Lower lumber prices boost Doman's Q4 profit | Logistics industry posts substantial Feb. job losses | How to keep the ball in your court during inflation
Doman Building Materials reported fourth-quarter net income of $3.16 million and increased profitability as lumber prices have begun to stabilize to a level that is "affordable for the consumer instead of scaring the consumer away," CEO Amar Doman says in this video. The Canadian company, which acquired Texas-based Hixson Lumber Sales in 2021, does about 68% of its business in the US, and Doman plans to focus on expanding in the US.
Parcel delivery, trucking and warehousing businesses cut a total of 16,900 jobs in February, with trucking accounting for the lion's share with a 10,600 drop, according to the US Bureau of Labor Statistics. While February is typically a soft hiring month following peak shipping season, Glassdoor chief economist Aaron Terrazas says the numbers reflect an overall shift that's being driven by e-commerce sellers responding to declining consumer demand by reducing "the massive investments they've made in terms of warehousing and distribution capacity."
More rapidly pingponging pricing is likely in the coming months of uncertain inflation, making it challenging for sourcing departments to maintain and increase margins, Pete Eppele of Zilliant writes. Automation can aid with price optimization and agility, two factors that allow for a "rocket up, parachute down" approach, Eppele explains.
Rivian could renegotiate an agreement with Amazon that requires the automaker to provide electric trucks exclusively to the e-commerce giant. "While nothing has changed with our agreement with Rivian, we've always said that we want others to benefit from their technology in the long run because having more electric delivery vehicles on the road is good for our communities and our planet," a spokesperson for Amazon says.
Communicating through LinkedIn can be a powerful way to retain customers, writes Social Media Examiner's Michael Stelzner, but messages should not be "spam," Stelzner asserts. Instead they should sell without looking like selling -- a result achieved by following four steps that start with qualifying the prospect and end with removing the pressure, Stelzner outlines.
Examining the techniques of successful competitors and staying on top of real-time audience engagement are two of five ways Lucas Miller, founder and CEO of Echelon Copy, recommends for creating better connections with your audience. Such strategies help a sales team "clearly articulate why your product or service is the right match," Miller writes.
Depending on the situation, leaders can rely on three different styles to help their direct reports: directing them in what needs to be accomplished, discussing options in a give-and-take conversation or delegating tasks with clear goals and deadlines, Paul Thornton writes. Thornton outlines the drawbacks of each style and gives examples of when each should be used.
Collaborating with colleagues remotely can descend into chaos if we fall prey to "attribution bias" that leads to faulty assumptions about others because we don't know them as well as if we were physically working together, says Catherine Cramton, emeritus professor of management at George Mason University School of Business. Giving others the benefit of the doubt and ensuring everyone is receiving all the information they need can improve remote collaboration, Cramton's research shows.
Join the best and brightest emerging leaders from across the wholesale distribution industry for a unique course at The Ohio State University! The course will take place from May 22-26, 2023. View the agenda and register.
