Business Growth Ideas for CT Manufacturers – Part 4: People
January 28, 2018
In this blog post, we look at the growing rate of Baby Boomer’s retiring from the workforce and its impact on your business, properly staffing functional areas to free up more time for owners, presidents and CEO’s to focus on the business, and planning your company org chart to meet your needs over the next few years.
We are in very interesting times when it comes to people and the workforce. We have the high rate at which Baby Boomers are increasingly retiring (projected to be about 10,000 a day) while at the same time, we have employment rates near full employment. People are critical to any business and having qualified talent in the right roles is a must for growth and building value.
Have you paused recently and considered whether or not you have the people capable of taking you where you want to go versus just maintaining your current operation? Do you have leaders in your functional areas that can run the day-to-day business, allowing you to fulfill the role and job description of a President/CEO?
And this doesn’t just apply to the President. You need to be sure your functional leaders are doing the work associated with their titles. It is very common in small manufacturing companies to see employees move into titles and roles based on longevity with the company but you need to make sure these individuals understand the expectations and responsibilities that are typically associated with those titles. If you’re not sure, start with a simple search of some popular job boards.
With Boomers starting to head off to retirement, have you started to plan ahead by spending time with your “org chart” to review who may be retiring in the next 2-3 years? Are any of them critical performers with lots of tribal knowledge that is not easily replaced? What are you doing to make sure that tribal knowledge doesn’t leave with them when they retire? Are you familiar with the ways to capture that knowledge and teach it to others?
Many Connecticut manufacturers sell highly engineered, technical solutions that require a deep understanding of the product. Make sure to consider your Sales people and the product knowledge ramp up time needed when looking at your org chart. Lastly, look at your headcount and consider if enough of it is allocated to the departments charged with growing revenues – it’s difficult to grow sales, create new products or enter new markets when you’ve got just a couple of people wearing 3 or 4 hats on any given day.
If you’re interested in learning how CONNSTEP can help you grow your business, simply complete the Contact Us form next to this blog and we’ll respond promptly.
In our next blog post, Part 5: Technology of our Business Growth series, we look at how applying technology and automation alleviates challenges resulting from skilled labor shortages and can enhance the capabilities of your production process.
Part 1: Products of our Business Growth series
Part 2: Markets of our Business Growth series
Part 3: Pricing of our Business Growth series
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