Keep Your Workfoce Engaged

Do your employees have a ho-hum attitude about the work they perform for you? If you don't even know the answer to that question, then you need to make some time to spend it on the shop floor to see how engaged they are. Sure, they may act differently when "the boss" is on the floor, but in that case, spend some time to ask them, "How happy or engaged are you?" "What more could we do to make your workday better and you more productive?" You'd be surprised how happy your employees would be to know you were asking!

If you're in the start up phase and have to hire new employees, what steps can you take to hire and

keep an engaged workforce? Here are a few items to think about:

1. This should be a no-brainer, but you need to hire the "right" people. To do that you need to know what you expect of them and their specific roles. Don't try to fit the "perfect" person into a role just because he or she may seem perfect on paper. Hire to fill the role you need filled. 
2. Make sure your people are empowered to do their jobs. Sure there will be a training period, but once they've progressed past that timeframe let them do their jobs. Plain and simple. 
3. If your employees don't understand your business's mission and vision, how can they be expected to carry it out? 
4. Talk to them. Just as you talk with your upper management, you should talk to those on the shop floor as they are integral to your business's success. 
5. Offer feedback. Constructive criticism is welcomed by most people if it will help them do better at their jobs. Offer a criticism that also provides a way for them to improve. 

When is the last time you talked with your workforce to see how well they're doing and how happy they are? 

'Shark Tank' Business Lessons

Start-ups or long-term business owners might find themselves in the situation of having to approach investors for capital for their businesses -- this is a great position to be in, but it does require planning and forethought on the part of the entrepreneur. 

If you're meeting with potential investors you will need to have your "investor pitch" prepared. What

goes into an investor pitch? Here are a few items:

1. Stating your business premise and the clients you serve in a concise and clear manner. If you're stumbling for words, you haven't honed in on your ideal client yet and you need to do so. 
2. What are the potential flaws in your business plan? A flaw could encompass not having thought through who will manufacture your widgets, or how you will market, or not having a plan in place for growth and hiring of staff. 
3. How will you make money? Having passion for your business is ideal, but if it doesn't put money in the bank, you need to step back and consider how you will generate income. An investor won't want to invest if he isn't sure whether he will see a return. 

Are you ready for potential business growth? Do you have a written business plan? That will be a necessity when you meet with potential investors. 

How Well Do You Communicate?

How finely honed are your communication skills? Are you adept at both verbal and non verbal? Can you send an email that gets your point across without sounding terse?

If you hesitated to answer any of those questions, you will want to keep reading for tips to improve

your communication skills:

1. Clarity rules. Steer clear of industry jargon. If you’re sending an email, it’s important to be clear as well, but remember in an email, short sentences may sound terse. Never deliver bad news via email. 
2. Don't multitask when you're talking with clients. Give them the courtesy of your full attention. Don’t let a caller or client feel they are not important enough for you to stop what you’re doing and pay attention. 
3. What you do is as important as what you say you will do. Don’t make promises you can’t keep. 

Are you an effective communicator?

Do You Want To Buy My #Manufacturing Company? Valuation Information

From our newsletter archives:

Do you want to buy my company? This is a question, that when I hear it from a business owner what I truly suspect they want to know is... how much will you pay me for my company. The problem is that many owners have only a vague idea of how much their company is worth and will actually get quite upset if you run a number by them that isn’t what they had in mind.

What these owners don’t know is that there are very simple but detailed methods to determine the value of a company. The other fact is that the buyer will most likely be going to a bank for money and they also will be using these methods to value the business. It doesn’t matter that you clean the shop every week or that you just painted the walls. Great job but in the financial world they only look at the books for the initial value. Only after the offer is accepted and the due diligence starts will any weight be given to aesthetics and other subjective matters.

So what are buyers and banks looking for?

Do Something In Your #Manufacturing Business NOW!

In a recent newsletter I wrote about how many business owners are... too busy running their businesses to take time to manage it. The management of your business is critical to its long term

success. You need to know what's going on back at the plant as well as what's going on with your competition. 

Just taking the time to think about what you want from the business is vital if you are to succeed. As they say, "Failure to plan, is planning to fail."

If you find yourself spending so much time running your business that the management of it has fallen by the wayside, give me a call to discuss how we can get you back on track and get your manufacturing operation back to being a smooth, well-oiled machine. 

The Five Steps In A Manufacturing Sale

Post by Guest Blogger Robbi Hess

In talking with manufacturing consultants they lament that in many cases the manufacturers they're working with don't always have the follow through necessary to close a sale. The #manufacturers are great at making the call and getting the invitation to come and make a presentation, but don't always make the next steps to get that signature on the dotted line.

Manufacturers: You Gotta Do Something!

Reading this title you might get the idea I think people don’t do anything. Not true. What I do mean, is that

many manufacturing companies, both in Arizona and across the country, get so caught up in the everyday hustle and bustle that they wind up putting out fires over and over without addressing the lingering and nagging problems that are draining their businesses of valuable time and money.

If you don’t start focusing ON your business, you will most likely need additional fire extinguishers to handle the increasing number and size of problems that will continue to rob you of your time and ultimately your satisfaction in owning a business.

#Manufacturers: Get Your S@$%&*@# Together

I was at an IT conference recently and one of the topics discussed was Software Asset Management. Sitting there, I was thinking that most companies, especially smaller ones, probably have no idea where all of their software install discs are, let alone have a system in place to manage them. Hence the title of the blog “Get Your SOFTWARE Together.” I know it was a bit cheesy to get you reading by using some cheap trick but here we go.

A Great Topic to Talk About During the Holidays: Is College Right for Everyone?

I came across an article that specifically addressed the divide between those who think everybody should go to college and those that don’t. I’m not saying that college isn’t a great option for those who are thinking about a career in engineering, medicine and any other career that requires an advanced degree.

Let's Talk About The Minimum Wage: A Manufacturer's Take

There is move afoot to raise the minimum wage to “a living wage.” Right now, the federal minimum wage is $7.25/hour. Individual states also have minimum wages that in some cases are higher and some are lower. When you add in minimum wages for “tipped” employees, you get a witch’s brew that is ripe for contention.

I will fully admit that $7.25/hour is not a whole lot of money. Multiply this number times 2000 (40 hrs/wk x 50 weeks) and you get a whopping $14,500 for the year. At this rate, I can’t imagine any taxes being due, so this would also be the net to the worker.

However, the economics I learned does not support raising this wage.

Support Small Business on #SmallBusinessSaturday

When you shop at a locally owned store, 52% of what you spend stays in the community. That is a

staggering figure, I think. When you consider that if you work with a local #manufacturer for your goods and services, you're also benefiting the community, the workforce and likely your own clients because you'll be getting high quality goods at a better price than if you had to ship/shop overseas.

As a small business owner (who will not be braving the malls or other stores on Black Friday) I encourage you to shop local, especially on November 30, which has been again designated, #SmallBusinessSaturday.

Taking The Pulse Of The US Manufacturing Industry

I'm continually out talking with presidents and CEOs of manufacturing companies and have been hearing the same refrain: "I think we're on an upswing!" This is great news for them, their companies and the manufacturing industry in America in general.

I came across an article about the state of manufacturing and I wanted to pass it along:

Manufacturing Business Owners Need A Robust LinkedIn Profile: How To Get Yours

Guest post by Robbi Hess, Content Strategist, All Words Matter 

LinkedIn has seen major revenue earnings increases and that leads me to believe there are more business professionals taking advantage of this professional business social media site than in the past.

Do you have a LinkedIn profile?  

LinkedIn profiles can help you stand out from the crowd when you’re looking for  a job or if you’re an entrepreneur seeking new clients. If professionals are flocking to use this site, that means that you should make certain you not only have a professional presence, but you should have a complete profile as well.

Here are my tips to making certain your LinkedIn profile is not only complete, but compelling:

Reviving "Made In America" Pride

I came across this article recently and wanted to share it. Made in America products manufactured by workers in our country has always been something I have advocated for. We know that we need more workers skilled in manufacturing trades, especially if the trend is to continue.

In part the article states: The Made In America revival is gaining momentum with a majority of manufacturing executives now ready to consider pulling some production back from China. A new survey published showed a big jump in recent months in the number of companies considering "re-shoring" production from China, once favored for its low costs... Read the rest here

Marketing Tips For Manufacturing Company Owners

Guest post by Robbi Hess 

When is the last time you looked at the marketing and promotion plans you have in place for your

manufacturing business? Just as you track the financial health of the organization, so too should you monitor the health and rate of return on your marketing efforts. Are the goals you set for your marketing being met? If not, it's time to revamp them.

Here are some items in your marketing arsenal that you should look into and revamp if necessary:

• Do you understand your audience/your ideal client? If you don’t know who your client is, how can you effectively target him? In addition to knowing your demographic’s age and location, you should also understand whether they’re the “on-line” type or if they prefer their news/coupons offline in a

Profit Power Series: 'It's Like Finding Money On The Shop Floor'

We continue with our Profit Power Series which includes: Marketing/Sales, Quality, Engineering, Manufacturing, Finance, Purchasing/Procurement, HR, IT, Facilities/Utilities/Acquisition

As a manufacturer there are many areas of the facility that you need to concern yourself with and one of those is how to best utilize the manufacturing shop floor. As a manufacturing consultant I’ve found that the biggest problem facing shop owners is the use (or improper use) of the space in a manufacturing facility. When companies have a lot of space and are in growth  mode, they tend to use their space without a clear objective or without an eye toward either the bottom line or what they will do when the shop is at full capacity. I see that some planning has been done, but there are no long-term shop-wide plans in place for shop equipment placement.

What does that mean? Machines get placed, in many cases, without regard to how work will flow in and around this machine as well as those around it. Yes, it’s probably in the right department, but more often than not, little thought is given as to how this location will impact workflow in the shop.

Cash Is King In Manufacturing And Industry

One of the biggest problems for companies is cash flow. After all, cash is the lifeblood of your company.

You buy your supplies with it, you pay your employees with it and of course you pay taxes with it.

However, many companies are lax with their cash flow management, which is very dangerous in these days when loans are harder to come by to tide you over.

4 Ways to Improve Your Cash Flow:

1)  Try to do credit checks before you start up with a new customer. Folks who pay others promptly will probably continue to do so. The ones that pay slower, well you get the idea.

Marketing Basics For Manufacturing Companies

Guest post by Robbi Hess

How often do you look at your marketing and promotion plan for your business? Just as you track the

financial health of the organization, so too should you monitor the health and rate of return on your marketing efforts. It doesn’t matter whether you are a manufacturer, a pet groomer or an auto dealership you need to know whether the goals you set for your marketing being met. If not, it's time to revamp them.

Even if you’re setting a baseline of: increase walk-in customers by 10 each week, it’s something you need to monitor and rework if it’s not helping you reach your goals.

Here are some items in your marketing arsenal that you should look into and revamp if necessary: