Do you Reposition Your Questionable Die Casting Company During Recession?
A wise manager sees a recession as to be able to reorganize processes and reposition their company in the changing marketplace. They know that in a recession equipment can be bought at a discount and with available financing. When the production line isn’t in constant use, they can study their processes, and reduces costs of them for greater efficiency. The high being out of work rate means that more qualified people are in the marketplace, looking for jobs — and hiring them now gives them ample time to integrate them into the company, and train them properly by working with the current engineers on the projects they still have.
Experienced management also know that no matter how bad the economic depression may be, it will end — and they plan for that future. With fewer projects in process, there is more time to spend with their existing customers, solidifying relationships, introducing them to new products, and to work on schooling new prospects about their services and products. They might not make the sale today, but when business begins to grab once again, their prospects know about their services and are ready to make a decision.
Successful companies also give their engineers this same opportunity. Downtime can be used to educate and train the engineers about new processes, machines and equipment — and they know that a lot of the training and education can be done for no cost investment casting stainless steel. After all, the economic slowdown affects their suppliers as well; they are more than willing to provide their new, exciting technologies. When business sees it will be too late; once more, everyone will be too busy and there won’t be time for education and training.
This is not to say that weathering the tough times is easy — even for a company that has made it through previous recessions. For those companies who are facing their first recession, this is the chance to take a long, hard look at your equipment and processes, and make some decisions.
First, consider your equipment: Die-casting machines, furnaces, trim clicks, handling robots, moulds, die hvac equipment. This represents a huge investment on the part of your company — but it is now time to honestly measure each piece and the impact it makes on your product and your company. Ask yourself: How old is this equipment? Is this machine really doing its job? Can we compete in our global market with die casters in Europe and Cookware who replace their machines frequently? Can we produce the high quality today’s casting buyer expect?
Consider your technology: Ask yourself if your technology is state of the art — or two decades obsolete? Is the technology in your facility attracting the quality of technicians with whom you want to work? Is what you are using assisting you to produce high quality castings at competitive prices?
Consider your facility: Is it clean? Do your employees like to come into the facility? Do you? Or does it look like a junkyard and the only people apply for jobs are the ones who can’t read and write?
Last — but most surely not least, consider your employees: Machine operators, tool-makers, engineers, maintenance and material-handling personnel. Are they educated for their positions? Are they well-trained in the equipment and processes they handle?
Do you pay top wages? Or do you have employees who are working on your expensive machines — but whom you wouldn’t trust to drive your new car?
The fact is that many die casters are losing sight of business as a result of the recession — and as a result of their own lack of foresight. Before you join them, that point out, sit down and think about where you want to be in the coming years. See ebay slow down as an opportunity to evaluate your company’s strengths and disadvantages, to see what no longer serves you and your company, to determine what does work for you and to decide how you can build for the next economic upswing.