Staying ahead of the curve allows you to anticipate what is going to happen before it actually does. You may watch the marketplace, assess emerging trends, and evaluate both potential challenges and growth opportunities. Give your business and organization a head start in 2016 by focusing on the following five key areas:
Develop a Talent Pipeline
Why not create an apprenticeship program grooming the next generation of manufacturing employees? Partner with a local school specializing in science, technology, engineering and mathematics (STEM) to build interest and awareness in manufacturing. Develop an internship program with local community colleges and trade schools. Hire veterans, they are already well trained and experienced.
Manufacturers producing food, medical devices and goods for the defense industry face strict regulations. Compliance is NOT optional. All companies are subject to some level of regulatory compliance, which will only increase in the coming year. Designate an employee or assemble a team to ensure regulations are met. This team collects information about regulatory changes, shares information with management, and then helps to develop a plan to achieve compliance.
Flying by the seat of your pants is never a good plan. Strategic planning, including a SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis, provides insight to set the course for the year. Define annual goals based upon analysis feedback and get the entire team on board. All departments should focus on achieving the same objectives. Continuous monitoring and revision is necessary as the conditions always change.
Business Disaster & Contingency Planning
Threats to your business, such as changing weather patterns and terrorism, require a business continuity disaster recovery plan and insurance. If a disruption occurs, how will the company continue to operate? Identify an alternate facility and have back up arrangements for computer systems. Once the disaster occurs, it is too late to develop a plan. You have to be proactive.
Health insurance costs are on the rise and show no signs of stopping. Fueled by an influx of costly prescription drugs, group health insurance premiums are expected to increase in 2016. To decrease some of these expenses, provide employees with a wellness program. They provide incentives and rewards for healthy behaviors as well as real outcomes including reduced dependence on some medications and less visits to the doctor.
Good Luck in 2016!
Each New Year brings a clean slate fresh with the excitement of new possibilities and opportunities. Sure, surprises always occur and conditions can change without notice, but staying ahead of the market will help your company not only stay alive, but prosper. And if you’re looking to focus on more key improvements in 2016, we encourage you to learn more about MMTC’s solutions by clicking here.
Since 1991, MMTC has assisted Michigan’s small and medium-sized businesses successfully 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.