Ted Fick: EBITDA Increase at CPI Card Group

Ted Fick joined CPI Card Group, Inc. as President and CEO in 2007. Recruited to drive company expansion and position the firm for a prospective public offering, Ted Fick successfully increased CPI’s EBITDA from $16 million to $33 million in just one year. This increase was made possible both through organic growth (25%) and strategic acquisitions (75%) across the U.S., UK, and Canada.

 

Also Read: Ted Fick: Successful Turnarounds

Ted Fick: Simple Ways to Cut Business Costs

Ted Fick knows that to execute a successful company transformation, a comprehensive strategy, and approach is not only a good idea, but absolutely essential.

And one of the key elements of an effective, strategic turnaround plan is cutting costs, redundancies and overlapping expenses that, once eliminated, can free up invaluable resources for fueling growth and unlocking opportunity elsewhere in the organization.

Simple Ways to Cut Business Costs

Having executed successful strategic plans throughout his career, Ted Fick understands the many methods available to companies seeking to reduce costs and maximize profitability.

Some of the area's businesses can look at for reducing operational costs include:

·     Supply expenses. Shopping around for different vendors and better deals on supplies can be an effective way to save a little money.

·     Production costs. Setting efficiency goals and maximizing the use of your production space may help stretch you're a dollar a little further.

Also read: Ted Fick Featured in Recent Article

Ted Fick: Turning Loss into Profit

As VP of Commercial Tire Systems at Goodyear Tire (2001-2003), Ted Fick executed a successful turnaround that included turning $20 million in annual losses into $45 million in annual profit. Ted Fick also drove a 20% increase in the business unit’s OEM market share, and led the turnaround of a 200-branch operation network threatened with closure from $25 million annual loss to more than $13 million in annual profit.

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Ted Fick: The Benefits of an Effective Product Development Strategy

Why develop new products?

As accomplished senior executive Ted Fick knows, having an innovative mindset and an efficient, effective product development process in place can do wonders for an organization—and can often provide the lift a struggling company needs to turn things around and regain a lost competitive edge. 

The Benefits of an Effective Product Development Strategy

As President at Thermo King Corporation, Ted Fick led the development and launch of the Tripac auxiliary unit—an innovation that forever changed the organization and the trucking industry, and which was key to the company’s eventual multimillion-dollar transformation.

Having spearheaded such an effort, Fick knows the benefits an effective product development approach can have for an organization, including:

· The opportunity to win more business and increase revenue through new innovation.

· The chance to improve your brand’s reputation for quality.

· The opportunity to reduce production costs through the refinement and improvement of existing products.

Ted Fick: Front-Page Coverage

Ted Fick has stood out as a results-driven senior executive and leader throughout his career. The driver of multiple multimillion-dollar business transformations over the past 20 years, Fick garnered front-page coverage in the Wall Street Journal for his work at Polar Corporation, where he served as President & CEO for four years (2009-2013). As President, Ted Fick oversaw significant improvements in top-line EBITDA and sales.

Ted Fick: Trucking Manufacturer Leadership

Customer-centric executive Ted Fick was recruited in late 2018 to take on the role of CEO at LTA Manufacturing. A manufacturer and marketer of high-quality truck covers and cargo management solutions for trucks, vans and utility bodies, LTA (Light Truck Accessories) is made up of four distinct brands, including ATC Truck Covers, Jason Truck Caps, Ranch Fiberglass and LoadMaster.

Read more about Ted Fick. https://seattlerotary.org/stories/font-size-3-meet-ted-fick-font

Ted Fick: Key Elements to Include in Your Strategic Plan

As a transformative leader and senior executive, Ted Fick knows that for any successful turnaround to work—particularly at the corporate-level—a robust, comprehensive strategic plan must always be in place.

As such, great care, research and evaluation must be performed to ensure that strategy is not only tailored to the organization’s unique situation, characteristics, and goals but also has the focus and framework that provide the best opportunity at successful, sustained execution.

Key Elements to Include in Your Strategic Plan

Key Elements to Include in Your Strategic Plan

As Ted Fick knows, there is no one-size-fits-all approach to business strategy; though, every strategic plan should at the very least include several keys elements, such as:

·         A mission statement that clearly defines why your organization exists.

·         Guiding principles or attributes that describe which behaviors are acceptable and which aren’t throughout your organization.

·         Value propositions that explain the value you offer your stakeholders.

·         Clear goals that show where you want your organization to go.

·         Focus areas that define how you’ll get your organization to the next level. 

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