772: 3 Keys to Adapting Your Business For Maximum Success

ABOUT THIS EPISODE

In this episode we interview Tyler Walton, President and Founder of 5Logistics.

Tyler has grown five businesses, with his latest reaching Inc 5000 in just five years. From his own companies to his clients (many from Kickstarter and Shark Tank), Tyler's seen the importance of adapting to change. He breaks down three key changes he's made to maximize his company's success.

Click here to connect with this guest on LinkedIn.

There's a ton of noise out there. So how do you get decision makers to pay attention to your brand? Start a podcast and invite your ideal clients to be guests on your show. Learn more at sweetfish MEDIACOM. You're listening to be tob growth, a daily podcast for B TOB leaders. We've interviewed names you've probably heard before, like Gary vanner truck and Simon Senek, but you've probably never heard from the majority of our guests. That's because the bulk of our interviews aren't with professional speakers and authors. Most of our guests are in the trenches leading sales and marketing teams. They're implementing strategy, they're experimenting with tactics, they're building the fastest growing BB companies in the world. My name is James Carberry. I'm the founder of sweet fish media, a podcast agency for BB brands, and I'm also one of the CO hosts of this show. When we're not interviewing sales and marketing leaders, you'll hear stories from behind the scenes of our own business. Will share the ups and downs of our journey as we attempt to take over the world. Just getting well, maybe let's get into the show. Okay, would like to welcome to the show Tyler Walton, the president and founder of five logistics. Tyler, we appreciate you being on the show today. Thank you, it's great to be heres. Well, it's a real pleasure. You guys have made ink five thousand last year after only five years in business. You're coming up on your six year and I think there's a lot of lessons that you've unpacked for me and before we hit record here, and I'm excited to share those through your experience with the with the audience here. So, Tyler, before we begin, why don't you give us a breakdown of what five logistics does today and kind of where you guys have come from the past? Sure, five logistics is a family run three PO BUSINESS HERE IN DENVER, Colorado. We focus on complex fulfillment, transportation management and local delivery services. Very good, and what's interesting is is kind of the background of where does the company come from?...

You've got some experience, obviously, in logistics, but what I found interesting is particularly who you started the company with and how you guys got started. If you want to give us a little bit background there. Sure, I've been working with a large fulfillment provider on the West Coast and traveling quite a bit. I had three young kids at the time. This is back in two thousand and eleven, and my wife and I at that point wanted to have me home more often and we were ready to look at starting another business. So we sure to the the lessons that we learn from from such a large organization and brought those two to Colorado and we have, in our previous business has learned a lot of lessons. So we wanted to start this business from scratch. So we did that by naming it something that's that's personal and unique to USK. Five logistics stands for the five of us in our fly, my wife and I and are three kids and and we we start with it without aid, any agencies, any franchises and and the ground up business. Well, that's fantastic and it proves that there's something to that model right of like really buying in as a family unit. Like you guys, had a vision together. You started this thing with with a goal in mine. That's really exciting to see making five thousand. So just a tribute to how much success you can find by really putting your heart and soul into something that's great. Well, Tyler, I think what's interesting is you mentioned a couple of times these other businesses. Do you mind just unpacking a little bit that idea of like, how many businesses have you had and and what drove you to go to corporation and then ultimately to start another business, because it sounds like maybe in and out of building in selling your own businesses, that right. It is. We found that we really like to start and build companies, build them to a point where they are operating and and then move on to something else. Our interest is always been in building companies. So file logistics also happens to be the fifth company that we started the last twenty...

...years that we've been working. Four of them have been in product or service and one has been in real estate. That's fascinating. I love that the five just happens to apply there as well. How Fun. That's great. Well, so we were talking before the show here. You mentioned that some of the companies you work with today, you know, they're almost not even companies yet. They're maybe kickstarter back projects, some shark tank folks. So you're in this like up and coming start up new product space and you've got a few lessons that I think applied to all of us, though maybe share share some insight around the idea of adaptation as far as your own business model and maybe what you've seen in those projects as well. You know, I'm sure with kickstarter they have this idea, they get funded and then maybe they have to change down the road. Probably seen a shark tank. Have you seen that in your own business as well? We have, and what's interesting is the clients that we work with tend to follow the same same lessons and challenges that we have. They have their initial goal of what they want their company to be, what they want their product to be. You know, they gain some quick success either through a kickstarter and they put a website together and they put it online, but they don't realize isn't today's market. We have to be willing to adapt and change and find vendors that can do that. Yeah, you can just have a product on your website and be successful anymore. Your product has to be seen and in several different channels of cells, several different websites. have to find and branded in ways that bring credibility and attention to to your product and work with vendors that are able to to work with those changes and adapting to those channels as they work and they don't work, because not every channel works for clients. Sure well, and it sounds like the same as happened there five logistics as well. I mean even in the past six years you're mentioning, you've had to undergo some changes and...

...make pivots to meet the market where it was and what it was demanding. Can you break down some of those examples or maybe you know a particular example of the time we made a larger pivot? Sure that that just came several years ago. We were enjoying the success of the startup. We were focusing on third party transportation management or truck brokerage. Sure, we were using our own trucks to make a lot of local deliveries, but what we found is our greatest success was our ability to help clients manage their inventory and ship their orders. And as they got into more of a consumer facing standpoint, they were wanting to break down the cases of product and the Palettes of product down to single items that we would pick, fulfill and ship to us. Being able to do that well, have the systems to support it. Was a pretty drastic business change. She's a we moved warehouses from from a small start up warehouse into one four times a size where we're at today and really said we are, as a company, going to focus on, you know, the the procedures that allow us to be successful for individual items being picked, inventory management of that and ensuring that, regardless of the channels that they're selling, whether it be to in individual consumers or to wholesale or retailers, that we would be good at what we do and ensure that we were as strong a vendor as we possibly could, and that that's a lot different than what the business was originally started. Oh boy, that I bet well. And you've got such a strong sales background. You mentioned before the show that it's all of your companies have been pretty much driven around sales. Like Hey, you, you hit your number every time right, like you're able to successfully go out to the market and say this is what we do and drive the business in the door. But with this shift in now you're not just doing something you were already set up for you. You had to gear yourselves more toward the process, you know, focus on, like you said, break...

...down from a shipment to a pallet to a box to now a single individual item inside the box. What was it about that that made it possible for you to shift from the sales mindset to like, okay, now we've got to really focus on the individual details of the operations. Was There coaching or training, or did you guys just get down and try the thing? We, as a team, as a management team at that point, knew that that was the direction we wanted to go. And my background isn't in operations. My backgrounds and cells, and so I knew that I had to bring in the right people to help us create these processes, create the operational structure that all would allow us to be great at inventory management, grated order fulfillment. It's not something that can be sold and then handled in less it is handled with great execution, showed day out. Yeah, that makes sense. So you came down to getting the right people into your team. Now, obviously there's some risk. there. was there like business planning ahead of time? Hey, we know, based on this this pivot, here's the revenue that we're going to hit or do it? Was it just like we feel it in our gut with this is what we're best at. Let's go put the operations behind it. It's twofold. One business was telling us that they they needed that service, sure, and the second is we wanted to be as good as we possibly could at that service in our market. So to be able to make a change and start to work with a team to develop what that change looks like more a lot different than what our original version of a complexi fulfilment company would be today. Services where we were two three years ago, and we continue to have to adapt and change and as our clients get bigger and have different challenges themselves, we, as their vendor that handles the inventorium, processes the orders and does all the shipping, we have to be able to be flexible and adjust with them so we both can be successful. It's story time again and we're talking about search engine marketing. Today I'm going to tell you about a challenge within Pelican. Cases be to beat division.

Pelican needed a partner with deep bedb expertise that could get them a massive bumping leads from their paper click campaigns without increasing spin. After vetting a handful of agencies, they decided to go with directive consulting, a beat Search Marketing Agency located in southern California directive took on this challenge by refining their targeting and building custom landing pages for their advertising efforts. Once implemented, they saw a two hundred and eight percent increase in conversion rate. Needless to say, Pelican cases met their initiative. I have a hunch that directive can get these kind of results for you too, so head over to directive consultingcom and request a totally free custom proposal. That's directive consultingcom. All right, let's get back to this interview. You bring up, you know, putting the right people onto the team, and obviously is you're changing what the organization looks like. Sometimes the right people before aren't the right people now. But you've had some success with one of your employees has been there basically the whole time. Do you mind breaking down kind of that story and how you made that employee successful or how they made themselves successful? Sure Right. It's less me making someone successful and it's more to the DNA and individuals that are willing to adapt and change. Change is hard. Yeah, there's for a business, whether it's in your in your professional life or or in your personal life, going through big changes as is hard. So everyone says they want to be a part of a small, you know business. They want to be a part of a growing business. Yep, when you say, okay, your job description might be completely different in six months and then six months from then it's going to be completely different. Do you like that idea, most people will say, Hey, that's an uncomfortable feeling. I don't necessarily like the change because I get good at my job and then I've got to go learn a new job. Yeah, we have, you know, we have found very great employees and, as you alluded to, we've got one that has been with...

...us from the beginning. It seems like every year her job description changes as she grows. It has always been a customer facing position, but she is always grown and adapted to the new systems or our new processes or even the volume that comes, you know, the growing entity. All those changes are difficult and it takes a unique group of people to be able to say, number one, they want to be a part of that and, number two, they want to figure out how to be really good at that. And for any business that you know that makes it past that, you know, that three year small business or that five year. You know, small business number that everyone you know fights to get to. To me, it's really the people that you work with and it's the offering that you that you continue to refine and change and and adapt so that you can be as good a company as you possibly can the year that you're there. Sure, and do you find then, in order to identify those people as early on in your business as you can are going to be able to adapt with it? Because obviously at some point you got to hire for a skill set that you need today. But are you also kind of filtering by attitude or like? Because you can? You can hire for aptitude, you can hire for attitude and ideally you find both, but is there one more weighted than the other? I wish I could say yes to that. We have not been as lucky as I would like to say in finding the right employees up front. Employee management, finding right Labor to do the job is extremely difficult. But I can say when you find someone that is good at what they do, and it might be, you know, personality driven being the biggest indicators, because you can teach people to do a lot of things. They can learn how to do a job if they have the right personality to do so. For us, a personality is very important. It's probably one of the lead indicators. Sure, everything else, I think can be can be taught and managed in overseen, but the attitude and how they approach and think about things is something that cannot be taught. No, I love that. I Love I...

...think that's great. Well, Tyler, you know, before we kind of sign off here, any any party wisdom? Any final thoughts for those who are maybe considering launching their own business, anything that you could give them that would just you know, hey, we're in the corporate world today, but I've been dying to do this thing, or especially if they're launching a new product. Is there any thoughts from your experience with those kickstarters or sharp tink? You'd love to share? You know, the one thing that I've seen, both with customers that we work with, that our startup companies or even ourselves, is how fluid you have to be as a company. You have to be willing to look at changes that are coming. You have to be willing to accept bad decisions that you make and move forward, being able to adapt and flow with with where your business is taking you and finding ways to be able to be successful with that. I think is probably for us, one of the bigger keys of success is willing to just change and go with what is being requested and find the best way that you can to do that. That's great. Well, Tyler, we appreciate your time and thanks for being on the show. Not a problem. Thank you. There are lots of ways to build a community and we've chosen to build the be tob growth community through this podcast. But because of the way podcasts work, it's really hard to engage with our listeners and without engagement it's tough to build a great community. So here's what we've decided to do. We're organizing small dinners across the country with our listeners and guests. No sales pitches, no agenda, just great conversations with likeminded people. Will Talk Business, we'll talk family, will talk goals and dreams, will build friendships. So if you'd like to be a part of a BEDB growth dinner in a sitting near you, go to be to be growth dinnerscom. That's be to be growth dinnerscom. Thank...

...you so much for listening. Until next time,.

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