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Episode 20: HFW's Core Values
20 Plays3 months ago
Welcome to Episode 20! Today we officially unveil our HFW Core Values.
We are very excited to discuss these values and how they define who we are as a business. We are building a monster., and our Core Values are a big piece of that :)
Let me know your thoughts!
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Transcript
Introduction to HFW's Core Values
00:00:00
jwatson99
a
00:00:09
jwatson99
All right, and welcome back to the HFW shop talk podcast. I am Jack Watson. And today I am excited to go over something that has been in the making for about a year now.
Development Process of Core Values
00:00:23
jwatson99
And we are excited to finally formally introduce it as a company. And those are our HFW core values.
00:00:35
jwatson99
So before I get into what those values actually are, I thought it'd be ah helpful to give a little bit of background and how these were developed and walk through kind of the process that that took ah to get to the core values we have today.
00:00:52
jwatson99
And so as we've discussed on the podcast in the past over the last year, our leadership team has engaged in the traction or EOS process. And all that is, is essentially getting everyone to focus on the couple core things that are most important to their job and to the business as a whole.
00:01:13
jwatson99
And so it is a lot easier said than done. We're about just over a year into the process now. And we've made some progress. There's a lot of progress to still make. um But one of the high level items was coming up with the typical stuff you'll see with things like this. So the mission and the vision.
00:01:36
jwatson99
um which which are also things we will share in the future.
Announcing HFW's Core Values
00:01:39
jwatson99
But one of the best and one of the, the I think the the greatest exercises was developing our core values. And so this was done at a couple of different leadership meetings over the course of a couple months. and And to explain the process it took, we first um came up with a list of the best attributes of people at HFW. And so there's a lot of them. And we went through, I don't know, there's probably a list of at least 30 or 40 different traits, um you know, and in great things that our people and our business do. And then the job was to combine and whittle down to the obviously the core couple um that really define us as people and as a business.
00:02:29
jwatson99
And so when I walk through these specific values, these aren't aspirational. These are traits and and characteristics that people are already exhibiting every day at HFW.
Exploring the Value of Loyalty
00:02:42
jwatson99
And the only thing that's really new is trying to put these together and drive um Our hiring process and and our evaluation process as a company um through the lens of these core values and one thing one reason that it took a couple months is we came up with the initial values that first meeting we were excited but it was also something that.
00:03:06
jwatson99
We wanted to let it simmer for a little while and come back to it. And when we did, we realized we needed to simplify it. And so what you'll notice about these is they're one word or two words, and there's only two, three, four, five of them. um And so simplicity and um ease of understanding are very important. So with that preamble, let's get into our HFW core values.
00:03:35
jwatson99
So first I guess I'll just read through them and then give you a little bit of flavor for each one after I do that. So the HFW core values as of October, 2024 are loyalty, quality driven, sense of urgency, problem solver, and one team.
00:04:00
jwatson99
So let's get into each of those i just a little bit deeper. First, we'll start with loyalty. I think everyone knows what loyalty is, um but from a business sense, it's a couple of different things. We as a company want to be loyal to our customers, loyal to our vendors, and I think where it really starts is loyal to um all of our team members and employees.
00:04:27
jwatson99
And what we really want to do is is is strive to create an environment and a service where our employees, our customers, and our suppliers are loyal to us as well. We want it to be this two-way street. And one of the things that I think everyone on our leadership team and and throughout the business will tell you is that loyalty has to be
Importance of Quality in Manufacturing
00:04:49
jwatson99
earned. um So we think, again, it's a two-way street to to earn loyalty from our employees or to earn loyalty from our customers, we have to go out and earn it and not just talk about it but actually do it.
00:05:02
jwatson99
And again, where I was explaining where these came from, I think loyalty is one of the things that makes our business stand out. So some of our best customer relationships are over 50 years old. Our best customers right now that today comprise a good portion of our business, our relationships that we have had for decades.
00:05:24
jwatson99
That's not common. Most businesses aren't even around decades if you look at the the statistics. And I think that really speaks to the level of service and quality that a company like HFW provides. On the employee front, um we have had multiple people.
00:05:42
jwatson99
Uh, that have been at HFW for 30 to 40 years, even longer in some cases, my grandfather would like me to remember that he's been here for 56 years. And that's a testament to all of the great people on this team. Even today, after we've had, um, several notable retirements of 30 or 40 years in the last couple of years, our average tenure is still just about 10 years, a little under 10 years. And that is a metric that is very important to me.
00:06:12
jwatson99
And I think it's it's not just from a sense of pride and in keeping our people engaged, but also the more consistent we consistency we have, the longer people are here, the longer you but you understand what you're all about as a business.
00:06:28
jwatson99
And I think we all do better in an environment where there's some degree of comfort. You're not always on the edge of your seat. um And that's something that traditionally we've done really well as a business. So we look to continue that. and I think that's a core part of who we are as a business. Number two, quality driven. So I think this one mostly speaks for itself, but I'll touch on just a couple quick things.
00:06:54
jwatson99
So as I'm, I'm sure most people that are listening to this are aware, but if you're not, um, HFW, we are not in the business of being the cheapest option. If you need a, the absolute cheapest solution out the door, we are rarely going to be it.
00:07:14
jwatson99
HFW's value play is our customer consultation and our ability to extend equipment life over a number of months and years. And so our value play is that in the total cost of ownership,
00:07:32
jwatson99
that calculation will be lower. But obviously it's easiest to see the purchase price. And so um that's what some companies view. But again, our best relationships are with the companies and the customers that truly understand. And they're looking for the equipment that will last them longest, which will save them a lot of money in the long run.
00:07:53
jwatson99
And so quality is absolutely essential to everything we do. And that's something that we're trying to drive in everyone. um I know, especially when I talk to some of our team members who have been at different shops, there's different environments, right? There's production shops where you're producing tens or hundreds of that or even thousands of parts an hour or a day.
00:08:15
jwatson99
That's not HFW's game. You know, we are a bespoke 100% custom equipment manufacturer and rebuild shop. And so quality has to be at the top of the list. And again, when you look at our best performers and the top people at our company, that's always um something that they display and something that is very high in their repertoire.
Emphasizing a Sense of Urgency
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jwatson99
And I think it's something to, I think that is where, not to get into too much of a you know ah conversation about geopolitics or anything, I think that is where American manufacturing can thrive is
00:08:54
jwatson99
quality and HFW has always been a great example of that and it's something that we look to continue to do and we must do um because it's such a core part of our business.
00:09:06
jwatson99
Number three, sense of urgency. So again, a sense of urgency is one of our differentiators as a company. Again, we are not usually going to be the cheapest option, but we are able to quickly hop on a customer issue, discuss it with them, find a solution, and get that out the door as quickly as possible.
00:09:29
jwatson99
Especially now, I can't tell you how many customers we've heard from or potential customers that have told us, yes, cost is something they have to look at. They're not just going to ignore cost. It would be great if if they did, but obviously that's not reality. But.
00:09:47
jwatson99
almost more important than cost is lead time and so we are always looking for ways to do things better. We want to hustle um because ultimately it's the hustlers who win and we've learned that as a business over 77 years and ultimately at an individual level the people that hustle the most and and really have that sense of urgency just innately driven in them will do the best and when we can combine that as a team we can really build something great by being a a team that has that sense of urgency. One thing you will hear often is that
00:10:25
jwatson99
You know, the great thing about a small business or a private business is the speed and you can move very quickly. And that's something that we look to do. You know, we want to experiment. We want to try new things, but we want to do that quickly and efficiently and always find ways to
The Role of Problem Solving
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jwatson99
get better. So that's why sense of urgency is one of our core values. Number four, problem solver.
00:10:49
jwatson99
Again, I probably sound like a broken record, but this is something that has really defined HFW over the course of our 77-year history. The more problems we solve, the more money we will make. And that's not just at a business level, but really at an individual level, too, if you think about it. um If you're looking to make that next step up in your career, the more problems you can solve, the more money you will make. And that's something that I try to remember each and every day.
00:11:18
jwatson99
um We live in a society where obviously it's very easy to blame others. um It's very popular to say that it's someone else's issue to deal with and to pass the blame and not worry about it. One thing that I'm proud about in our business is that we are always about finding solutions. you know The buck stops here. No one's going to come save us. We have to solve these issues for ourselves.
00:11:42
jwatson99
And again, I'm very proud because I think this is a a trait that has been deeply ingrained in us as a business over the entirety of our existence. And lastly, there are so many legendary stories of our company and our employees.
00:12:02
jwatson99
solving problems, um not only for our business, but for our customers and even for our suppliers in some case. And when you can do that, you will have a very successful
Unity Through One Team
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jwatson99
business. So that's why sentence of urgency and problem solver are two core attributes of our business. And last but not least, one team.
00:12:25
jwatson99
So this is an interesting one. It's probably the one I could talk the longest about, but I will, I will do my best to spare you. So as I've talked about on the podcast before, and I've talked about with many of you individually, we as a company want to foster a strong culture where we build each other up every day. And, you know, let's face it, we're spending much of our waking hours at work here at HFW and My genuine goal and our goal as a company is to first and foremost, all be rowing in the same direction and understand where we are going as a business. But then also, and more importantly, create a great workplace so that each and every one of us can come to work each day and be the best possible person we can be and do the best possible job we can.
00:13:18
jwatson99
I know it's lofty. I know that's, you know, something that may be aspirational every day is not going to be perfect. But my goal is to make as many days perfect as I can. And I think when we can work as a team, when we flow, when everything works well, um when we pass off things cleanly between one department to the next, when we're putting our heads together and and combining ideas and um you know, really working solid together. We get a better product for our customers. ah We work better as a team. And we're in ah in a state of time where you see so much divisiveness and people wanting to fight over everything. I think this cohesiveness and being able to have that team atmosphere ah will reap tremendous benefits for each of us, um both.
00:14:17
jwatson99
inherently, um but also when you're looking at um the results i am financially and ah just the way it makes you feel too, right? It's better to be on a winning team. It feels better to win than lose. That's yeah obvious. But I think there's something to be said about building a winning culture. And that's what we're all about is building this culture where you have one team, everyone's working and pushing in the same direction. And I think we've had a lot of that over the course of our business. I'm really excited about where we're at now. We've got a great mix of experienced guys that have been there and done that. And.
00:15:00
jwatson99
have pretty much figured out how to address most scenarios we come across. And you pair that with the youthful energy of some of our young people that are just out of school, that are hungry, and that want to go achieve great things. And when you pair these two groups of people together, ah man, I can't tell you how excited I am about the future of our business.
Integrating Values into Operations
00:15:23
jwatson99
And so that is why one team is our fifth and final core value.
00:15:31
jwatson99
So just to recap, we have loyalty, quality driven, sense of urgency, problem solver, and one team as our core values. Now this isn't a one and done. This isn't ah the one time I'm going to discuss our core values. We really want these to become a core and part of our day, our week, and who we are as a business. And so, like I said, these are were all developed by thinking about what individual team members exhibit each day. And now our goal is to exemplify the combined nature of these core values every day.
00:16:15
jwatson99
And I know it may seem a little bit high level or maybe a bit lofty. um But again, this is what we're working toward each day. It's how we evaluate potential recruits and people that we are looking at to come into our business.
00:16:31
jwatson99
And it's also you know something that we use to evaluate how we are doing as a business. And for members of our team that are itching for a raise or a promotion, this is how we want to evaluate people. Do they meet these these core values? Do they exemplify these each and every day? And so this is something that you know we'll we'll make the posters and we'll put them around the shop. and um But we don't just want to be something that ah we tack up on the wall and then forget about. like the the COVID signs I know are still still found around the shop. This is something that we want to ah come across in every conversation that is had around HFW, whether it's between two employees, whether it's but with a supplier, a customer, or even just someone that's walking in and we're giving a tour. We want our core values to shine. um And I think we're already at a really good place. And so I'm super excited to see where we can take this in the future.
00:17:28
jwatson99
And my last note is be patient with us, please. These will evolve and grow with time. And, you know, we're interested in getting feedback and hearing um what you think separates HFW as a business and how we can incorporate those kinds of things into our core values. But for today, we want to be clear about what we are about as a business and who we want to be as we learn and grow.
Conclusion and Call for Feedback
00:18:00
jwatson99
Like I've said, I don't need to beat a dead horse here. We have some really exciting growth opportunities and there's some great things ahead for this business. And so in able to go and capture those, we want to be very clear about who we are and then just as importantly, who we are not.
00:18:22
jwatson99
And so that is where the core values come in. So that's a wrap for our core values on episode 20. I'm very interested in discussing this more and hearing your thoughts and what's worked well for you and um get your take on it. So I appreciate you listening. And if you have any thoughts, questions or anything like that, let me know. All right. Thank you.
00:18:53
jwatson99
a