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Company: Mayfield Consulting, Inc.
Company Description: Mayfield Consulting’s team has hundreds of combined years of experience in sales and marketing, providing market research, sales, and marketing and PR strategy and implementation. All services are performed by seasoned professionals for business-to-business companies. Mayfield has special expertise in software, security, business services, financial services, and classic manufacturing industries.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Metals & Mining - Medium
 Nomination Title: Newberry Tanks and Equipment - Investing in the Future in an Uncertain Year
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2020, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 200 words used.
For more than 90 years Newberry Tanks and Equipment has manufactured quality aboveground and underground steel tanks for the American supply chain and every branch of the U.S. military. The “Think Tank” of Oil and Petroleum storage, West Memphis, AR based Newberry Tanks is intent on innovation: offering tanks on demand, dedicated customer service, turnkey solutions, and the fastest delivery in the country.
Crippled supply chains, labor shortages, rising steel prices, transportation delays—in a manufacturing industry riddled by the effects of a worldwide pandemic, Newberry refused to bend in an uncertain environment.
Instead, they excelled – revenue grew 27% in 2021, a considerable achievement given that projected revenue of the metal tank manufacturing industry was expected to increase at an annualized rate of 4.3% over the five years to 2021 (IBISWorld July 2021). An astounding 100% of Newberry customers surveyed in 2021 reported being “Very Satisfied” with Newberry, up from 79% in 2018. 64% of customers, when asked unaided for advice, gave Newberry a huge compliment “keep doing what you are doing.”
Instead of bending, Newberry Tanks placed significant investment in workforce, facilities, technology, and new programs as a pathway to becoming an industry-leading steel tank manufacturer.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 250 words used.
Newberry worked with local trade schools to hire the newest graduates, creating a steady flow of cross-trained, skilled talent into the company. This helped:
- Eliminate production downtime due to employee absences
- Build pipeline of next-generation skilled labor
- Increase productivity by 30%
"They’re welding but they’re also fabricators and fitters. It’s a rarity that you have all those skills in one person", said Newberry VP Sales and Marketing.
While the industry struggled to maintain workforce, Newberry's welder turnover rate remained low (11%). Tenures average 9 years – amazingly long for this heavily sought-after skilled workforce. Newberry’s innovative compensation system helps. Cross-trained employees have skin in the game. The more quality tanks they fabricate in less time, the more money they make beyond base salary.
Weekly meetings provided welders and plant managers transparency into sales backlogs, increasing efficiency and quality control on the manufacturing floor. These factors contributed to quality and customers recognized it. In Newberry’s 2021 Customer Survey, commitment to quality was mentioned most as Newberry’s defining strength.
As far as facilities to meet demand, in 2021 Newberry set out to double its' manufacturing square footage in Memphis to 40,000 sq. ft., a huge risk in these uncertain times. But the doubling of square footage is not the key. Newberry designed the new facility to increase production four-fold on rectangular tanks and add production of an additional 2,000+ cylindrical tanks. How? They streamlined workflow, eliminating stop-and-go on the production floor, significantly increasing throughput, and installed cutting-edge paint application technology.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
With its unique implementation of the Entrepreneurial Operating System (EOS), Newberry’s executive team hosted weekly meetings culminating in 70 high-level, business-advancement objectives. Rocks completed first: integration of Salesforce CRM with Sage ERP – so customer service, sales, and production have a single view of the customer; expansion of online store with one-click access; delivery-focused programs, like “Tank Tracker” and Preferred Customer Program. All unique in their industry.
When the 2021 customer survey showed 50% of respondents favored an online option for order transparency, Newberry expanded their customer portal with an online dashboard, enabling many customers one-click access to quotes, order placement, and delivery details
Newberry’s “Tank Tracker” three-call process offers customers ultimate flexibility in order confirmation and delivery, creating substantial time savings in Newberry’s day-to-day operations, reducing customer calls by 90%.
In 2021, Newberry expanded its Preferred Customer Program (PCP), in which customers sign on to receive a certain quantity of tanks over time. The customer locks in competitive pricing at the time of signing. The customer gets a tank delivered within days (instead of weeks, months, or even a year), and Newberry benefits by being able to level-load the shop.
75% of consignment customers switched to PCP – meaning they switched from NOT having to pay for inventory to paying for inventory, but faster delivery meant they could grow.
- One business owner was so excited, she highlighted Newberry on her website
- A leading oil handling and industrial equipment distributor realized 188% increase in unit growth by end of year
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 248 words used.
Newberry weathered the supply shortages, by being responsive to their suppliers. This is a very capital-intensive business; the VP of Sales and Marketing says it best – “we pay well (typically within 10 days), order well, give our projections pretty well". And “…we really only had to make a phone call and it wasn’t very long before we got what we needed".
Newberry’s customers have seen the results:
- "Response time in getting them built was excellent during the pandemic. Everybody was way out there, and Newberry really put themselves on the map being responsive to customer demands during a tough time". – Large Convenience Store Chain
- “Lead times were slashed by 70%, from an expected 50 weeks for product to a manageable 12-15 weeks". – Retail Construction Manager who was experiencing extended lead-times on fiberglass tanks due to supply chain shortages, and Newberry shipped out tanks within weeks of initial order.
Instead of bending, Newberry had amazing results:
- 27% revenue growth
- PCP - customer locks in competitive pricing and gets a tank delivered within days
- 100% Very Satisfied customer base
- “Tank Tracker” reducing customer calls by 90% (and aiding astounding Customer Survey results)
- Newberry’s welder turnover rate - 11%. Tenure averaging 9 years
- Good delivery from suppliers (due to planning and 10-day pay)
- EOS with Rocks that were attained
- Doubling plant size, but adding 4x+ capacity
Supporting Materials:
- https://newberrytanks.com/
- Blinded 2021 Customer Survey
- Fabricator Article https://www.thefabricator.com/thefabricator/article/shopmanagement/fostering-a-culture-of-ownership-on-the-manufacturing-shop-floor
- Fluidall Case Study https://newberrytanks.com/wp-content/uploads/Fluidall-Case-Study101520.pdf
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