Happy New Year!
The ball has dropped, the champagne has been popped and Auld Lang Syne has been
sung. We hope you had a safe and enjoyable New Year’s Eve with your family and
friends.
If you’re a
Michigan manufacturer, it’s particularly an exciting time. Our industry is
gaining some great momentum, providing new opportunities for businesses to develop
and grow. The Institute for Supply Management’s monthly PMI index is widely
regarded as the key economic indictor for growth in our field and the
last reading for 2013 was 57%. Readings over 50% indicate industry
expansion, so this was a great reading. Notably, this was the seventh consecutive month of growth!
While all of
2013 was a great year for expansion, the second half of the year was particularly
strong. As Chad Moutray, Chief Economist for the National Association of
Manufacturers, pointed out, “the manufacturing PMI measures averaged 56.3 in
the second half of 2013, a nice improvement from the 51.5 average seen in the
first half of the year.”
The beginning
of a new year is always an exciting time. It’s the perfect opportunity to
reflect upon your previous successes, and yes, your setbacks, and then set
forth an action plan to become better. It’s also critical to gauge what other
manufacturers are doing… how are they improving and growing… what can I learn
from others in my field?
Learn from Yourself
– Benchmarking and Planning
In an earlier
blog entry series, we discussed the importance of benchmarking and
transformation planning. Simply put, you can’t improve until you gain key
insight into how your organization is doing. This extends beyond a review of
your expenses and revenues… this about identifying your specific strengths and
weaknesses. Learn from yourself by obtaining metrics that will help you develop
a strategic plan for growth.
Learn from
Others – Success Stories
Manufacturers
from around Michigan are increasing efficiencies, expanding their product lines
and implementing sustainable business practices. For example, Omega
Plastics implemented new production efficiencies and new market strategies
to diversify their customer base. The company landed $60,000 in new sales.
Read
success stories about Michigan’s manufacturers and get inspired!
Let’s make 2014 the best year
yet!
Since
1991, MMTC has assisted Michigan’s small and medium-sized businesses compete
and grow. Through personalized services fitted to meet the needs of clients, we
develop more effective business leaders, drive product and process innovation,
promote company-wide operational excellence and foster creative strategies for
business growth and greater profitability. Find us at www.mmtc.org
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