3 Lessons Learned from Adjusting Business Strategy in Manufacturing
Manufacturing Advice
3 Lessons Learned from Adjusting Business Strategy in Manufacturing
Navigating the ever-changing landscape of manufacturing requires agility and informed decision-making. This article provides a distilled compilation of lessons learned, drawing on the wisdom of seasoned industry experts. Dive into the strategies for diversifying supply chains, adapting through limited-edition bundles, and shifting focus to meet client needs.
- Diversify Supply Chains
- Adapt with Limited-Edition Bundles
- Shift Focus to Client Needs
Diversify Supply Chains
One of the most striking examples of pivoting due to unforeseen circumstances occurred when I was consulting a mid-sized manufacturing business specializing in precision engineering. This company was heavily reliant on a single supplier for a critical component. Unexpectedly, that supplier ceased operations, leaving production at a standstill. With 20 years of business experience and an MBA specializing in finance, I knew immediate action was essential to mitigate the financial and operational impact. My first step was conducting a rapid supply chain audit to identify alternative sources. Simultaneously, I worked with the team to redesign the component to make it compatible with a wider range of suppliers. Within six weeks, we secured three new suppliers, reducing future dependency risk, and resumed production. This experience taught me two invaluable lessons. First, the importance of diversifying supply chains to avoid bottlenecks. Second, it underscored the value of maintaining a calm, solutions-focused approach during crises. My ability to adapt quickly and provide a clear strategy turned what could have been a catastrophic setback into a platform for stronger operational resilience. As a business coach, this scenario remains a powerful example I use to show clients how agility and preparation can transform challenges into opportunities for long-term growth.
Adapt with Limited-Edition Bundles
When faced with a sudden delay in receiving raw materials for our best-selling product line, we pivoted by introducing limited-edition bundles using existing inventory and creatively repackaging them. This not only kept sales steady but also created a sense of urgency among our customers. From this, I learned the power of adaptability and the importance of maintaining strong supplier relationships while always having a contingency plan.
Shift Focus to Client Needs
While Software House operates outside the manufacturing industry, I've faced similar challenges when unforeseen circumstances forced us to pivot our strategy. For example, during the initial stages of the COVID-19 pandemic, our projects were delayed as client budgets tightened and remote work disrupted our development timelines. In response, we adapted by shifting focus to projects that aligned with clients' immediate needs, such as mobile app solutions for remote work and e-commerce platforms. This experience taught me the importance of agility and the need to remain attuned to market changes. By realigning our offerings and staying flexible, we not only weathered the storm but also found new growth opportunities in emerging sectors. The key takeaway was the value of proactively assessing the market and pivoting quickly to meet both current and future needs, ensuring that the business could not only survive but thrive in unexpected circumstances.
