Great day to you!
Recently CNBC presented an inside view of Target Stores from inception to expansion activities. I was surprised to learn that Target Stores acquired the City of Detroit’s J.L. Hudson Downtown store which I hold such fond memories of shopping there with my mom and siblings. I remember a shopping trip to J.L. Hudson which I pleaded (really pleaded including a few tears) with my mom to buy me this navy blue sailor dress which I was blessed to get and looked fabulous wearing (even at the age of 10)….thanks mommy!
Target Stores started with the drive and courage of an entrepreneur who saw an opportunity to provide goods and services. With the help of countless individuals this Midwestern business grew rapidly through market expansion activities such as market penetrations and mergers and acquisitions. Although, in the 70s Target Stores realized rapid growth and profit unfortunately in the same time period there were significant losses due to inconsistent management practices. (CNBC, Target: Inside the Bullseye, www.insidetarget.cnbc.com). Undoubtedly, Target Stores did not find their losses to complimentary of their business strategies so internal changes were made including revamping practices and replacement of leadership.
Inconsistent business management practices across multiple sites or departments can result loss in profits. Business management practices that are uniformed, consistent and measured are necessary in all sized enterprises if indeed profitability is desired.
While delivering your services and products to the marketplace today consider this. …Are your management practices, processes and human capital generating profits or creating losses? Are you using key performance trackers to gauge your professional and personal contributions? Will potential investors, buyers or partners be impressed with the key performance trackers used in our business?
By the way, we would love to give provide you with complimentary Key Performance Indicators (KPIs) across several core functions and a few industries. Just tweet or comment that you are interested in receiving and please leave an email address and contact number.
Take our survey and share with us and our followers the key performance trackers you are using in your business.
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