Spare Parts Know How

Spare Parts Inventory Management Training

  • Log-In
  • Online Training
    • Spare Parts Training Academy
    • Pro Level Membership
    • Advanced Spare Parts Management Course
    • Team Boot Camp
  • Resources
    • Resource Library
    • Connect with Experts
    • Online Training Support
    • Blog Posts
    • Management Guides
    • Policy Templates
    • ROP Calculator
    • Online Forum
    • Webinars and Events
    • Reports & Books
    • Glossary
  • Connect with Experts
  • Contact
  • About
    • Clients
    • Testimonials
    • FAQs
    • Phillip Slater
  • Instructor-led Training
  • Consulting
  • Reliability Certification

Know When to Quit Spare Parts Initiatives

January 12 Phillip Slater

Subject Area: Know When to Quit Spare Parts Initiatives

Quit Spare Parts InitiativesQuitting is hard. Am I right?

I don’t mean quitting smoking (which is hard) or quitting fried food (even harder!).

I mean quitting something that you have worked on, even believed in.

I am talking about quitting on a project or initiative at work.

Something where you told others that you were on the right path.

Maybe even made promises to your boss or your team about the results that will be achieved.

Not achieving your spare parts management goals must be just about the most frustrating experience you can have in your job.

You work hard to deliver a project, but the promised benefits are just not realized.

That is hard.
 

Welcome! As a guest you can read select articles such as this one.To unlock full access to all of our content and training CLICK HERE

 
 


It’s Not True That Quitters Never Win

 

We have grown up with expressions like, ‘quitters never win, and winners never quit’.

Maybe we have even felt the embarrassment of failure.

But sometimes, in fact quite often, quitting is the best path. It is the right path. It is the bravest path. It is the right thing to do. It is the path to ‘winning’.
 


Know When to Quit

 
The problem is, how do you know when to quit?

Quit too soon and you may be giving up while on track for success.

(Napoleon Hill, perhaps the father of personal and business improvement once wrote that people give up when they are ’three feet from gold’, meaning that even when they are on the right track for success they stop too soon.)

Quit too late and you have wasted time, resources, and the opportunity to reset and achieve your goals.

This is what happens when people fall for the ‘sunk cost fallacy’ or just don’t want to admit defeat.

(The sunk cost fallacy is where you keep going because of the effort, money and time expended so far (the sunk cost), even when changing direction is a better option.)

We start projects in good faith and with an understanding that there is always uncertainty about the outcomes. Sometimes those uncertainties are not fully foreseeable (although often they are).

Sometimes we just experience genuine bad luck or bad timing.

But sometimes we just made an inappropriate choice.
 


Quitting Demonstrates Leadership

 
It is the mark of a good leader, a sophisticated manager, when they can admit defeat and change course.

Another expression we hear a lot is attributed to Albert Einstein: The definition of insanity is doing the same thing and expecting a different result.

With spare parts inventory management, people do this all the time.

They continue with software that doesn’t suit their needs.

They continue with policies that don’t deliver on their goals.

They don’t train their team members and yet expect them to achieve better results.

One key to achieving spare parts inventory management results that you did not think were possible is to know when to quit spare parts initiatives that are not working and to choose a different path.

More often than not, that is the right thing to do.

 
It is precisely because the issues are many and the nuances subtle that here at SparePartsKnowHow.com we have developed as a platform to access a wide range of resources relating to spare parts inventory management and optimization.

CLICK HERE TO LEARN MORE
 
 


 
 
 
Author: Phillip Slater
 
 

Filed Under: Inventory Management

Click here for our FREE 30 Days to Better Spare Parts Management Program

Live Online Boot Camp

This team training course applies a live, interactive format to teach participants the fundamentals of spare parts inventory management in 4 sessions.
Read more...

The Advanced Spare Parts Management Course

The Advanced Spare Parts Management Course covers all the issues faced during the spare parts inventory management lifecycle.
Click here to read more and to join

Pro Level Membership

Our Pro Level Membership will equip you with the know-how and skills to effectively optimize and manage all aspects of your spare parts inventory.
Click here to read more and to join

Connect with Experts

Let us introduce you to someone that can solve your spare parts problems.

Contact us for a confidential discussion and a possible introduction to one of our Trusted Network.
Read more...

Latest Blog Posts

  • Introducing the Spare Parts Training Academy
  • Spare Parts Training Cost
  • Spare Parts Training Support
  • Spare Parts Training Time
  • Spare Parts Training Convenience

Learn more

About
Contact Us
FAQs
How to join
Resellers

User Login

You are not currently logged in.








» Lost your Password?
  • Email
  • LinkedIn
  • Twitter
  • YouTube
Copyright © 2023 IPIAIGHT PTY LTD.