Has your manufacturing company been impacted by overseas outsourcing? Has it impacted your profits? What about your employees? Have you lost good people due to lack of business? If you can answer yes to any of these questions, you’re facing the same challenges that many of today’s companies and industries are struggling with.
Manufacturing has been the backbone of America since the dawn of the “Industrial Age.” When we look back we can see how technology, politics and trends have influenced those changes. The modern industry faces many challenges including automation and globalization. The question becomes how do we balance lowering costs of doing business, increasing profits and building a thriving workforce. Are these impossible tasks?
When we think about funding our companies, there are many different sources of funding. We can sell products, take out loans or seek investors. All are appropriate at different points in the life cycle of your business. Don’t overlook federal grants! Chances are, you have not heard about this grant program.
These funds can be used to help level the playing field. They can help implement lean manufacturing processes, optimize your product for export, overhaul your eCommerce platform, or build out a strategic platform. The grants may be used to prototype a new product to capitalize on a niche.
Bringing in a strategic partner or consultant could mean the difference between opening a new factory or closing your doors for good. Automation and globalization has certainly changed the game. That’s why being able to learn the new rules and tactics for how to compete and win is so important. Which begs the question: does your company have a Marketing Blueprint? Have you mapped out where it will be in the next 3 to 5 years? Are you positioned to take advantages of industry changes? Or is it simply fighting for survival?
US based manufacturers can compete and thrive in a global economy with the right tactics and robust strategic plan. Often times, the cost of bringing in outside teams can be the biggest hurdle, and it doesn’t have to be the last.
Are you ready to explore your options? Don’t let these challenges stop you. Learn to play in the evolving manufacturing landscape by starting with your own strategic plan.