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MiMfg Magazine
Premium
Associate
Member
January 2020
Eight Steps Toward a More
Successful Business
By Mustansir Saifuddin • Innovative Solution Partners
Businesses in today’s quickly changing landscape
face a variety of paths to growth. Regardless of your
business stage, commonalities exist in the steps
successful manufacturers take.
The top ones can be summarized as follows:
1. Think digital: Businesses get to move away from
paper-based systems and employee silos to a
digital business that allows for the business to
run more smoothly. It can be as simple as moving
from handwritten sheets to entering information
into a tablet, or as complex as implementing an
ERP system. Care must be taken when quickly
adding solutions to address immediate issues.
Successful businesses look at the end goal and
how everything works together. Otherwise, they
will eventually face a disparate set of systems
that they must maintain.
2. Sound Financials: Ensure that financial systems are
in place and work for the business. Having
accurate financials helps companies manage
cash flow and make smarter strategic decisions.
It takes out the guesswork and helps a business
make sound and profitable decisions.
3. Key Performance Indicators (KPIs): Set and track
goals for KPIs that are important to the
company and are tied to its corporate mission.
If supplier issues are effecting the business, then
track supplier-based KPIs like Supplier Defect
Rate. If the company’s new initiatives revolve
around customer satisfaction, then track KPIs
like the Customer Fill Rate. There are many
industry-specific KPIs, but successful companies
choose to track the ones with direct correlation
to their goals and issues.
4. Suppliers: Work with partners that are aligned
with you, your business, and your team. Do they
understand your short term and long term needs?
Can they work with your team? Can they
provide solutions based on what resources you
have available; be it money, people, or time?
5. Support: Realize that technology is a driver
but nothing changes without your buy-in and
employee support. The most successful projects
are those that are communicated well to the
entire organization and when employees
understand the company’s vision and goals.
6. Listen to your customers: Are they asking for
add-on services that the company currently does
not provide? Think about how the company can
provide these products or services that provide
value to the end customer and grow the business.
7. Data: Leverage the data your business keeps.
With people and processes functioning well, put
systems in place that provide access to timely,
accurate data to make strategic decisions.
8. Technology Infrastructure: Re-evaluate the systems
currently in place. As companies grow, their
needs change so it is vital to have a pulse of this.
For instance, reduce redundant tasks by
leveraging technology; in turn, freeing up employees
to provide more value to the organization.
No matter what path a company takes to grow,
successful businesses commit to looking at their long
term goals and corporate mission when making vital
decisions. The nature of these steps creates a strong
foundation for manufacturers to adapt to today’s fast
changing environment.
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Mustansir Saifuddin is the information architect for
Innovative Solution Partners. He may be reached at
248-325-8152 or [email protected].
Innovative Solution Partners is an MMA Premium
Associate member and has been an MMA member since
January 2019. Visit online: www.isolutionpartners.com.