Whether you’ve been in business for a while and you’ve built up a solid reputation for quality and reliability (not to mention a decent contact list of clients), or you’re just taking your first steps on your entrepreneurial journey, growing your business is probably an important goal. After all, businesses that rest on their laurels and content themselves with limited success are likely losing customers to competitors willing to go the extra mile and do whatever it takes to poach clients… and keep them. You should therefore look for ways to grow your manufacturing business. Here are a few simple strategies that could help you to meet your goals.
- Increase productivity. Growth in manufacturing demands increased productivity and output to at least some degree. The alternatives are sustaining or losing business. If you’d likely your trajectory as a business to take a decidedly upward track, you need to find ways to motivate employees, cut waste, and pinpoint redundancies and unnecessary processes within your operation. Increasing productivity could also mean hiring, purchasing additional equipment, and expanding to larger facilities. And in some cases you’ll have to spend money to make money. But your efforts will pay off in the long run with increased productivity and sales potential.
- Decrease costs. There are plenty of ways to decrease costs in manufacturing if you’re willing to take the necessary steps. For one thing, you might want to schedule annual audits to make sure money and resources aren’t being wasted. But you could also negotiate with suppliers, landlords, and more when you have leverage, such as lower bids from other sources. And when leases and/or contracts are up, always consider switching. Even if you don’t end up finding someone new to do business with, it’s important to know what your options are when it comes to decreasing costs.
- Differentiate yourself from competitors. In order to expand effectively, your best bet is to offer something that your competitors cannot. It could be better goods and/or lower prices, just for example. Or you might offer better customer service and dedicated account representatives to make clients feel they’re well cared for. Maybe you’re an eco-friendly company, you support fair trade, or your motto is “Made in America.” All of these factors can help to set you apart from the crowd and target specific groups of consumers.
- Find new clients. One of the best ways to produce an uptick in manufacturing is to bring in more paying clients. Of course, this is easier said than done, but you can’t be afraid to cold call, advertise, poach, and develop any and all strategies for finding prospective clients and convincing them you have the solutions they’re seeking.
- Get online. These days most every business has seen the wisdom of having a website. But if your site is subpar and your online presence is laughable, you’re not going to get the results you seek. With a well-designed website, an online store, an on-site blog, proper SEO, social media profiles, and a solid online marketing strategy, you might be surprised by how quickly your business can grow in cyberspace. Whether you’re selling dental supplies or Retro Systems CNCs, you’ll find a vastly expanded audience in the online arena.