Quick Strategies for Survival and Success in the Pallet Industry
August 2024
Dear WPA members and friends,
Glenn
Glenn Meeks
Executive Vice President
Western Pallet Association
This past month has been a busy one for the Western Pallet Association. We hosted the quarterly webinar with well-known pallet industry expert Chaille Brindley from Pallet Enterprise Magazine, and he shared his perspective on the industry and the markets at the halfway point of 2024.
Pallet businesses focused on challenging markets and the economy are dealing with reduced demand, tighter margins, and unpredictable market shifts that can challenge even the most resilient companies.
However, in challenging times businesses can find opportunities to position themselves for future success. Here are three strategic takeaways from the webinar to help you navigate and thrive in a volatile market:
1. Focusing on Core Competencies:
Concentrate your efforts on the services and products that deliver the highest value to your customers. This not only helps maintain your existing customer base, but it also allows you to refine and enhance your core offerings. These are the services that make you indispensable as a supply chain partner.
2. Strengthen Customer Relationships:
Customer loyalty is key. Engage more closely with them, understand their challenges, and offer solutions that will help them navigate their own difficulties. A trusted advisor builds long-term relationships that will outlast fluctuations in the market.
3. Innovate to Cut Costs:
Operational efficiency is key when the economy slows down. Look for innovative ways to reduce costs. Whether it's optimizing your manufacturing or repair/recycling processes or adopting new types of automation to improve your throughput on the floor, cost-saving innovations give you a lasting competitive edge while preserving the bottom line.
A down market has undeniable challenges, it also presents opportunities for those willing to adapt and evolve. In the Marine Corps, we called this the “Improvise, Adapt, and Overcome” principle.
The WPA webinars, Master Learning Groups, and now Pallet University are all part of your membership experience. All WPA members have access to webinar and MLG recordings at the WPA website info-hub. Log in at www.westernpallet.org