There are few industries with as much potential as manufacturing. Almost everything we have in our homes begins on a production line. Yet, there are manufacturing businesses closing every year. What are the survivors and thrivers doing that they aren’t? What do they know? What can you learn from them to ensure that your manufacturing business is a success? We’re going to look at the kind of expertise and strategies you have to develop.
Know your products
It’s best to start with what you’re actually making in the first place. All plans for the manufacturing floor should begin with the design. What is the most efficient set-up to get to the end point? Are you able to use tools like plastic moulding to create components quicker? Are you able to reiterate your products to not only be better but easier to manufacture?
Know your team
Then you have to take a better look at the team that’s doing all the work on the floor. Manufacturing is a demanding industry for workers at any level. For that reason, you need to spend the right amount making sure your staff get the benefits that motivate them to stay in the job. This includes developing their skills so they can fit more roles in the business. If you want to keep them, you need to offer them some mobility within the business.
Know your money
Efficiency is obviously the key to success in any manufacturing business. That includes efficiency in how you handle your money. Part of that is keeping a closer track of where your money goes. The right accounting software can make it easier to keep track of your expenses and overheads. That way, you’re never unsure of whether or not you have the money you need for your next step.
Know your inventory
A good deal of that money is going to go, on the day-to-day, towards inventory. As well as the materials you need, you should keep close contact with equipment suppliers like Pirtek. You need to develop a close relationship so you can know any potential issues that might affect your supply chain. That way you can prepare alternative options instead of being caught off guard by any changes.
Know your workflow
When it comes to efficiency, most of it is going to be decided on the floor. It’s all about taking a strategic look at your workflow. The key is to link what happens on the floor to what you see on the desktop. Measure the time it takes to produce an item, how many you produce in a working day, losses and more. Set KPIs and think about how better maintenance and rearranging the floor could make your floor more productive.
Know your market
What’s really going to make or break a manufacturing business is how you deal with the future. Most businesses that fail do so when it comes to the challenge of growth. Scaling is about identifying markets you can move to and preparing the resources to get yourself there. Consider globalisation and how you can start planning for it now.
This article was provided by ellie jo