Your inventory is not cheap. From the initial purchase from your suppliers to the carrying costs involved in storing and processing each item in the warehouse, the costs associated with inventory management add up quick.
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Companies seeking to maximize profits must keep in mind many things. For manufacturers, it’s not just the cost of raw materials that impacts profits. It’s the costs of labor, taxes, shipping and more.
Manufacturers must also weigh the pros and cons of the location for their operations very carefully before making the decision to set up operations or relocate. For example, shipping costs can steal profits away from thin margins.
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Manufacturing is entering its fourth phase or stage, and it’s time to acknowledge that it’s changing for good. The world of manufacturing got its start during the first Industrial Revolution, when machines made everything from producing cotton to weaving textiles easier. The second Industrial Revolution found manufacturers like Henry Ford incorporating mass production techniques into their factories to quickly and inexpensively bring goods to the public.
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Who is the most important person in your company? The CEO? The person who makes the coffee each morning? It’s neither of these roles, critical though they are to both leadership and morale. It’s the customer, and without close ties to your customers, you run the risk of manufacturing products that nobody will buy.
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Small to mid-sized manufacturers often face an uphill battle to compete against larger manufacturers. Often, they focus on a specific niche, industry, or customer base to capitalize on opportunities that larger manufacturers won’t or can’t touch. But sometimes, even that isn’t enough to give them the edge they need to compete against the “big boys” in their field.
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