Article originally published in the Philadelphia Business Journal on August 11, 2014.
What are the characteristics of a high-performance team? How is it led? What is the mindset of members of the team, and how does it create a competitive advantage?
As a director, I recently attended the quarterly board meeting of FEMCO Holdings, LLC. FEMCO is a provider of scheduled and emergency repair services for drilling rigs and other heavy-duty machinery in a variety of industries, the largest being oil and gas. As a national provider of repair services with five locations, FEMCO has a significant geographic competitive advantage. However, it takes more than a national geographic footprint to succeed. It takes a high performance-team doing the right things for its customers.
What FEMCO sells to its customers is “uptime.” A drilling company loses money each hour a rig is out of service because of opportunity cost. This is truly a 24/7 business.FEMCO can receive a phone call anytime – day or night, on weekdays or weekends, and learn that a repair needs to be undertaken and completed, sometimes within 48 hours. A company that can provide this repair service most effectively and consistently on a sustained basis has a very significant competitive advantage and captures market share.