According to the National Association of Manufacturers (NAM) First Quarter Survey, you should be feeling optimistic, since 89.5% of those surveyed are feeling positive about their company’s outlook.
The Association’s Optimism Index has averaged an astonishing 91.8 percent over the past nine quarters—reflecting the generally solid level of manufacturing growth and productivity we’re seeing among many—but not all—of our clients.
How are YOU feeling?
Opportunities for growth are abundant, but we also know that this rising economic tide hasn’t lifted all boats. While market conditions vary from sector to sector, manufacturers throughout our region and across the country still struggle to find and keep talent, manage costs, and control quality and productivity. These tides are relentless.
Add to these issues the more strategic challenges of profitable sales growth, risk management, succession planning, and investing in Industry 4.0…and it is easy to see why many small business owners feel overwhelmed or even discouraged.
Dealing with these challenges may require a fresh perspective and perhaps an outside eye. But as you begin to size things up and weigh your options, take a walk around your operation and talk with some of your key employees, and you’re likely to get a sense of the top two or three sails that need to be trimmed.
Odds are you will come across some management and people issues, some sales and marketing issues, some production and operations issues, and some cultural insights. Take stock of what you hear, and then document what you discovered and try to prioritize the issues that are in urgent need of attention.
Then, before you start to consider what actions to take, ask yourself “If this company overcame its major headwinds over the next 12-18 months, where could we be?”
Your answer should be one that inspires! As a leader, you owe it to yourself and your people to articulate a clear vision of success—one that inspires you and your team to a corresponding call to action. All hands on deck!
If you think you might benefit from someone with the skills, experience, and processes to drive change, DVIRC has some great people and excellent tools to help businesses like yours prepare for and realize sustainable and profitable growth.
Our Growth Readiness Assessment is a low-cost diagnostic tool delivered by our senior consulting staff that has already helped many businesses in the region go through a top line audit and cultural assessment, leading to a prioritized action plan for driving change. You don’t have to wait for the tide to rise…we can help you make it rise.
To learn more about how DVIRC can work with your company to conduct a Growth Readiness Assessment or discuss other ways we can support your organization, contact us today.