Hello there again business leaders!
This time I'm going to share with you the opportunity I had with another business leader, Ryan Tripp from LTX Solutions. This interview focuses mainly on how he and his team have built a strong foundation for the company. How developing a culture where it’s members are dedicated to a sound vision and the right people in the right roles with the right values, knowledge, authorities and incentives can be a transformative business model that creates its own miracles. He also shared some of the struggles that LTX is currently facing and what techniques and solutions they have implemented to solve complex problems.
Ryan Tripp is the Chief Finance Officer of LTX Solutions, a leading supply chain solutions provider in Atlanta, GA . He started at LTX in 2016 and has spearheaded the financial and administrative functions of the company. He also helps the business in developing programs to strengthen the core values of the company which include integrity, teamwork, value creation and innovation. LTX’s advancements in innovating customized software platforms have created a significant impact in the efficiency and cost savings in the industry. It has also earned them recognition from Logistics Tech Outlook as one of the Top 10 Freight Management Solutions Providers in 2017 and in 2018 the ACG Atlanta recognized them as the 4th fastest growing lower middle market company in all of Georgia. Not to mention, praises from different clients in Manufacturing, Retail, and Distribution industries.
We stress the importance of incessantly embracing innovation and replacing old products, services, and methods with newer and better ones, such as our proprietary transportation management system. Creating our own platform has been a major focus for us as it has given us the ability to customize each customer’s experience in a way that solves their unique problems. It also gives us more ability to automate manual processes and focus on the scalability of the platform.
We’re constantly searching for new innovative tools and cutting-edge technology to improve our processes and systems so that we can continually improve our customer’s experience. Most of what we do revolves around the collection and consumption of data. Tens of thousands of shipments flow through our systems each month, each with 26 unique data points. Our ability to remove manual touches of that data and instead use technology to consume and analyze it is crucial to the scalability of our platform. We use other cutting edge tools such as robotic process automation (RPA) software for automating repetitive tasks, Tableau dashboards for analytics, and Salesforce and Pardot for our CRM and marketing efforts. After building out a strong foundation, we started investing in our online marketing presence. We’ve become one of the leading providers of LTL (Less-Than-Truckload) knowledge on the internet. We’ve built a team of people creating content in order to establish ourselves are the authority on LTL shipping.
I spent most of my career at Georgia-Pacific, working in various accounting & finance roles. Mostly as a controller in their Gypsum and Plywood businesses where I had responsibility for five facilities. GP is a Koch Industries owned company, and it’s from Koch that I learned the most about how to run a company and build a strong culture focused on long-term value creation. By far the most valuable thing I learned while working for GP was the Koch business philosophy, called Market-Based-Management (MBM). It is a framework that allows problems to be more easily diagnosed and remedied, and when applied as a model for a business, the application of the framework can be transformative.
A business model that enables organizations to succeed in the long term by applying the principles that allow free societies to prosper. Just as upholding values such as free speech, property rights, and progress is important to a healthy, growing society, it is also pivotal in fostering a healthy, growing organization. Learn more about it here. Charles Koch is also the author the book "The Science Of Success".
When hiring new employees to join our team, we place as much emphasis on values as we do on talent. Integrity is the number one principle and core value of our company and it should always be top priority in every candidate for any position. If you don’t have integrity, then you can't work at LTX. As John Wooden phrased it, “Winning takes talent, to repeat takes character”. Next, we look for a go-getter attitude and someone who can think outside the box. We manage and operate in a style where top performers are given guidelines, then it’s their responsibility to run their departments as if they own it.This creates a sense of urgency and instills ownership that ultimately leads our employees to create more long-term value for our customers, our shareholders, and society.
There are several resources that we utilize to obtain more ideas and information that help our business grow. This includes reading books together with our executives and meeting every week and work through the principles we learned. We also attend trade shows and conferences, and have joined various networking groups where we have access to other high level executives and business owners who are facing similar issues as we are. It’s ultimately about surrounding ourselves with smart and successful people who have done or are doing what we’re trying to do.
I think we face similar challenges as most companies of our size. Our biggest challenge is of course driving revenue. Revenue weaves the quilt that keeps us all warm at night and is the number one focus of our efforts every day. And as our company continues to grow, we’ll add more clients and with them comes their own unique problems to solve. So we have to develop the people, processes and systems now in order to handle that growth in the future. Our goal and challenge for our company is to create a culture where everyone knows what the right thing to do is and they’re motivated to do it without explicit directions or detailed rules.
We make every effort to look for and develop leaders who have necessary understanding and insight to spot and correct misapplications of our culture. What we’ve learned works best is learning by doing continual learning by trial, error, and feedback. We can’t make progress if we have leaders who are afraid of making mistakes.
I really enjoyed talking with Ryan and his ideas and beliefs when it comes to business are something that we would really like to consider in our businesses, too. So, let's thank him for the time he spent with us by visiting him on LinkedIn.
And if you have any thoughts you want to share, comment on the section below.