As a company that sells oil, you would think efficiency is always on our minds. When it comes to improving our products, creating more efficiency always takes center stage, but creating a more efficient business sometimes takes a backseat. Put in other terms, it is very easy to work 'in' the business and neglect working 'on' the business.
During challenging economic conditions, having efficient business operations is just as important as having great products. As an industry, we have to look at ways of creating more efficiencies.
All of our businesses are facing increasing costs pressures, but we can’t pass along all of those costs to the distribution chain or end users. If the end user had to bear the brunt of all the raw material, transportation and general overhead costs, only a few Saudi Arabian Sheiks could afford to race.
Racing is a great passion, and the competitive nature of racing drives great innovation that benefits all of society. As a result, we need to work to keep the great aspects of racing moving forward. At the same time, we need to eliminate the 'in-efficiencies' that hold our industry back.
About the author: Lake Speed Jr. is a Certified Lubrication Specialist for Joe Gibbs Racing.