Standard writes the book on innovation, reinvention
Ray Allegrezza, Editor in chief -- Furniture Today, February 23, 2003
You don't need to be a Harvard MBA to know that one of the 10 commandments of business is, "Thou shall not leave money on the table."
Even so, the day invariably comes when you've done such a good job that the table is wiped clean of even the dimes, nickels and pennies. At that point, the smart money says, "Thou shall go out and find other tables."
It's interesting to watch the companies in our sector that are very adept at doing just that. One that comes to mind is Standard Furniture, the dynamic manufacturer-importer based in Bay Minette, Ala.
For years, the company cranked out promotional case goods in Alabama. What always impressed me about Billy Hodgson, Donny Mecke and the crew was that they always seemed to know who they were and what they stood for. I think they learned that lesson from Billy's father, who started the business in the mid-1940s.
They quietly and effectively went about the business of working their table. As they realized they were hitting critical mass in their sector domestically, they looked for a new table to work, and found it offshore. Standard, as we all know, invested serious time, money and people in their Asian venture and were rewarded for their efforts.
So much so that Standard currently is one of the largest resources of promotional occasional, dining room, bedroom and home office furniture. To support demand, Standard operates two manufacturing facilities in Alabama and imports products from more than 30 factories overseas.
Now, the company has found yet another table to work. As a follow-up to its affiliation last year with Kathy Ireland Worldwide, Standard and Kathy Ireland Worldwide have formed a new corporation, Home Brands Inc.
As we reported on page 1 last week, future products from Standard, including IFM, Kid's City and Grand Designs, will be developed with Kathy Ireland's design input and produced as Kathy Ireland Home by Standard.
Mecke, Standard's vice president, has been named Home Brands' president and will now say grace over the collaboration between the two businesses.
Standard, which stepped up to the plate as Ireland's lead branding partner a year ago, also will oversee and coordinate the marketing efforts between Ireland and the other home furnishings companies she works with: Shaw Inds., Style-Line, Pacific Coast Lighting, Next Dimension Studios, A.F.D. Décor and Lady Americana.
Thus, Standard now has the distinction of being a domestic manufacturer, an importer and the brand manager for a large, growing stable of home furnishings companies. That, to my mind, is a living case study in reinvention.
"There sure is no textbook for what we are trying to do," Mecke told me.
I agree. When it comes to innovation and reinvention, Standard is literally writing the book, chapter and verse.
And leaving no money on any table.
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