If you own or are thinking about starting a manufacturing business, this is a lucrative industry to get into and one that will allow you to develop your company from the ground up. Customers around the United States are increasingly turning to manufacturing businesses to provide solutions to a range of issues. However, there are lots of different factors that influence the growth and success of manufacturing companies, so in this article we’ll be discussing how you can grow your business and see off the competition.
Choose Your Specialism Wisely
Starting a business is an exciting venture, but it’s important that when you enter the manufacturing industry, you choose your specialism wisely – there are a variety of subsections within manufacturing that draw on different skill sets and technologies. By choosing the right direction for your business from the word go, you can ensure that you’re setting your company up for success and growth from the very beginning. Some different manufacturing specialisms include, but are not limited to:
Full-service manufacturing is the answer for many businesses, as it combines all of the key manufacturing functions in one process, under one roof. For product development, this involves choosing the materials, producing at item, and packaging to the correct specification, before completing the order fulfilment process.
Full-service manufacturing has experienced a huge boom in popularity in recent years, thanks to the positivity with which it has been received by customers – this manufacturing process allows for a more streamlined, cost-effective experience that makes it easy for customers to place large scale orders with the guarantee that they’ll be received without any delays or unexpected surprises. After all, by completing a product’s entire build cycle under one roof, full-service manufacturing suppliers avoid the need for customers to place individual orders for different services across a range of companies – no more building a product and then shipping it off to a packaging warehouse across the country!
For many companies, the option of full-service manufacturing isn’t always available, which can be due to any number of reasons. Most commonly, contract manufacturing is used by companies who don’t have teams who can manage the entire manufacturing process themselves, and so hire external contractors to assist them in managing their processes.
Contracted manufacturers can provide a variety of services, including product planning and development as well as quality control, making this approach a viable option for smaller businesses or those without specific manufacturing technologies or functionality.
Outline Clear Business Objectives
Having clear, well-defined business objectives is one of the best ways that you can drive and measure growth within your company. While the principal goal of most businesses is to maximize their profit margins, there are some equally important objectives when it comes to driving success.
Prioritize Growth Over Profit: During the early stages of running your business, it can be tempting to try and maximize profit wherever possible, especially if you experience high sales figures quickly after starting out. However, as you navigate running a company in the manufacturing world, it’s important that you prioritize varying goals throughout the lifecycle of the business. For instance, there will be many periods where it is important to prioritize business growth over profit, as this will allow you to improve employee and customer satisfaction without sacrificing quality.
Plan for the Long-Term: Another important objective to consider is the long-term vision for your business in the manufacturing industry. Where do you see your company in the next five to ten years? Do you see your business branching out to other areas or setting up overseas? Once you have a clear understanding of exactly what your long-term goals are, this will allow you to be more practical when planning your short and medium-term objectives.
Measure Growth Effectively: Finally, you want to be sure that any goals or objectives that you set for your company are realistic and measurable. The SMART goal setting system is a great way to do this – these goals are specific, measurable, achievable, relevant and timely, and don’t always depend on financial success, so they’re a great way to help you prioritize growth over profit where needed.
Play to Your Strengths
When it comes to successfully running a business, one of the best things you can do is play to your strengths. Have a particularly strong inbound sales team? Or a knack for shortening lead times? Standing out from the crowd in small areas is a great way to build trust with customers and hone your skills to make sure that you’re delivering exceptional service every time. By communicating to potential and existing customers that you understand and deliver on your strengths, you can set yourself apart as the go to manufacturer for your target audience.
Invest In Technology
Another area that can support your manufacturing business as your grow is technology, and it’s never too early to invest properly in the best equipment. While it might seem counterproductive to invest in tech when your employees play such a pivotal role in your business’s efficiency, there’s a lot more to manufacturing technology than meets the eye, and having the correct kit means that your employees will be more confident and positive when performing their role.
What’s more, investing in technology now can help you to drive innovation and stay ahead of the curve – studies estimate that the future of US manufacturing lies in automation, with statistics predicting that up to 60% of factory tasks have the potential for advanced automation, which will leave the States making up ground lost to low-cost manufacturing countries like Mexico and China. While it’s not always easy to find the budget for technological advancement, placing yourself in the heart of innovation is a great way to future-proof your business and help it to grow long term.
Learn How to Fend Off the Competition
No matter how good your business is, and how well you treat your customers, if you can’t actually communicate well with your target audience and set yourself apart from the competition, then you might find yourself losing customers and experiencing limited growth and development. Getting through slower business periods can be demoralizing, especially if you see other businesses flourishing in your specialist area. To combat this, one of the best things you can do is learn a variety of techniques that you can implement to fend off your competition. These tactics could include:
Communicating Your Skills: Earlier in this article, we discussed the importance of playing to your strengths and communicating what you do best to your customers. This is most important when you’re working hard to come across well in the face of stiff competition and being able to highlight to a customer where your skills are more advanced can be the deciding factor between a sale and a missed opportunity.
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Getting A Representative: If you’re looking to fend off the competition through a reliable and trusted means, then getting a representative is one of the best ways to do this. Representative services include inside and outside sales support, alongside training and technology assistance designed to maximize sales and growth within your business. Regardless of whether you are running a new manufacturing company, or you’re looking for ways to grow an existing business, then reaching out to a full-service manufacturer’s representative firm is a no-brainer.
Growing a business is challenging, especially in manufacturing, with technological advancements driving the industry forward at a rapid rate. However, there are a huge number of ways to boost the success of your business, and by following this guide you can implement just a few of them to see unparalleled growth for your company.