One of our core roles is to pay close attention to trends, issues and opportunities that will impact our manufacturing and distribution clients so that we can give them a leg up on the competition.
Lately, we have noticed that the next “big thing” will be future-proofing. Although everyone seems concerned about potential recessions in one of the greatest periods of growth ever on record, that isn’t why we have chosen to focus on the topic of future-proofing. Instead, what we have noticed is that the future is simply unknown.
It has an equal or better chance to be ideal for growth. Yet clients will not be able to take advantage of the opportunity if they haven’t been future-proofing their business and customer base. Also technology is a big unknown. Certainly waiting on the sidelines for someone else to figure it out will not cut it! In today’s era of the Amazon Impact, the Skills Gap and the need for a Resilient Supply Chain, your future will still not be secure if you haven’t thought about future-proofing. So, we are excited to launch our next LMA-i, LMA Intelligence topic, “Future-proofing Manufacturing & Supply Chain
As we explore this new strategic topic, we always start with the fundamentals. It does not matter how much you spend on the latest and greatest, energy efficient windows for your house if your foundation is cracked, letting in air and sinking. People must be your foundation. No matter how high tech your company, it must be accompanied with high touch.
Have you taken a step back lately to evaluate your people?
- Do you have the right players on your team?
- Do they understand where they are going and why?
- Do they have a coach, mentor and/or adviser?
- Are there opportunities for career progression for key roles?
- Have you identified your stars and have a fast-track program in place?
- Are you recognizing your team?
- Do you have bench strength?
- Is your team prepared for where you are going currently or are they thinking about where they need to be in a year?
- How about your customers, suppliers and trusted advisors? Do they understand their value and how they can contribute?
- Are you willing to invest in people before investing in equipment and technology? Why or why not?
To future-proof your manufacturing business, you must know these answers. Of course knowing the answers is not sufficient. Is your team on board? How about your supply chain partners? Moreover, as unfortunate as it seems, being smart isn’t enough. You must apply this knowledge in a way that enables you to successful navigate the future while continually creating scalable, profitable growth.