118: Bill Canady – Profitable Growth
Salesology® - Conversations with Sales Leaders23 Des 2024

118: Bill Canady – Profitable Growth

Guest: Bill Canady

Guest Bio:

Bill Canady has over 30 years of experience as a global business executive in a variety of industries and markets focused on industrial and consumer products and services. As a leader, he concentrates on aligning with key stakeholders to set a clear and compelling vision that will rally an organization to drive growth, control cost, and increase profitability. One of the keys to his success is he develops strong leaders and management teams and establishes deep relationships. His experience encompasses global public, private, and sponsor owned companies.

Bill is the CEO of both OTC Industrial Technologies and Arrowhead Engineered Products (AEP). OTC is an industrial distribution company located in Columbus, OH, that has $1 billion in sales with 1,900+employees and over 60 sales/distribution offices in 40 states.

During his tenure, OTC has grown revenues by more than 43% and earnings over 78%. AEP is a leading supplier of non-discretionary, mission-critical, aftermarket replacement parts for a wide variety of motorized vehicles and equipment headquartered in Blaine, MN, and has $1.5
billion in sales with 3600+ employees and sell in over 50 countries. During his career, Bill has been responsible for leading several organizations through their most important challenges and opportunities, often in complicated regulatory, investor, and media environments. He discovered a passion and knack for the art and science of business. Taking the tools and techniques that he developed for growing multibillion dollar companies, he created the Profitable Growth Operating System (PGOS) and set out to help owners and operators around the world profitably grow their companies.

PGOS is a time-tested set of simple tools and process that fosters a common culture creating value for all stakeholders: customers, employees, suppliers, and shareholders. PGOS shows how to increase the productivity of assets, increase profits, and make better decisions at every level of a business.

Bill graduated summa cum laude from Elmhurst University with a Bachelor of Science in Business Administration and received his MBA from the University of Chicago, Booth School of Business. He is a veteran of the United States Navy.

Guest Links:

https://https//billcanady.com

Key Points:

Importance of Taking Risks:

  • Bill stresses the importance of stepping out of one’s comfort zone. He believes that growth requires taking calculated risks and putting yourself out there.

Developing Strong Leaders:

  • As a CEO, Bill believes that leaders should set clear goals and let their teams figure out how to achieve them. His approach focuses on empowering leaders to take ownership of their responsibilities, rather than micromanaging them. This builds confidence and leadership skills in team members.

  • A critical aspect of Bill’s leadership style is the balance between providing direction (goal-setting) and giving teams autonomy to develop strategies. He compares leadership to being a parent—guiding without doing the work for the team, allowing them to take charge and develop their skills.

Profitable Growth Operating System (PGOS):

  • Bill's PGOS focuses on 5 key areas to drive profitable growth: Strategy (how to grow), Segmentation (80/20 analysis to focus on the most profitable opportunities), Talent (recruiting, retaining, and developing the right people), M&A (acquisitions to accelerate growth), and Lean (efficiency). His system is about using the right tools at the right time to grow a business profitably.

  • A frequent mistake for business owners is failing to pivot when their company outgrows the early startup phase. Initially, they may take any job or customer, but as the business grows, they must focus on more strategic growth opportunities to ensure profitability. Recognizing when to transition and evolve the business model is crucial.

Continued Business Growth:

  • Business owners may take on more responsibilities that fall outside their expertise and eventually become overwhelmed.

  • Business owners must recognize that they can't do everything themselves. They need to let go of tasks they're not good at and focus on their core competencies. Say no to tasks that aren't profitable or aligned with their core strengths. This allows for a more focused and scalable business model.

  • As the business grows, it reaches a point where the owner must hire people, delegate control, and trust others with responsibilities. This is often a difficult transition, especially for entrepreneurs who are used to doing everything themselves.

Focus on Core Competencies:

  • Just as in business development, it’s important to focus on what the business does best. Trying to serve everyone or do everything can dilute efforts. Defining an "ideal prospect" is a crucial first step.

Case Study:

  • One business owner, John, focused on doing great work with a small team and maintained steady growth. The other owner, while successful, failed to replicate his success at a larger scale. The second owner didn’t focus on his core strengths or delegate effectively, which limited his ability to scale beyond his initial success.

  • The successful business owner grew his business by focusing on what he did best—closing deals in a niche market. He scaled by hiring people to handle the rest, allowing him to focus on what he was most skilled at.

  • One business grew substantially by replicating its success, while the other remained stagnant because the owner couldn’t figure out how to scale or replicate himself.

  • The key to scaling a business is taking calculated risks—trusting others, delegating, and focusing on what the business does best. Until an entrepreneur is willing to take that risk, they may remain stuck in a cycle of limited growth.

About Salesology®: Conversations with Sales Leaders

Download your free gift, The Salesology® Vault. The vault is packed full of free gifts from sales leaders, sales experts, marketing gurus and revenue generation experts.

Download your free gift, 81 Tools to Grow Your Sales & Your Business Faster, More Easily & More Profitably. Save hours of work tracking down the right prospecting and sales resources and/or digital tools that every business owner and salesperson needs.

If you are a business owner or sales manager with an underperforming sales team, let’s talk. Click here to schedule a time.

Please, subscribe to Salesology®: Conversations with Sales Leaders so that you don't miss a single episode, and while you're at it, won't you take a moment to write a short review and rate our show? It would be greatly appreciated!

To learn more about our previous guests, listen to past episodes, and get to know your host, go to https://podcast.gosalesology.com/ and connect on LinkedIn and follow us on Facebook and Twitter and check out our website at http://www.gosalesology.

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