|Type of paper:||Essay|
|Categories:||Leadership analysis Company Human resources Business strategy|
The founders of Home Depot, Bernie Marcus and Arthur Blank came up with the business idea of a superstore that would provide consumers with all necessary merchandise under one roof with the availability of sufficient knowledge on the same. They, however, needed financial aid to actualize this project. There is an incident where Ken Langone, who was an investment banker and Pat Farrah excellent at merchandising, decided to support and finance the project. It paved the way to the establishment of the first two stores of the brand Home Depot. The lesson is that with a brilliant idea, there will always be someone who believes in the promise that it possesses.
The owners of Home Depot do not have any background in the home improvement industry. Arthur Blank was a professional accountant while Bernie Marcus was a pharmacist. Ken Langone an investment banker and Pat Farrah, a merchandiser. As such, I don’t think I would need any previous experience to start a business, as long as I develop effective strategies and identify a unique market niche.
Sandy Sigoloff’s Management Style
From Sandy Sigoloff’s perspective of management, the primary lesson learned is the cutting off of operational sections and personnel that contribute less or not at all to increases in the performance of a business. Such will aid in eliminating costs that hinder the achievement of desired levels of profitability. I would employ the same management style to any business venture. Such creates senses of comment and motivation on employees to assuring they have effectively actualized their duties. Increases in individual performance directly influence the general performance of the business.
Struggles at Home Depot During First Year of Operations
With the start of the business, Home Depot lacked effective management related to the home management industry. The identification of the failure to set up operational systems and frameworks that the business of such capabilities requires. The senior officials at the form not investing in the right technological resources that would assure efficiency to all firm activities. There were no well-established distribution centers during this period. Concerning my future venture, such issues may arise in the organization and management of the various existing operational sections. It is with the desire to adopt associated new technologies that I may not be well familiar with their operation.
Home Depot Founders Revolutionizing the Home Improvement Industry
The founders revolutionized the home improvement industry with the education of its customers to initiating desired related operations without the help of an expert. Customers would be equipped with the knowledge of performing minor improvements to their properties. There is the addition of their pricing policies on their products. The major challenges arose with the safety concerns that arise and the reduction in the profit margins from each commodity. The relationship with vendors is very important with the direct impact on product and service delivery to customers; there are existing issues on cost efficiency and the development of a firm’s reputation in the competitive market.
Importance of Employees to Home Depot
The lesson is the relevance that employees relay to the entire business process. It is from their level of knowledge and ability to answer every customer’s questions. Relaying advice that would assure customers derive ultimate satisfaction from the firm’s products. A correct appreciation of employees with rational salaries motivates them to strive to achieve set goals. Such a strategy is appropriate to my future business intending to assure high levels of motivation and performance of my employees.
Hess, E.D. (2017). The Home Depoot, Inc. Darden Business Publishing Cases. https://doi.org/10.1108/case.darden.2016.000307
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