wantto encourage you to be heavy
duty.
You're listening to the Heavy-Duty Parts Report.
I'm your host, jamie Irvin, andthis is the place where we have
conversations that empowerheavy-duty people.
Welcome to another episode ofthe Heavy-Duty Parts Report.
We're very happy to have youhere.
In this episode.
We're going to discuss theimportance of having a strategic
(00:21):
business plan when you areoperating a heavy-duty parts
company.
We're going to share with you alot of information that we
experience at the Heavy-DutyConsulting Corporation with our
clients the good, the bad, theugly.
We're going to get into all ofthat.
Before we start ourconversation with our guest
today, I wanted to review withyou some interesting information
(00:44):
I found that really puts intoperspective how many business
owners actually operate with abusiness plan, and I think this
is so important because two ofmy favorite quotes is fail to
plan, plan to fail and the fivePs.
Proper planning prevents poorperformance.
Now listen to this A study ofHarvard Business School alums
(01:07):
that had started businessesdiscovered that no more than a
third had a written, detailedbusiness plan.
Put another way, only a minorityof entrepreneurs, including
even MBAs from a preeminentbusiness school like Harvard
Business School, started theirventures with a formal, written
(01:27):
business plan and then continuedto operate their ventures with
a formal written business plan.
Now, if even people who comefrom those preeminent schools
don't use a business plan,something that they were trained
to do in their MBA, you canimagine that when we talk to
(01:52):
people who are just as qualifiedin many ways to run a business
but maybe don't have aneducational background like that
, maybe they started off inheavy duty, maybe their parents
or grandparents started thebusiness, they grew up in the
business and now they've takenover, it stands to reason that
those individuals also often donot operate with a strategic
business plan in place.
(02:13):
If so many people do this, doesthat mean that not having a
strategic business plan, oroperating without a business
plan, rather, is okay?
Like if so many people don't doit, even these people who are
professionally trained don't doit.
Do we need to do it?
Do we need to have a businessplan?
(02:34):
Is this just some sort ofacademic exercise that has no
real intrinsic value whenoperating a business?
Is there no connection betweenbusiness success and having a
strategic business plan?
That's what we want to get intotoday.
So to help me with that, I'dlike to invite our Director of
Consulting Services, scott Boltz, to the program.
(02:55):
Scott, welcome back to the HeavyDuty Parts Report.
Hey, jamie, good to see you.
How are you?
I'm doing well.
I'm doing well.
So we are talking aboutstrategic business planning and
you know, I shared with theaudience some statistics from a
Harvard study, of Harvard alums.
I kind of started to talk alittle bit about the realities
(03:17):
of the people that operatebusinesses in heavy duty.
I think my first question foryou is when we meet our clients
at the Heavy Duty ConsultingCorporation and we talk to them,
our initial conversations oftencenter around the business
owner's ambition, the goals theyhave, maybe the dream they have
(03:39):
for their business.
But when we meet them, what dowe often find is missing
business?
Scott Boltz (03:44):
but when we meet them, what do we often find is
missing?
Well, it's not just them, butit's almost everyone.
It is so rare to see anorganization of people with a
clear, defined set ofdisciplines that they constrain
upon themselves, and so that'sone of the key kind of topics
that I think is going to be atheme throughout this
conversation is discipline.
So often our clients are firstgeneration or second generation,
(04:07):
sometimes third generation,very successful people that have
been able to, over a period oftime, generate a business that's
gotten to a certain point, andthen it kind of plateaus and
they say we want to grow, orsomething like that, or it
plateaus and then it's governedby the fluctuations of the
market.
So if the market takes adownturn, so does their business
(04:28):
, and because they have nodiscipline around what they're
doing, they're only relying onthe historical facts that have
been true to get them to wherethey are, but it doesn't mean
that where they are is going toget them to where they want to
go.
Jamie Irvine (04:42):
Yeah, I think what you're describing the way I see
it is a very reactive approachto business.
So something happens in themarket or in the world and then
they try to react to it.
It's always reaction, asopposed to that proactive
approach, that is necessary toreally drive to that next
plateau, maybe one that they'venot been able to reach.
Scott Boltz (05:03):
Indeed, and we ask them very simple questions like
what is it that you want?
How are you going to get there,why do you do what you do?
And so it's almost an unfairquestion because they haven't
sat down and written out thediscipline of listing all those
things in a way that they cancreate a uniform way of managing
(05:26):
their business, inspiring theirpeople, inspiring their
customers, and also not going inplaces where they don't need or
want to go.
So the business plan alsoprevents the shiny object
problem.
Jamie Irvine (05:39):
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When I think about our mostsuccessful clients versus
clients that have not succeededin our program let's talk about
clients that have not succeededin our program they often not
only are they reactive, but theyoften have an attitude of kind
of winging it.
(07:30):
It's interesting to me becauseeven in situations where we have
, you know, the initialmarketing we have done maybe I
was on stage at a techconference or a industry
conference or they heard some ofour marketing via the podcast
or through some other mediumwhat's interesting to me is in
that initial discovery of us andour services.
Oftentimes, when I look at thecontent that they've consumed, I
(07:52):
have explicitly said that youcan't just wing it.
You can't just get into theparts business by calling up
some suppliers and buying someproduct and trying to sell it.
You know I have gone through,and sometimes I've gone through,
an entire hour of instructionon what the preconditions for
success are in business and whyyou can't just wing it anymore.
(08:14):
They hire us and yet somehowthey want us to just hit the
easy button for them and and andbasically enable them to
continue to wing it.
The easy button for them andbasically enable them to
continue to wing it.
Scott Boltz (08:28):
That's not the answer, is it?
It's not at all.
And Jamie, you're being verykind by saying clients we have
only.
I could count on one finger,maybe two fingers.
Jamie Irvine (08:37):
It's definitely the minority of who we work with
.
Correct, Correct and again butit has but it has happened.
Scott Boltz (08:43):
It has happened.
Uh and again, discipline'sdifficult to especially
self-imposed discipline is moredifficult than anything else.
Right, it's easy to go into asystem that has a set of rules
and you follow the rules.
It's much more difficult toapply a set of rules to yourself
.
That takes discipline.
So, um, I guess what I would sayto that is that if you want to
(09:05):
come into an industry where youcurrently play in the space, but
you want to expand into otherhorizons beyond that let's say
parts, for instance, or otherthings, or even other
adjacencies within service thenyou have to know what you don't
know before you make any moves.
You have to know what you don'tknow before you make any moves,
and you have to do it in such away that the market will accept
(09:27):
you, because we don't play inthis space as a singularity.
We're an environment of people,we have an environment of
customers, we have anenvironment of vendors, and even
the vendors have vendors, andso we have to be able to
structure ourselves in such away that we're going to be
maximally effective andsuccessful.
(09:48):
And if you don't do that inadvance, before doing anything
else, then you're almostguaranteed for failure.
No-transcript.
I think the world's a certainway, despite what the world
thinks, and we stop behaving ina way that the market would be
(10:09):
acceptable to what we're doing.
Jamie Irvine (10:12):
They've convinced themselves that what they don't
do doesn't work.
Scott Boltz (10:17):
A man- convinced against his will, is of the same
opinion still.
Jamie Irvine (10:21):
Yeah, we go over that quite a bit.
So you're right, the majorityof our clients have been very
successful operating in ourprogram and adding this level of
discipline to their business,and that's why we do in many
ways.
That's why we do what we do,because our why is to help heavy
duty people thrive.
So we've worked very hard andwe're constantly updating and
(10:42):
improving our systems to enableour clients to take this
disciplined approach and tosucceed with it.
Let's talk about somedefinitions here.
So what we're saying clearly isthe solution to this problem of
not winging it or not taking adisciplined approach is to
(11:04):
develop a strategic businessplan that helps you to get out
of that mode and get into a muchmore proactive mode.
So let's talk about the purposeof developing the strategic
business plan in the format thatwe recommend, and I want you to
talk to me about how that kindof creates a funnel for
(11:26):
information.
Where does it start and wheredoes it end, and then we'll get
into the application and how weuse it.
Scott Boltz (11:32):
Indeed, Well, we follow a model that I first was
trained on when I worked for acompany owned by Bain Capital.
Bain Capital has very littletolerance for any plan that is
not well-founded orwell-thought-out, so they want
to know.
Anytime you say something, theywant to know why and how,
(11:52):
what's it going to cost, andthere's a waterfall effect of
all the things that you need toconsider in any business
decision, especially onestrategically Right.
So we follow that methodologyand that metric, and it's also
been governed and guided by alot of our executive coaches
that we currently work with.
(12:12):
And so we start with the bigmacro idea.
So we start with why.
So if a company cannot defineand be able to explain and be
able to articulate why they'rein business, then they're not in
business.
I mean, they are technicallyspeaking, but they cannot refine
themselves.
So then there's a core, there'sa core group of topics
(12:34):
underneath that that we need todefine, like core values is one
thing.
So here's our why, and thenhere's our core values that
support that why.
And then here's our mission,and that's a statement
internally for everyone thatworks for our company and then
even our vendors that need tofall into that mission.
And then we get into thecompelling value proposition,
(12:57):
and what that is is the five toseven things that we tell
customers at every level, fromthe people that answer the
phones, people that work thecounter, to the technicians, the
outside salespeople everyone issinging from the same hymnal.
Okay, so that's a disciplinemovement in that own funnel, but
the funnel is much greater thanthat.
(13:18):
Then we get into marketanalytics and we look at the
entire economy as a whole in thespace in which we play, and
then we get into from there,especially in the trucking
market, how freight is movingand what that heat map looks
like.
And then we get into what wecall TAM-SAM-SOM, which is an
(13:40):
understanding of the totalmarket, the serviceable market
and the serviceable obtainablemarket from there.
So now we're coming down thefunnel.
Then we get into the currentstate of the business, in that
we describe what the business isnow, and then another exercise
we go into is to describe wherewe want to go.
What does the future state ofthe business look like?
And then the middle in thatwhole thing is the strategy.
(14:02):
So the bridge that goes fromthe current state to the future
state is the strategy of thedocument, and once that's all in
place.
You bolt on the P&L, thebalance sheet, we understand our
financials and then weestablish key performance
indicators and then we use allof that to guide the marketing
to achieve those goals.
Jamie Irvine (14:24):
Yeah, so when you put this together for a client
and this work has all been doneproperly, what should you be
able to do with that strategicbusiness plan?
Scott Boltz (14:34):
So it's funny how useful it is.
And what I mean by that is that, first of all, it's a
communication device for you asa business leader, to your team.
So the first thing you shoulddo when that document is
complete is to present it toleader, to your team.
So the first thing you shoulddo when that document is
complete is to present it toyour entire internal team.
That internal team now seesthat you have a plan and they
understand where you want to goand they bolt that mission into
(14:55):
their own personal missions intheir specific jobs.
If you require financing whetheryou're talking to a bank or
private equity or VC orsomething else you can use that
document in that place.
So those people understand thatyou know what you're doing, you
have a plan and you havemetrics to measure against, and
so it's going to help in afinancial perspective as well.
(15:16):
And then, thirdly, your vendorsand your marketing partners.
It's a document you can provideto them that says the same
things that it says to the otherpeople, but it's used
differently with their respects.
So they can then internalizeyour entire mission to their
respective responsibilities anddisciplines, to your business to
(15:39):
make it move forward.
So basically, it is a momentummultiplier that brings everybody
in, that touches your businessand moves it in the same
direction.
Jamie Irvine (15:52):
Scott, not only can you use it there, but
there's other stakeholders thatyou can use it with.
For example, we've had clientspitch this to their family
because family members areinterested in the business,
especially family members likewives that rely on the business
to provide them with a livingfor their children.
It's been used with familymembers, for example, between
(16:13):
one generation and thesuccession plan to the next.
It's been used at that end ofthe spectrum.
You mentioned financialinstitutions.
You mentioned also suppliers,but it and that supplier one is
so interesting because it's notan obvious but really, if you
are developing, let's say, afrom a service business and
(16:36):
you're moving into a parts andservice business and you're
setting up a proper partsdistribution business, when you
use this with suppliers, theylook at your plan and they go
yeah, I want to support this newdistributor.
I can see now how what they'regoing to do is actually going to
help me with my businessobjectives.
So it's extremely valuable withsuppliers.
(16:58):
Another one is with customers.
You can actually use it withcustomers because you can say
look, I'm supplying you, here'swhere we're going and here's how
we're going to enhance ourability to help you.
Right, and customers look atnow.
You may not share every detailwith suppliers and customers,
but there's definitely largecomponents of this that can
(17:20):
become very useful.
And what I've seen how thistranslates into more immediate
success is sometimes our clientsare like, wow, like we spent,
you know, sometimes it can beweeks, other times it can be
several months building out thisplan and it feels like we're
not getting any forward momentum.
But instead of just going outin the marketplace and just kind
of like you know, winging it,and hoping for success, when you
(17:44):
do it that way, any success youhave you may not be able to
replicate, and failures youdon't necessarily understand why
.
Right, so you're in either case.
That's bad.
But when you have this plan inplace, what we've seen with our
clients is one they sit down andnegotiate with suppliers and
suppliers have those initialmeetings and they go we're in,
(18:04):
you're signed up.
Let's go On the flip side.
We've seen it where we've takenthe chairman of a board and CEOs
of companies of our clients.
We've taken them into the fieldand we've gone out with our
salespeople and we've walkedcustomers through the why, the
value proposition, thecustomer-centric policies and
(18:27):
the commercial covenants thatwere put into the value
proposition.
And so all of this time that weworked in the boardroom to
develop all this.
Then the CEO or the chairman ofthe board gets to actually see
in real time us go five for five, eight for eight, multiple days
in a row, out in the field withcustomers where we sit down.
We walk them through it all andthe customers go check, check,
(18:50):
check, check, check.
Yeah, I'd like to set up anaccount with you.
I'd like to move forward withthis and start buying your
product.
It's been phenomenal to seethose things play out in real
time after the disciplinestrategic business plan has been
put in place.
So there's just so manyapplications for this strategic
business plan that go way beyondwhat most people think of when
(19:13):
they think of the academicexercise of creating a formal
written business plan.
I want to talk to you aboutsome of the things people do
even if they have a businessplan.
Some of the things people doeven if they have a business
plan, the pieces that are oftenmissing.
Scott, what's a lever?
Why is it important and how doyou use it?
Scott Boltz (19:32):
That is a fantastic question.
So it's one of the things thatfew companies ever delve into.
Normally what happens isthere's these grand ideas, we're
going to expand to another city, we're going to go into another
market let's say, mobilemaintenance or something like
that but there is no tangibledescription of an action that
(19:54):
must be done.
There's no understanding ofwhat it's going to cost, how
long it's going to take, whoneeds to be informed.
There's a ladder effect that isnot comprehended.
So it's just a grand idea andthat's it.
So it sounds great in theboardroom and it sounds great
amongst your executiveleadership team and, yes, we're
(20:16):
going to do this.
And then we're like okay, let'sdo it.
And then you run into yourfirst obstacle and everything
dies.
And at the next quarterlymeeting or the next monthly
meeting, whatever the frequencymay be, they're like where are
we at on this?
And they're like well, we kindof hit a brick wall and we're
working on it, and then it justkind of peters off.
So what a lever truly is is atangible description of the
(20:40):
initiatives that you're going todo to go from your current
state to your future state.
So if we do nothing and we rideinflation or the market wave,
the business should do somethinglike this.
It's going to be basically flat, but if we add in a service,
and if we add in a new vertical,and if we add in a new product
(21:02):
category, all those thingsshould net a return rate.
So then the lever process thatwe go through is to describe the
lever, which I just did, butalso talk about the criteria
necessary to make it a reality.
What is reality?
Reality is that it's workingand it's generating revenue, and
(21:23):
that revenue is on top of thebaseline that we've talked about
within the system.
Jamie Irvine (21:27):
I also think that what I really like about the
lever is the way that we walkpeople through, establishing
what things are going to cost,how long they're going to take,
the resources around, peoplethat are going to be needed, the
additional resources or thingsthat will be needed to be
(21:49):
successful, and then looking ata reasonable expectation on
return on investment.
Because when you have a bigobjective like scaling a
business to a certain level thatthe business has never hit
before, you're going to havefive levers or more to get there
.
How do you rank, order those?
(22:10):
How do you put those in theright order so that you can
build one on the next andachieve success?
And I think when I think of someof the reasons that our clients
have struggled one, they didn'thave the capital to support the
goal.
Two, they didn't have the rightpeople sitting in the right
seats and even with our help,they struggled to recruit and
(22:34):
bring in the right people.
And three, sometimes there wasa disconnect between their
ambition and the reality, bothinternally and, more importantly
, externally.
And so, without walking throughall of those steps and putting
those levers in place and rankordering them, even with a
strategic business plan, if youhave that component that's
(22:55):
missing.
You're still winging it to somedegree.
You're still not fullyarticulating everything that you
need to in order to besuccessful.
Scott Boltz (23:04):
Right.
So I think one of the thingsyou said really kind of keyed me
off, which was the disconnectbetween reality and perception.
So a business owner can have agreat idea.
You can have five let's sayfive great ideas, and how do we
rank order them, was yourquestion.
(23:27):
The way that you rank order themis you work through our process
and you map out all therequirements necessary to get
them in place what people areinvolved, the right people, how
expensive are they?
Once you have all that in place, you must also understand how
quickly it can be done.
So I'd rather do something thathas minimal investment and a
great return first and then pushdown something that is going to
take a lot of time and a lot ofcapital investment and a lot of
(23:51):
people to get done.
So the way you rank order it ishow soon do I receive return
and how great is that return?
The problem that most businessowners that don't have the
discipline behind their processin their levers is they go with
what makes them feel better orwhat they think looks better to
the outside.
Jamie Irvine (24:10):
Or is exciting or exciting yes, or fun, right.
Scott Boltz (24:15):
And so we really look at the return on the
investment and the speed inwhich that return arrives,
because that return couldfinance the other ones.
Jamie Irvine (24:23):
For anybody who's listening, that is a current
client of ours that is enrolledin this program.
I want you to know that, basedon our research, you now have
elevated yourself into a verysmall minority of business
leaders in this industry, sothat alone is going to give you
a strategic advantage.
So, scott, what happens thatcauses them to start to struggle
(24:49):
, even when they start offreally strong with a real
disciplined approach?
Scott Boltz (24:55):
Well, it's kind of funny to see, because discipline
is difficult, and it's notdifficult once.
It's difficult for the period oftime that you're going through
the process, and so it's fine tosay like I'm willing to commit
to this and we're going to gothrough it and we're going to be
smart, we're going to be good,and then, three weeks into it,
(25:16):
you have to produce a document.
That actually requires time andeffort, and you also have a
business to run right, and sowhat happens is they're more
focused on running theirbusiness that day than running
their business to the goals thatthey want to achieve, and so
there becomes a timeresponsibility and a time debt
let's call it a debt and if thatdebt becomes too big, it
(25:40):
becomes too burdensome for themto continue forward, and then
they run out of gas, and that'susually how I see it happening,
and our message to them is we goas fast as you do, right, do
not lose the initiative requiredto get your business to where
it should go, and we'll workwith you on that time flow.
(26:03):
And there are things that pop upand you lose employees and you
gain employees, and this thinghappens, and there's all kinds
of things that will try to blowup your ability to create a good
strategy.
But if you're disciplined andyou can weather the storm and
you come out the other side withsomething holistic that will
guide not only yourselves butyour team, your vendors, your
(26:26):
customers and everyone else,then you're winning not only
yourselves, but your team, yourvendors, your customers and
everyone else, then you'rewinning.
Jamie Irvine (26:35):
Yeah, and I often see too where it's interesting
it's not just problems that canderail the process.
We've had now in the lastquarter, two clients have
acquisition opportunities fallinto their laps in the middle of
this.
That completely blew up threemonths worth of work and we had
to adjust.
And since we work inacquisitions and mergers with
our partners like Notre Capital,we were able to help guide our
(26:59):
clients through this.
Actually, we're actively doingthat right now as we record this
.
But it's interesting becausesometimes it's success that
derails the process, not justfailure or struggle.
So on either end of thespectrum, there is going to
always be a competition for yourtime, your energy, your
resources and really, at the endof the day, what I see is our
(27:20):
clients that are the mostsuccessful are the ones that are
able to one, maintain thediscipline over an extended
period of time and, two,delegate that down to people
into their organization to helpthem produce what needs to be
produced.
The ones who struggle with thator don't have the ability to do
(27:40):
that, then the responsibilitycontinuously falls on their
shoulders, and one of the thingsin our consulting program that
we do is after strategicbusiness planning, after people
in organization, sales andmarketing and lead generation
has been focused on.
We look at operations, we lookat the ability to systemize the
business, and that's the nextiteration of disciplined
(28:03):
business planning and execution.
So if you're looking to get aquick fix, if you're looking for
us to come in and just hit theeasy button for you, we're not
the right people to talk to,we're not the right service for
you.
But if you're really ready tocommit yourself and dedicate
yourself to a disciplinedapproach and if you're willing
to respect the truly honoredposition we get to hold, which
(28:27):
is one of an accountabilitypartner with you, and if you're
willing to do that over whateverperiod of time it takes to
execute on your plan and getthat plan in place and to win,
then we're definitely the rightpeople for you if you work in
the heavy duty industry.
So, Scott, this has been areally great conversation.
I've really enjoyed talking toyou about this and sharing
(28:48):
what's been going on with ourclients and what we've found to
work and not work.
I hope that the listenersregardless of whether you become
a client of ours or not I hopeyou took something away from
this conversation that you canuse to help you be more
successful in your business.
Our why is deeply centered onhelping heavy-duty people thrive
, so if that's the case, we arevery, very happy.
If you need some additionalhelp and you want to work with
(29:10):
us and you think this program isfor you, we'd really like to
talk to you.
Scott, in conclusion, what'sthe one thing you want people to
remember from what we've talkedabout today?
Scott Boltz (29:20):
I think it would be that, regardless of the
position that your business isin as an owner, whether it be an
upstart or a second generationor no matter where you are in
the arc of your growth, ifyou're operating without a plan,
you're not communicating toyour team, to your vendors, your
customers effectively, and ifyou want to grow that business,
(29:43):
you require a system in placethat will create the discipline
necessary for you to achieveyour goals, and we can
definitely help you do that.
Jamie Irvine (29:52):
You've been listening to the Heavy-Duty
Parts Report.
I'm your host, Jamie Irvin, andwe've been speaking with Scott
Boltz, Director of ConsultingServices at our parent company,
the Heavy-Duty ConsultingCorporation.
If you'd like to learn moreabout our services, head over to
heavydutyconsultingcom.
Links are in the show notes andwe'd love an opportunity for
you to meet with either myselfor Scott to talk about your
(30:13):
specific situation.
So that brings us to aconclusion of this week's
episode.
We still are running thepromotion on our parts
management training program.
If you want to talk to us aboutthat, head over to
heavydutypartsreportcom.
Slash PMT that stands for partsmanagement training.
We've got just a couple spotsleft where you can have that 20%
discount that we talked aboutwhen we launched the program.
(30:36):
That whole promotion is comingto an end very quickly, so jump
on that as soon as possible ifyou think that will be something
that will work for your companyand help your parts managers
succeed.
As always, I want to encourageyou to head over to our website,
heavydutypartsreportcom.
Hit that follow button andsubscribe to our weekly email so
you never miss out on ourcontent.
(30:56):
If you listen on a podcastplayer, follow us for free and
hit that five-star rating with areview and give us a good
review.
It would really mean a lot tous if you did that.
It helps with reach and if youlike watching the video version,
you can check us out on YouTube.
Hit the subscribe button, thebell notification.
And if you like to watch videoson Rumble, we've just set up
(31:18):
our Heavy-Duty Parts ReportRumble account.
We've got a couple videos there, but we are going to be
publishing there regularly.
So for those of you that watchyour video content on Rumble, we
are now there as well.
Thanks again for listeningright to the end and supporting
our show and, as always, I wantto encourage you to be heavy
duty.
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