Operational Excellence in Healthcare: Who Can Afford to Wait?
February 13, 2017
Show all

Last Monday I joined more than 200 people at the Hudson Library & Historical Societyfor what turned out to be a remarkable hour. During “An Evening with Tom Murdough”, the founder of The Little Tikes Company (1970), The Step2 Company(1991) and his most recent venture Simplay3 shared some of the factors that have led to over four decades of successful entrepreneurship:

  • Capitalizing on the niche and labor intensive rotational molding technology for plastics.
  • Creating a more stable cash stream by introducing innovative home & garden products to counterbalance the highly seasonal toy business.
  • Smart channel choices.
  • Inviting customer feedback via day care trials, parent focus groups and a customer inquiry toll free line with its number molded into the products as a statement of quality and commitment.
  • Recognizing how critical employees were to the business, about ¼ of the pre-tax profit went back to them.
  •  Formal and frequent communication with employees centered on “Do it Right”, rather than long and obscure mission statements.
  • Giving back to the community, and generously at that.

One of the most interesting stories told was about the approach by notorious mobster Danny Greene to “represent the workers”. The loyalty of the workforce to Mr. Murdough was still evident from the many shout-outs from former employees in the audience that still remember the “6P Guide: Purpose, People, Product, Patience, Perseverance and Profits”.

The best part of the night was to witness the response of a community that obviously respects and admires Mr. Murdough as a leader and businessman, as well as their great appreciation for his commitment to be a vital contributor to the region.

For the entrepreneurs starting out, this is what Mr. Murdough had to say: “Don’t follow conventional wisdom. Take the path least traveled. Do it better and do it your way.” My take: Hope for at least a little of his character, insight, enthusiasm and discipline.

Leave a Reply

Your email address will not be published. Required fields are marked *