Between new machinery and advances in technology, it is hard to know where to invest your time and money to ensure that your manufacturing business continues to grow.
To make it easier for you, we’ve narrowed it down to three key areas every manufacturing business should invest in to stay ahead of the game. We hope that by following this guide your company will enjoy growth and prosperity for years to come.
Invest in your space
You can’t grow your business if you don’t have a strong foundation, and in the manufacturing industry that solid base needs to start with your physical workspace. When you invest in the smart design and ongoing development of your space, you can grow your company with far greater ease.
To make sure your business continually operates like a well-oiled machine, it’s worth asking the following questions.
Is your workshop safe?
To ensure your workshop is safe it should be well-lit, adequately ventilated and be well maintained. Taking precautions such as applying epoxy non slip coatings to your concrete floor will also reduce the risk of accidents and improve workplace safety.
Is your space equipped with the machinery it needs?
Your team can’t get the job done right if they don’t have the tools they need. By ensuring you keep up-to-date with the latest machinery and technology in your sector, you automatically invest in your long-term success.
Have you mapped out a suitable floor plan?
Taking time to develop a practical layout for your manufacturing company allows you to better organise your space, in turn speeding up production times and enhancing overall productivity.
For larger spaces, it’s also a health and safety requirement to line your floor with safety markings.
Invest in the latest technology
There’s a saying in business, “you’re only as good as your last success”. In the world of manufacturing, your company is only ever as good as the last product you made. To make sure every item leaving your warehouse is on the cutting edge of innovation, it’s crucial to invest in the latest technologies available in your sector, especially those that have been designed for and tailored to your niche.
Investing in the latest tech and equipment in your sector allows you to:
- Increase your productivity
- Accelerate operating times
- Improve internal processes
- Expand your current offering
- Attract new clients
Technological advances in manufacturing are constantly evolving. Once considered too sci-fi for real life, tools such as augmented reality (AR) and virtual reality (VR) have continued to advance the relationship between man and machine, a development that Hitachi Solutions believes will continue to have a positive impact on a range of manufacturers.
According to industry leader Cerasis, examples of some of the manufacturing technology trends being adopted by the sector’s most innovative businesses include:
- 3D Printing
- The Internet of Things (IoT)
- Cloud Computing
- Big Data and Predictive Maintenance Technology
Invest in your team members
If you own a business you most likely understand that good people are hard to find. When you bring new team members on board in the manufacturing sector specifically, good people also require periodic professional development.
It’s a priority that sometimes falls by the wayside, but investing in your employees is hands down one of the smartest business decisions you can make. Even Richard Branson is known to have said: customers come second, employees first.
By investing in periodic training programs you are not only able to keep up with industry trends, but you’ll also foster healthier team morale by getting your staff members excited for the future of the business and the role that they will play in the growth of your company.
When you show your staff members that they are a priority, by implementing internal reward programs and keeping on top of occupational health and safety measures, you build a team that will proudly, and more willingly, take your business to the next level.
At Cotewell we are dedicated to helping our clients in every way we can. If you are looking to invest in better flooring, or line marking get in contact with us today!
Call 1300-590-505 or email email@example.com