The level of manufacturing across Australian industries has rapidly declined in recent years, with many manufacturing plants closing down and outsourcing their requirements to overseas factories. In order to maintain a successful manufacturing business in Australia, business owners and managers should focus on a few key factors, including innovation, productivity, investment, and funding, designed to keep them competitive in a gloabalised market.
Innovation
In order for local manufacturing businesses to remain viable, they need to put a strong focus on innovation. Innovation is often applied to issues like development and new technologies, however it also comes in handy for problem solving and business transformation. Examples of innovation specific to the manufacturing industry include refining supply and distribution channels, or exploring more efficient and cost effective ones, improving processes, working to provide a better customer experience, finding ways to incorporate more environmentally friendly practices and technology, and establishing exciting new business offerings and connections.
Productivity
Boosting productivity in the manufacturing industry isn’t just about cost cutting – it’s also about increasing revenue. The best way to boost productivity is to develop a deep understanding of your industry and your customer base, and to discover ways to expand your services to meet market expectations. Making your internal processes more efficient and embracing new production technologies is a great way to further boost productivity.
Strategic investment
All successful businesses require investment in order to grow and survive industry pressures. One of the best investments a manufacturing business can make is in the workforce, hiring people with the skills and knowledge needed to stay ahead of worldwide trends. In manufacturing, your workforce is your biggest asset, so it pays to keep them happy and work to improve and expand their skills.
Funding
Of course, even when following all of the above, it’s unrealistic to expect manufacturing businesses to continuously turn over huge profits, so backup funding is needed to support the business when short-term dips in cash flow occur.
Focusing on these key areas will help your manufacturing business not only survive, but thrive in a globalised market, where quality at skill is more valuable than ever before. If you run a sheet metal fabrication business, look no further than ACRA for the highest quality sheet metal machinery.