flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

Your Essential Manufacturing Checklist When Expanding Your Enterprise

Editor's Note: Take a look at our featured best practice, Lean Manufacturing (167-slide PowerPoint presentation). In this Lean Manufacturing presentation, we explore the Lean philosophy, which is rooted in the Toyota Production System (TPS). Lean aims to enhance customer value by optimizing processes and eliminating waste, ultimately increasing productivity and value with fewer resources. A key [read more]

Also, if you are interested in becoming an expert on Supply Chain Management (SCM), take a look at Flevy's Supply Chain Management (SCM) Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.

* * * *

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.

Excel workbook
Highly sophisticated and user-friendly Financial Model providing advanced financial & planning analysis for a Startup Manufacturing Company. Suitable for any type of industry, the model is a flexible tool for CEO/CFO's to control and improve daily operations and forecast financial and [read more]

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.

Readers of This Article Are Interested in These Resources


183-slide PowerPoint presentation
Good Manufacturing Practices (GMP) are a set of guidelines and regulations that ensure the production and manufacturing of safe and high-quality products, including food, drugs, and medical devices. These practices are designed to minimize the risks involved in any pharmaceutical production that [read more]


 
Excel workbook
 
 
813-slide PowerPoint presentation

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.


Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  

The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.
  


OUR CORE OFFERINGS
Flevy Marketplace: Top 100
· Strategy & Transformation
· Digital Transformation
· Operational Excellence
· Organization & Change
· Financial Models
· Consulting Frameworks
· PowerPoint Templates
FlevyPro (Subscription Service)
KPI Library
Streams (Functional Bundles)
Flevy Executive Learning (FEL)
PowerPoint Services

FREE Resources

About Flevy
Management Topics
Marcus (AI-Powered Consultant)
Partner Program
LinkedIn Influencer Marketing
FAQ / Terms / Privacy / Blog
Contact Us: support@flevy.com



CONNECT WITH US!
       
TOP 100 TRENDING TOPICS
Acquisition Strategy
Agile
Analytics
Artificial Intelligence
Balanced Scorecard
Best Practices
Big Data
Breakout Strategy
Business Continuity Planning
Business Plan Financial Model
Business Transformation
CMMI
COBIT
Change Management
Cloud
Communications Strategy
Company Financial Model
Competitive Advantage
Competitive Analysis
Consulting Frameworks
Continuous Improvement
Core Competencies
Corporate Culture
Cost Reduction Assessment
Customer Experience

BROWSE BY FUNCTION
Strategy, Transformation, & Innovation
Digital Transformation
Operational Excellence and LSS
Organization, Change, & HR
Management Consulting

Customer Journey
Customer Service
Cyber Security
Data Privacy
Decision Making
Digital Marketing Strategy
Digital Transformation
Digital Transformation Strategy
Due Diligence
ESG
Employee Engagement
Employee Training
Enterprise Architecture
Growth Strategy
HR Strategy
Hiring
Hoshin Kanri
ISO 27001
ITIL
Information Technology
Innovation Management
Integrated Financial Model
Kaizen
Kanban
Key Performance Indicators

ADDITIONAL RESOURCES
Business Strategy Frameworks
Case Studies
Consulting Training Guides
COVID-19 Trend Data
Digital Transformation
Financial Advising Services (FAS)

Knowledge Management
Leadership
Lean
Lean Manufacturing
Logistics
M&A (Mergers & Acquisitions)
Manufacturing
Market Research
Marketing Plan Development
Maturity Model
McKinsey PowerPoint
McKinsey Templates
Operational Excellence
Organizational Change
Organizational Design
Performance Management
Post-merger Integration
Pricing Strategy
Process Improvement
Process Maps
Procurement Strategy
Product Launch Strategy
Product Strategy
Project Management
Quality Management


Free Resources
KPI Library
Lean Management
Lean Six Sigma Training Guides
Marcus Insights
Operational Excellence

Real Estate
Remote Work
Restructuring
Risk Management
Robotic Process Automation
SWOT
SaaS
Sales
Scrum
Service Design
Six Sigma Project
Social Media Strategy
Strategic Planning
Strategic Thinking
Strategy Development
Supply Chain Analysis
Sustainability
Target Operating Model
Team Management
Total Productive Maintenance
Value Chain Analysis
Value Creation
Value Stream Mapping
Visual Workplace
Workplace Safety


Product Strategy
Small Business Owner
Startup Resources
Strategic Planning
Strategic Planning Process
Value Innovation Strategy


© 2012-2024 Copyright. Flevy LLC. All Rights Reserved.