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Are you planning on expanding your manufacturing enterprise? All business owners should be looking to expand and grow when the time is right. Still, it can sometimes be challenging to know how to go about doing this, particularly in an industry like manufacturing. Exactly how you expand your enterprise will depend on your business and niche. Still, there are a few key steps to take, which will help to ensure that you grow and expand successfully and without interfering with the operation too much, which can be a common problem when making large changes. Read on to find out more.
Learn from Your Competitors
Before taking action in expanding your manufacturing enterprise, it is a smart idea to study your competitors and try to see what you can learn from their past. For example, you might discover that they have attempted to a method of growth that backfired, which would allow you to avoid following in their footsteps.
Learn from Your Customers
Following this, you should also learn from your customers in terms of what you are doing well and what could be improved. You should never make large changes to an area of the business that is performing well, so asking for feedback from your customers will help you to make informed decisions when it comes to expansion.
Find A New Site
Expanding a manufacturing operation often involves finding a new site as it can be impossible to grow in your existing factory. This is always a tricky aspect of expanding as you will need to find somewhere that is large enough, is easy to access, and has good transport links along with being within your budget. Speaking to an experienced realtor will be a good way to discover the best and latest properties in the area.
Invest in Custom-Made Equipment
In the manufacturing industry, equipment is used each and every day heavily, so another step to take when expanding is to upgrade this equipment. Custom made conveyors are an excellent option as having these designed to your specification enables you to streamline the operation, make work easier for your team, and speed up processes. Finding conveyors for sale which can be made to your specification can give you a competitive edge and is a smart way to expand.
Invest in New Technology
Technology is transforming the manufacturing industry, and it is important to stay current with this tech if you are to remain competitive. You can grow and expand the company by investing in the best and latest tech, which includes technology such as:
- Automation
- AI
- Virtual and augmented reality
- Wearable technology
- Internet of Things
Invest in Your Workforce
The expansion should also include investing in your workforce as they are vital to the success of the business. This will consist of taking your time to find the right people for the job, ongoing staff training, and career development opportunities as well as looking after employees with competitive salaries, positive feedback, comfortable working conditions, and benefits and incentives.
These are the main steps that you will need to take to expand a manufacturing enterprise and will hopefully help you to reach the next level.
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Want to Achieve Excellence in Supply Chain Management (SCM)?
Gain the knowledge and develop the expertise to become an expert in Supply Chain Management (SCM). Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. Click here for full details.
Supply Chain Management (SCM) is the design, planning, execution, control, and monitoring of Supply Chain activities. It also captures the management of the flow of goods and services.
In February of 2020, COVID-19 disrupted—and in many cases halted—global Supply Chains, revealing just how fragile they have become. By April, many countries experienced declines of over 40% in domestic and international trade.
COVID-19 has likewise changed how Supply Chain Executives approach and think about SCM. In the pre-COVID-19 era of globalization, the objective was to be Lean and Cost-effective. In the post-COVID-19 world, companies must now focus on making their Supply Chains Resilient, Agile, and Smart. Additional trends include Digitization, Sustainability, and Manufacturing Reshoring.
Learn about our Supply Chain Management (SCM) Best Practice Frameworks here.
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