The 6 secrets to a successful manufacturing business
Manufacturing is an important mainstay of business. It can often cost a lot to set up a company that builds physical products. But, when done right, the financial rewards are just as large! The trouble is, some firms don’t have the right approach towards manufacturing.
If you’re a new or established manufacturer, this blog post is for you. Today you will learn six vital secrets to commercial success. Here is what you need to know:
- Mix with the right people
Manufacturing is one of those industries where you don’t want to “go it alone”. Instead, it’s important to have a strong network to help your business grow. We all know that networking helps us to discover new sales leads and improve the things we do.
Networking with the right people also allows you to set up a support system for your business. For example, if you’re trying to break into a new market, you could get help from third parties. Your local Chamber of Commerce is one such resource to add to your support network. Ensure that you take the time to network with key figures both offline and on the Web.
- It’s all about the location
If you’re starting out in the manufacturing industry, this secret to success is just for you. The location of your production line is critical to the success of your business. Why? Let me explain.
You need to select a location that offers excellent transport links. It should be in an area accessible by vehicles of all sizes. Otherwise, you might not be in a position to ship finished products to your customers.
It should also be in an area easily accessible by your staff. Employees will wish to travel by car or public transport. Some may even want to cycle to work and back each day.
- Embrace technology on the factory floor
There’s no denying that technology plays a vital role in the success of any business. It’s essential as a manufacturer to embrace the latest tech innovations. Doing so will help your business to be leaner and more efficient. Plus, it will grow at a more rapid pace.
One can embrace all kinds of technology in a manufacturing business. For instance, the best manufacturing execution system used in a factory will improve efficiency. That’s because it monitors work-in-progress on the factory floor.
Another example of technology is automation. You can install robots that carry out repetitive tasks to almost military precision. Doing so increases productivity and lowers costs.
- Don’t start manufacturing in the wrong factory
Believe it or not, the physical factory manufacturers use is often an afterthought! Many feel they can squeeze in all their equipment and employees into a small building. It goes without saying that such an approach is both risky and dangerous.
Before you establish a manufacturing business, you should consider the logistics of your operation. How much floor space do you need? And what extra space do you need for future expansion? Is it possible to construct new buildings on the same land?
These are all questions you need to consider before selecting a factory. Otherwise, you could end up making an expensive mistake!
- Have the right team at your disposal
The people you hire will either make or break your business. It goes without saying that you don’t want the latter to happen to you! That’s why it’s important to pay close attention to the staff you hire.
You should determine just how passionate people are about working for your firm. Even before the interview process! The last thing you want to do is hire the wrong people at your factory. You don’t need me to tell you how expensive it can be to keep hiring new staff to fill roles.
The good news is some simple questioning will help you filter out the real talent from the time wasters.
- Make sure you’ve got a solid business plan
Last, but not least, it’s crucial to have a decent business plan in place before you start making things. Some entrepreneurs think that business plans are just for attracting investors or borrowing money. The truth is, they provide a roadmap for your company.
Your business plan outlines what your vision is for the business. What’s more, it will detail how you are going to get there, and when you’re likely to do so.
If you find that your focus is shifting, it’s important to look back at your business plan. It will show you whether your shift is a good idea or not.
