How to Find the Right Buyer for Your Business and Avoid Negative Consequences

Choosing the wrong buyer for your business could poorly impact your outcome, but it can also poorly affect your employees, the community and your customers. Avoid detrimental outcomes of a sale by using these tips to evaluate and choose the right buyer for your business: Determine the requirements you have from an ideal buyer and Read more about How to Find the Right Buyer for Your Business and Avoid Negative Consequences[…]

Eighteen example questions to ask in manufacturing performance self-evaluation

  Defining the right questions is only one part of the process. Another key aspect of successful self-assessments is the ability to compare responses. This means running manager and/or peer assessments simultaneously. Questions should match, so that people can look at their answers related to feedback they are receiving.   It’s also helpful if the Read more about Eighteen example questions to ask in manufacturing performance self-evaluation[…]

All Companies Need to Look at Succession Planning

Most owners of small- to medium-sized businesses and their senior managers give little consideration to succession planning. In fact, it is often considered synonymous with exiting. And while these two phenomena are related and can overlap, they are not the same thing. Succession planning has many nuances separate and distinct from exit planning that are more critical to strategic planning than most realize, Read more about All Companies Need to Look at Succession Planning[…]

Improving Staff Retention and Warehouse Productivity through Ergonomics

The 80/20 rule in warehousing explains that 20% of products in a facility are picked 80% of the time, making these high-movers vital to consider when evaluating ergonomic challenges.   Improving warehouse layout and design also improves workflow. The result is an easier and more productive environment for workers. When work is easier to do, it Read more about Improving Staff Retention and Warehouse Productivity through Ergonomics[…]

Kids Taking Over the Business? 8 Things to Consider

Selling your business can be a complex and difficult process; when family becomes involved it can be even more complex and difficult. With that in mind, here are eight rules to consider if you want to increase the odds of a successful business transition to your children: Create a set of rules that your children Read more about Kids Taking Over the Business? 8 Things to Consider[…]

Developing New Manufacturing Products to be the Next Big Thing

Documenting a vision for the future and measuring progress against that vision is a key step toward moving the business forward. Employees at all levels should adopt this vision and be committed to achieving it through their own efforts.   In manufacturing staying a step ahead means innovating for the future instead of creating products Read more about Developing New Manufacturing Products to be the Next Big Thing[…]

The Initial Price of Business for Sale May Not Be Real

The initial dollar figure presented as a purchase price for a business, whether written on a napkin over coffee or floated in a conversation, is not a binding offer. Any potential acquirer will need to conduct a due diligence investigation before they can enter into a definitive agreement to buy your business. Initial indications can be tactically inflated to Read more about The Initial Price of Business for Sale May Not Be Real[…]

The real cost of unreliable manufacturing equipment — it’s significant

The value of lost production is the income you could have made if the equipment hadn’t failed and production hadn’t been interrupted. Depending on how long your equipment is down for, this can mount up to thousands of dollars. (Here’s some more info on harnessing the power of metrics.)   If your equipment isn’t in Read more about The real cost of unreliable manufacturing equipment — it’s significant[…]

Use accumulation to harmonize manufacturing production flow

    Accumulation is a process in which products are gathered before being passed on in the production line. This is done in order to make the most use of the machines involved. For example, if the input of a production line exceeds its output, an accumulation buffer can be used to even out these Read more about Use accumulation to harmonize manufacturing production flow[…]

Does Your Manufacturing KPI Dashboard Measure What Matters?

It seems like a very simple question, but most people aren’t able to answer it succinctly. In other organizations, only certain members of your team know why you are measuring it, but haven’t clued anyone else in. If you ask ten members of your team, you’ll likely get at LEAST 10 different answers and probably Read more about Does Your Manufacturing KPI Dashboard Measure What Matters?[…]