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The MAKING CHIPS Podcast for Manufacturing Leaders with Jason Zenger & Jim Carr

Welcome to MakingChips - We believe that manufacturing is challenging, but if you are connected to a community of leaders, you can elevate your skills, solve your problems and grow your business. Making Chips is a weekly podcast that will EQUIP and INSPIRE MANUFACTURING LEADERS to succeed in the challenging world of manufacturing. Our mission is for the METALWORKING NATION to Think Differently About Manufacturing In Order to Elevate their Game. Your hosts, Jason Zenger & Jim Carr, own manufacturing businesses and interview other leaders in the metalworking, machining, fabrication, tooling and machine tool industries. We have interviewed successful manufacturing CEOs you may have not heard of and also the biggest names in manufacturing like Titan Gilroy from Titans of CNC, John Saunders from NYC CNC, Mark Terryberry from Haas Automation and others from MakerCast, Sandvik Coromant, Autocrib and more. Think of us as your virtual community of manufacturing peers to help solve your toughest problems and grow your business. "Making Chips has provided a transparent approach to sharing within the manufacturing community and a modern platform to do so. Thank you both for taking the lead on moving our industry segment forward!" Patricia Miller - CEO & Visionary (Matrix IV) I really think what you guys are doing is a great, great thing for manufacturing. I have learned so much already from many of your episodes, and am so thrilled to have met people that get as revved up about manufacturing as I do! Cassandra Haupers – Vice President of Operations (Swiss Precision Machining) I love being able to experience what manufacturers are doing to promote culture and engage their team members and community. All of us are smarter than one of us. That is why I am part of the Making Chips tribe. Barry E. Walter, Jr. – Chief Operating Officer (Barry E. Walter, Sr. Co.) Finally, relevant manufacturing media that is actually entertaining! Dietmar Goellner – Chief Executive Officer (Advanced Machine & Engineering / Hennig) The more manufacturing companies we can get to think this way, the stronger our industry will be. Thank you for sharing! Jess Giudici – Manager, Talent and Culture I’m thankful to you for creating MakingChips for the Metalworking Nation so that Owners / Employees can strengthen their companies. Phil Sponsler – President (ORBITFORM) I love the podcast! It really serves to fill a void in the manufacturing world. I will admit I always feel a little more inspired. Jason Falk – Senior Application Engineer, CMTSE (HURCO) Thanks to all the great info on your podcasts and the website. Dave Lechleitner – Director of Solutions and Product Marketing (KEYEDIN) I really love what you guys are doing to advance the mfg industry in a way that really reaches the right audiences. Jeff Rizzie – Senior Manager-Business Development (Sandvik Coromant)
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The MAKING CHIPS Podcast for Manufacturing Leaders with Jason Zenger & Jim Carr
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Jan 12, 2019

The word is out - the economy is changing, and you should probably start planning for a recession. MakingChips hosts Jason Zenger and Jim Carr help take the intimidation out of a looming recessional period by offering some practical advice based on their own personal experiences with leading manufacturing businesses during economic recessions. Learn how you can get a head start in your business and personal life by making just a few - and not too frightening - changes to your company’s lifestyle in this important episode of the MakingChips podcast!

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Preparation prevents poor performance

Jim and Jason explain that recessions in the economy are inevitable. While we can’t ever know for sure when or how harshly recessions will hit, we can take steps to prepare for the strike. There are difficulties in every season of the economy - even in the good times. Recessions simply provide a different set of challenges that can be weathered more effectively by those who plan accordingly. Jim and Jason point out that the manufacturing economy is at a booming national high, which makes now the perfect time to save and plan for a dive.

The money game: where to spend and where to save

A looming recession raises numerous questions on how to best manage company and personal finances. Jim and Jason give helpful starting points for long-term effectiveness, beginning with the important step of keeping your debt low and under control. The probability of needing to cut job margins is high, and there will not be as much room in the profit margin to play with. Keeping debt thin will leave more room for necessary funding. Saving money is also vital. Jim and Jason recommend bulking up the savings account to create a buffer for yourself and your company for when times get tight. Saving now can help counter the possible need to cut employment levels. A third way you can take precautions now is to be prudent with your company and personal spending. Determine what you can cut out of your business and personal spending and make a budget. Learn how sacrificing now can save you later by listening to the full episode!

Building up your team and your machine

Don’t leave your employees and team members in the dark on what is happening in the economy and of the changes that you will likely need to make in your business when the recession hits. Encourage your team to not overextend themselves and to prepare themselves. Build up morale by explaining the cyclical nature of the economy. Recessions don’t last forever! Give them tools to help them prepare (such as this podcast!). Refrain from purchasing new machinery leading up to the recession and during. Invest in your current machinery by making necessary repairs and keeping up on maintenance. Today’s machinery will be tomorrow’s money-makers. Invest now while you have the monetary means.

Seizing the opportunity in a recession

Jim and Jason point out that opportunity is available in every season of the economy. Diversify your customer base now so that when things get rough, your company’s well-being won’t be compromised by the collapse of just one or two of your clients. Not all of your customers will be affected by the recession in the same way. When the recession does hit, don’t sit back and wait it out. Look for ways to build your business by observing what is available when other companies are struggling. An example Jim and Jason give is acquiring your competition’s businesses or bringing them onto your team. Look for ways you can help yourself by helping others. For more tips and tricks on how to lessen the pain of a recession and effectively prepare your manufacturing business for the coming times, listen to the full episode!

Here’s The Good Stuff!

  • A recession is coming.
  • Exciting news about national growth in manufacturing and Jim’s new trunnion table.
  • Changes in the economy call for changes of plan: how to be prepared.
  • Why you should keep debt low.
  • Why you need to diversify your customer base.
  • Communication with your team is vital.
  • The importance of maintaining your current machinery and equipment.
  • Building your savings account so it can do its job.
  • How being prudent in company and personal spending NOW will save you later.
  • Opportunities are abundant - even in a recession.

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