Progressive Components
Published

Tips and Strategies for Expanding Your Business

The last few years have affected most small businesses tremendously, but the ones who managed to weather the storm are the ones who were able to adapt to all the major changes in the market.

Patrick Hunter, Sr. Vice President, Marketplace Operations, MFG.com

Share

Following are a few tips and strategies to apply in order to expand your business:

Select a Target Market
Stay focused on what you do best. Having a clear target will help you easily decide on all other aspects of your business—machines, man-power, supporting technology, marketing efforts, etc. If your target industries require it, make sure you obtain all the appropriate certifications, so you can meet the standards of even the most exigent of customers.

Choose Your Allies
Your network of friends and business contacts can be an extremely valuable source for information and leads. Talk to everybody you know about directing customers your way, ask for advice about best business practices, and develop strategic partnerships. Create word-of-mouth among your peers and use their connections and knowledge to expand your business.

Stand Out from the Crowd and Identify Lead Generation Sources
Make sure you are prepared to communicate your added value. Be ready to explain why you are a better choice than any of your competitors. Identify where you can generate sales leads for your business.
 

Adapt
The last few years have affected most small businesses tremendously, but the ones who managed to weather the storm are the ones who were able to adapt to all the major changes in the market. Understanding how demand evolves and being able to adjust to it, is vital and can help you land on your feet when other businesses fail.

Diversify Your Services
Accepting jobs outside of your core capabilities can be risky. However, if your current capabilities support growth in new directions, make sure you consider the possibility of diversifying. In some cases, changes in the market will force you to diversify. The easiest way to expand is to look at your existing range of services or products and see if you can go one step deeper into the manufacturing process.

Diversify Your Customer Base
Maintain a customer base that is relatively diverse in company size, geographical location, industry and volume, will make you less vulnerable.

Innovate
Industry leaders easily adopt new technologies, while followers fight to keep up, or fail. Something as easy as updating the software you are using, can make the difference between being competitive and profitable, and going out of business.

Streamline
Keeping a tight production schedule, prioritizing jobs and trying to become as independent as possible from outside suppliers, should help improve your output and create a more seamless workflow. This will also allow you to better estimate your future cash flow and identify specific aspects of your business that need improvement.

Be Flexible and Creative
Finding creative ways to use your equipment can help you save time and money. It's a great idea to invest in equipment that can incorporate secondary work in its primary function.

Grow Sustainably
Giant leaps of faith often prove to be more detrimental than beneficial, and can significantly hinder your business in the long term. Invest as you go and always make sure that every capital equipment purchase you make is cost-efficient. Consider all the collateral costs (training, new hires, etc.), and make sure you have the right sales and marketing strategy to keep your new technology/equipment busy. .

Maintain Visibility

Last but not least, make sure you have visibility. Regardless of how you approach the development of your business, make sure enough potential customers know about you. With more and more customers using the Internet to identify new suppliers, an online presence can help you get the exposure you need, and can direct customers your way without too much effort on your end.

 

MoldMaking Technology Magazine
MMT Today enews
Forget about long angle pins & hydraulic cylinders
Progressive Components
KM CNC Machine Service
Techspex
North America’s Premier Molding and Moldmaking Event
Maximum Mold Precision

Related Content

Marketing

Editorial Guidelines: Editorial Advisory Board

The Editorial Advisory Board of MoldMaking Technology is made up of authorities with expertise within their respective business, industry, technology and profession. Their role is to advise on timely issues, trends, advances in the field, offer editorial thought and direction, review and comment on specific articles and generally act as a sounding board and a conscience for the publication.

Read More
Marketing

The Role of Social Media in Manufacturing

Charles Daniels CFO of Wepco Plastics shares insights on the role of social media in manufacturing, how to improve the “business” side of a small mold shop and continually developing culture.  

Read More
ICYMI

MMT Chats: Simple Steps to Get Your Social Media Campaign Started

MoldMaking Technology Editorial Director Christina Fuges catches up with Gail Now’s Chief Curiosity Officer Gail Robertson. We talk about the importance of using the curiosity tool to tell your stories as part of a marketing strategy that includes social media.   This episode is brought to you by ISCAR with New Ideas for Machining Intelligently.

Read More

MMT Chats: Mold Builder Shares “Raw and Real” Social Media Strategy

MoldMaking Technology Editorial Director Christina Fuges sits down with Murphy Forsyth, GM – Injection Molding and Director Of Marketing for Zero Tolerance LLC in Clinton Township, MI.

Read More

Read Next

Education

How to Use Continuing Education to Remain Competitive in Moldmaking

Continued training helps moldmakers make tooling decisions and properly use the latest cutting tool to efficiently machine high-quality molds.

Read More
Maintenance & Repair

Reasons to Use Fiber Lasers for Mold Cleaning

Fiber lasers offer a simplicity, speed, control and portability, minimizing mold cleaning risks.

Read More
Forget about long angle pins & hydraulic cylinders