If your company would like to tackle the international market, it's time to evaluate your chances of success. Manufacturing firms that successfully make the leap generally tend to have a firm domestic base, strong reputations and a quality product. A solid track record is also essential before expanding abroad
In the News
Monday, November 11, 2018
The term "lean manufacturing" means different things to different people. However, it can generally be agreed upon that lean manufacturing represents a management philosophy that emphasizes the elimination or reduction of waste in order to increase company profitability. In other words, doing more with less.
Thursday, November 11, 2018
Does your C corporation have slow-moving inventory or computer equipment taking up valuable warehouse space? Of course, you could liquidate it or hold a discount sale, but you might be better off donating it to charity.
Idle machines, production bottlenecks, equipment breakdowns, absent employees, new orders -- these are just some of the factors that can disrupt production and eat into your company's profit.
Let's say your company has slashed costs to the bone, boosted productivity and taken market share from competitors. But you still want to see some improvement. It's time to find your weakest link and turn it into a strength. According to the theory of constraint management, you should look system-wide for that weak link.
Thursday, September 9, 2018
Recalling defective products can be expensive and it may be tempting for manufacturers to ignore flaws. But that can be more costly in the long run, both in financial and human terms.
Wednesday, September 9, 2018
Internal fraud drains approximately $4 trillion dollars annually from global businesses, according to the Association of Certified Fraud Examiners (ACFE). According to ACFE's latest Report to the Nations, the median internal fraud loss in manufacturing and production companies is $240,000.
Employee performance objectives are sometimes based on output, but that can be the wrong reward system. It encourages quantity over quality and fosters a mindset of letting the little defects slide. That, in turn, can result in increasing customer rejections rates, which can hurt your company's reputation and send customers elsewhere.
There are opportunity costs lurking in your electric bill. Performing an energy audit can find your plant's power hogs, which is the first step in slashing energy costs. If you haven't had an energy audit recently or haven't made energy reduction a plant-wide priority, chances are you're spending more for power than you need to.