Though the past few years has been hard for many businesses, and some may have had businesses fail, tide is definitely turning. As well as the economic climate picking up, there is a shift in attitudes towards sourcing locally, which is all good news for the manufacturing industry.
Think About Your Location
The location of your business is important, not only for your employees, but for your growth potential and business network too.
Ask yourself:
- Does it suit your business’s needs right now?
- Does it have potential for expansion?
- Is there a market for your business here?
Go Overseas
Many companies have found success in emerging markets, with non-EU countries now accounting for more of our goods exports than Europe. You don’t necessarily have to relocate overseas, but marketing your business overseas can be very lucrative.
Find Skilled Staff
There’s lots of work out there for businesses to do, and you may find that your clients are pushing you to expand to meet your needs. However, finding skilled staff may be difficult, as there appears to be somewhat of a lack of skills. Think about how your business can help improve this. It could be offering apprenticeships or training on the job.
Buy or Rent Equipment?
The buy or rent dilemma is one that racks many a business owner. The main question you need to ask yourself is; how frequently will the equipment be used? If you need the equipment regularly enough over its lifetime, then the case to purchase from places like Biesse is strong. If renting it will costs as much, or more, then buying is also a good idea.
If you need a certain piece of equipment on an infrequent basis, then the case for renting will be stronger in these circumstances.
Remain Open to New Technology
Technological innovation can be costly in terms of set up and training, but recently developed equipment can have a long-term positive effect by simplifying production methods or providing the means to accomplish tasks that were once impractical. New technology can help you remain competitive; especially if it helps you do good work that gets you noticed.
Focus on Digital Marketing
I agree to the notion that there is no ‘boring’ topic that can’t be promoted online. Manufacturing often falls into the ‘boring’ category (except companies that manufacture hip products – like longboards, for instance,) but that doesn’t have to be that way. Manufacturing can be an exciting niche to talk about on social media other online platforms – if you know how to play the content marketing game.
Goals, Reviews and Evaluation
Growth is important to any business, but you need to make sure that you know where you’re going. Set goals, review them regularly and make sure that you evaluate your progress.
Takeaway
As things are looking up, make sure your company rides the wave by spending the dollars from your budget on things that matter to your manufacturing business growth. Digital marketing should be one of the priorities in your budget spending, as it offers you a chance to break the mold and get ahead of your competitors, who I suspect many of them are still doing marketing in the old-school ways.