RRD Focuses (CONT’D FROM PAGE 24)
Board Converting NEWS INTERNET DIRECTORY
“For me, these were ‘aha’ moments,” Pruett said. “Our financial numbers were up. We were being praised. Peo- ple were excited and happy to see what was happening, but our spirits were down. We would be in the plants with the teams, and you could just feel that it had worn on them. On top of that, this was all in the backdrop of COVID.” The path forward, said Pruett, was to embrace a new mindset. Simply maintaining market share was not enough; the company packaging segment had to focus on growth. “With the packaging labels and supply chain,” she said, “we had to carve out a mindset that taught us how to grow, and then teach our team about how the growth mindset
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did not just include revenue, but growing ourselves, as well.” The first step was to do a financial assessment. Pruett warns that despite this being a seemingly basic step, it requires thoroughness. “It’s more than just going over the P&L statement for a day,” she said. “It is a deep, deep dive. We don’t just look at the top line revenue. We ask question after question. Where does revenue come from? What products? Why do we have those products? How do we sell those prod- ucts? What does our pipeline look like? “And as you ask those questions, a story emerges,” she continued. “Yes, we have a problem. No, we don’t have a problem. Then you go to the next line on the P&L, materi- als. When was the last time we bid? Who do we buy from? How many vendors do we have?” The company went line by line by line in the P&L, ask- ing those probing questions. From that emerged what they realized they had to do as they could more clearly now understand the highest and best use of their time and where they needed to spend the most effort. “Again, it seems relatively simple,” she said, “but a big lesson I learned from our finance team is that we don’t ground ourselves in the P&L enough, especially when in the midst of these changes.” Pruett's presentation sparked conversations during the break- out session about building high-performing cultures.
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May 5, 2025
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