Running a successful business is not all about having more capital than the next guy. It is not even really about innovating to create better products. All of these things create a moot point if your strategy does not fit your market and beat out your competitors. Nobody knows this better than Gregory James Aziz, the CEO and Chairman of National Steel Car.
Before Greg Aziz purchased National Steel Car in 1994, the company was in a rut. Trucking and logistics companies were stealing all of the shipping business away from railroads, which caused the mass merging of several railroads into only a few. This greatly reduced the number of railroads that NSC could now serve in Ontario and the surrounding provinces. Instead of combating this change with a new strategy focused on making better products, the owners decided to start stripping capital from the company. They started to ignore the long-term goals of the company and only worried about earning their investment back.
If we fast-forward about a decade, National Steel Car was on its last legs. Customers stopped taking orders because the cars they got were low-quality and barely passed new safety tests required by the government. Very few railroads in the area were able to haul these cars across the country. Business relationships were shattered because management was no longer worried about the long-term goals of the company. Everything was in ruin until James Aziz came in and started to implement the best strategy for the situation.
Aziz came in with guns blazing. Greg made it clear on his first day that the company will renew its focus on quality. He knew that the industry needed quality railcars to pass new safety laws and regulations and that customers were even willing to pay top dollar for those cars that would last them for a long time. He made sure that the engineering department hired new and able workers capable of coming up with designs for the future. Instead of taking money out of the failing company, he poured more money into it, helping to purchase the machines and equipment that would make his quality goals a reality.
This change in strategy was the best thing that National Steel Car could have ever hoped for. Customers wanted something that the previous owners refused to give, so Greg Aziz had to make some major changes. Now National Steel Car is the premier supplier of railcars for several large railroads, and they are showing no signs of stopping their dominance in this market. The company received TTX SECO award for quality, for over a decade and recognized the growth of the company awarding it the ISO 9001:2008 certification. See This Article to learn more.