Manufacturing Business Growth Strategy
By Team Acumentica
Manufacturing businesses today are facing a plethora of constraints locally and globally, and a business needs to adapt and be resilient to the various focuses affecting them. From supply and demand, logistics, pricing, to various micro and macro-economic indicators impacting them, businesses needs to develop and execute an agile strategy.
This article describes outlines how a manufacturing company needs to look at developing a value-driven strategy.
Strategy involves gaining continuous insights on the external market, creating innovative alternatives, developing a business design and ensuring the executability of that design by orchestrating and developing the organization’s capabilities. It is not principally about creating a document or following a planning calendar, although both play a role.
What is a good Manufacturing strategy? How can I ensure my strategy delivers business results?
A manufacturing strategy has never been more important. A good MFG strategy targets high value customers, ensures your offerings are distinctive, positions you for strategic control and secures future profits. Weak strategies fail to take stock of the changing landscape and rely on tired or unproven business designs that typically result in poor market performance. A good MFG strategy looks carefully at the organization’s capabilities and ensures that critical tasks are assigned and appropriate measurements in place. This strategy should ensure that critical skills are in place and that the organization’s culture supports outstanding performance on the critical work of the business. Weak strategies ignore organizational capabilities and blame resulting shortfalls on execution.
How good is your business strategy today? Do you want to get better?
A manufacturing strategy is not about a document. Strategy is about action. Whether good or bad, strategy shows itself in the everyday actions of the business. It is reflected in the quality of the dialogs we hold, the decisions we make and the actions we take. A structured assessment of those activities can tell us how good we are at strategy, and how we can get better. Developing effective strategy involves a range of skills that can be developed and practiced.
Manufacturing organizations are a complex entity. All the parts and their connections need to work well together. Superficial diagnoses of organization issues are the enemy of senior management. They can lead to a loss of credibility and sap valuable energy from employees. We take care and avoid the temptation to go for the silver bullet. We emphasize the attunement of cultures that enables people to be committed entrepreneurs for their company with processes that provide discipline and measure results.
Developing and executing a winning manufacturing corporate strategy isn’t easy even in the best of times. As aforementioned above, there are so many factors of uncertainty like business, global, economic and political to name a few that challenges companies today.
To succeed in today’s climate, a manufacturing company must:
- Understand and leverage the intersection of people, process and systems with customer requirements and business design to drive measurable results
- Identify and focus on your most profitable customer segments to understand and meet their needs
- Better leverage technology to increase your return on business investments
- Align the business and Supply Chain organizations via shared metrics and ownership
- Become an adaptive organization with the flexibility to adjust to market changes and seize new opportunities.
- Cultivate and reward executional expertise to achieve competitive advantage in the near and long-term
Strategy cannot be predetermined despite a companies true intentions. True strategy helps transform an enterprise and operations by:
- Framing industry opportunities and challenges into specific strategic options
- Formulating actionable strategies that intersect business, process and technology; and
- Accelerating implementation through tailored operations and change programs.
Your needs may fall into one or more categories below.
- Streamlining Costs: Determining how to cut costs that have built up over the past 10 years of economic growth to improve financial performance and fund new initiatives.
- Timing of Investments: When to move forward in this climate determining the rate and timing of investments.
- Enhancing Productivity: Maximizing returns on past and future investments in technology, processes, and people.
- Growing Revenues: Determining how to grow the business in a stagnant and uncertain economy and in a marketplace where “customers pick you.”
- Investing for Future: Building flexible organizations and capabilities that can compete successfully in a future that requires us to constantly adapt.
- Linking Strategy to Execution: Determining how to ensure that strategies can be implemented, and that implementations achieve what the set out to accomplish.
In summary, strategy is not about a document but actions that requires the right skills to execute in order to yield optimal results.
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