5 Ways to Run a Thriving Manufacturing Company: Lessons from an American Success Story

For almost half a century Universal Polymer and Rubber has been a market leader in the domain of rubber and plastic extrusions and custom created products. During that time the business has placed a great emphasis on client satisfaction and in 2017, when most production units in Ohio are struggling to stay afloat, we have not only managed to expand our operations but have also been recognized as a “Made in USA” success story by the renowned publication Construction in Focus.

5 Golden Rules from Those Who Have Braved It All: 

Manufacturing may be the lifeblood of the nation, but that doesn’t render businesses in the industry immune to the cycles of supply and demand.

There are challenges to be circumvented. And brands that can’t establish themselves as purveyors of quality items falter and fail.

Companies that set themselves apart from the competition do so on the dint of hard work, a desire to learn and evolve an insightful understanding of industry dynamics.

 

 

Here are 5 hard won lessons from the veterans at Universal Polymer & Rubber Ltd. to help you ace running a manufacturing company: 

1. Be Practical and Rooted in Facts: It is easy to get carried away by the avalanche of rumors and fallacies saturating the industry grapevine. Hyperventilating over a future scenario that may or may not transpire isn’t the best use of time or resources. Projections, estimates and market predictions are handy tools to have, but only when they resonate with the take and understanding of your company and client base. Instead of chasing “what ifs,” manufacturing businesses must address known issues like the growing skill gap in the industry and the dwindling interest in core manufacturing as a career choice for graduates with well thought out, strategic actions like participation in and promotion of Manufacturing Day.

2. Be Discerning when it Comes to Staffing: Talent shouldn’t be hoarded – even in manufacturing where there is a real absence of qualified candidates. Benched employees lose their finesses and also suffer from disengagement. They negatively impact the morale of the rest of the workforce. However, rapid expansion is a possibility given the trend of reshoring over the years. A fine balance between staffing and the business level is required. It is the worth the investment to create a pipeline of “just in time” recruitment possibilities to ensure the best utilization of labor.

3. Understand that Acquisitions Take Time to Produce Results: Acquiring assets is a great way to rapidly increase sales. How?

          A. The acquired assets transfer their goodwill and clients to the parent company.

          B. The acquired assets may possess complementary skills that help companies penetrate a whole new market full of possibilities.

Universal Polymer & Rubber has made multiple acquisitions and learnt from each undertaking. The most important take-away is the fact that all good things need time to mature. Acquisitions are no different. They have to be assimilated and worked on before they can positively influence bottom-line numbers.

4. Pay Attention to Details: Manufacturing is a highly competitive industry. Maintaining a legacy of quality is essential. To this effect companies must constantly improve following the principles of Kaizen. Certifications like ISO 9001:2008 and ISO 16949 offer benchmarks of excellence and provide guidelines that reduce waste, bring down defects and boost customer satisfaction.

5. Balance Long Term & Short-Term Goals: While it is great to have a 50,000-foot view of the business operations, it’s the day-to-day activities and meticulousness in executing them which keep a company strong and profitable. A game changing business not only stays abreast of latest technological breakthroughs, it incorporates the insights in everyday activities for tangible results.

Universal Polymer & Rubber Ltd. has lived by each these five lessons and the results are evident.

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