Do you go to the bar or do you take action? Jason and Jim will step you through 11 points to consider WHEN the recession hits the Metalworking Nation. Yes, this subject is a bummer, but MakingChips is going to Equip Manufacturing Leaders no matter the subject.
Women in manufacturing
Yoda says “No! Try not. Do or Do Not. There is no try”
1. Pay attention to your cash flow – like a hawk – know the numbers.
2. Talk to your staff and be honest about what is going on.
3. Be honest with your partners.
4. Know your core competency and stick to your business model.
5. Minimize purchasing and reduce expenses – can you insource any of your services?
6. Lower your overhead.
7. Minimize your labor costs (OT) – make strategic decisions sooner rather than later.
8. Realize your capacity level.
9. Negotiate with banks.
10. Negotiate with your landlord.
11. Capitalize on opportunities.
This episode is about tactics for manufacturing companies WHEN the recession hits. That’s right, I said WHEN, not IF. If there is one thing that nobody understands, it’s our economy. There is little evidence of a recession proof economy, so we need to spend some time discussing how to better prepare.
Are you ready for a recession?
1. Do you have a diversified customer base?
2. Maintain proper overhead (building ego).
3. Review your debt – did those decisions result in a return?
4. Strategic purchase of capital equipment
a. Measure your ROI
b. Invest in technology to stay productive and ahead of the competition
c. Don’t spend money just for a write off…have a strategic reason
d. Should you pay cash or get a loan?
5. Does your company provide a critical part or service that is recession proof?
6. Is your customer base recession proof or vulnerable?
7. Is your product or process difficult to replicate or will your customers be looking to lower their costs?
IMTS started as The First National Machine Tool Builders Exposition in Cleveland in 1927.
Post WWII, the show moved to Chicago in 1955.
What is the IMTS hangover?
What did you learn at IMTS that you can take back to your business?
What is the best way to prepare for a show, such as IMTS?
Do social media platforms, such as Facebook, LinkedIn, Twitter and others matter to the manufacturing industry? We will discuss WHY you should be on social media, WHAT platforms to consider, and HOW to get started.
Influencing a New Generation
Social Media Platforms
What is the process?
What should you do first?
Social Media PPC
Jim’s eBook “Social Media in Manufacturing”