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MakingChips | Equipping Manufacturing Leaders

MakingChips is a weekly podcast that will equip leaders in the metalworking manufacturing industry with valuable content to utilize in their career and business.
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MakingChips | Equipping Manufacturing Leaders
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Now displaying: February, 2015
Feb 23, 2015

Should you implement Robotics into your company? In this episode we interview Brian Panek

from Panek Precision about robotics. We discuss the basics of robotics, how it has changed his

manufacturing and the culture of his company.

PanekPrecision.com

LinkedIn.com/in/brianpanek

Universal Robots

In our Manufacturing News segment, we discuss that MakingChips has been featured on iTunes

New & Noteworthy, which is a huge accomplishment. We would like to thank our listeners for

their feedback and support.

Feb 16, 2015

Who is in your network? In this episode we discuss the power of networking and how to properly

cultivate relationships in your industry.

Join MakingChips at the 3rd Annual Crain’s Midwest Manufacturers Summit.

Crain’s Manufacturing Summit

1. Networking is a long term process

2. Should you stalk them on LinkedIn?

3. When you think that it is time for the hard sell…wait.

4. Ask for an introduction.

5. Stay within a particular circle.

6. Don't forget follow up, but don’t hard sell.

7. Offer free advise.

8. Look for commonality.

9. Collect business cards.

10. Connect on LinkedIn.

11. Give before you expect to receive.

In our Manufacturing News segment, we discuss Forbes 30 under 30 in Manufacturing.

In our Metalworking Tools segment, we discuss Lenox Circtech Precision Circular Saw Blades.

More manufacturing companies are replacing band saw applications with with machines that

use cermet tipped circular saw blades.

Feb 9, 2015

What is the right method for getting paid for your work? This is a subject that both Jim and I

were reluctant to talk about; however, our goal is to bring the Metalworking Nation together

as a community to talk about topics that people are afraid to bring up.

What are your typical terms?

Do you offer payment via credit card?

Should you require a credit card for initial orders?

Do you have a defined credit terms policy?

If you are agreeing to an OEM contract that stipulates 90-120 day terms, are you considering

the financing rate and including that in the price that you charge for the product or service?

“Somebody has to pay it!”

What is our approach to collecting?

When do “put on the heat”?

Do you use collection agencies?

In our Manufacturing News segment, we discuss Workshops for Warriors, a non-profit that

transitions veterans into civilian jobs with a focus on manufacturing training.

In our Metalworking Tools segment, we discuss Z-Cut, a line of USA Made standard and highperformance

end mills, drills and taps.

Feb 2, 2015

Years ago, most businesses did not have a vision or a mission for their companies. It was simply

a matter of “blocking and tackling” your team through wins as the company grew (you buy

more machines as the customers come). Now, most businesses are caught up in the Wall

Street mindset that if you are not growing, you are dying.

Should every manufacturing company have this mindset or can we do better?

Do you have at least a loose vision or mission for your company?

Where do you see the company in 5 years or in 10 years?

How do you define staying where you are? - # of machines, sales, profit, employees, customers?

for JZ, a couple metrics: sales, profit, # of vending integration systems that we are serving,

customer retention

Do prospective customers look at your business in terms of size and gage whether they want

to do business with you?

The wrong ways to grow

1. Using supplier credit to grow and not having a financing plan for growth

• Instead: Have a financing plan for growth, talk to your bank, and learn about the proper

way to borrow money in order to achieve your goals.

2. Taking on low margin business to build your business or to just get in the door

• What happens?

• Can’t make money on the job

• Late on the job

!

• Quality is subpar

• Can’t do the job efficiently

End-users have become smarter about this and many are now working with their existing suppliers

to find out where they can partner and be strategic to remove costs out of the manufacturing

processes (another good subject for the future).

In our Manufacturing News segment, we discuss women in manufacturing (again). There is a

push in the Milwaukee market for welders. A 24 year old single mother with no intention to

get into manufacturing is pitched to pursue a manufacturing career. ”This is so cool, I am actually

creating my own art.” She is enjoying what she is creating, making good money and

able to support her family.

In our Metalworking Tools segment, we discuss the Widia Victory versus Value lines and why a

company would utilize this model.

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