Second Quarter 2020 was certainly challenging for many.
Manufacturers are positioning themselves to the make the most of the coming recovery.
From our manufacturer pulse surveys and hundreds of conversations with manufacturers, we believe we understand the current challenges and are well positioned to help. Below are five of the top challenges facing manufacturers today.
1. Improving Cash Flow
A real challenge for many companies is keeping the organizing going with declining revenues.
- Discover2Recover – Increasing Cash Flow – Under the CARES Act, WMEP Manufacturing Solutions has been awarded a grant to help small and mid-size manufacturers analyze their current situation and take advantage of proprietary financial and business tools and expertise available under this program. We have assembled a team of the areas brightest financial and business growth minds; they are available to you for a deep-dive assessment and discussion about how you can take your business to the next level.
2. Growing Sales
Many existing customers are delaying, reducing or cancelling purchases, which leads many companies to recognize the need to diversify and find new markets. WMEP offers several solutions to help with this including:
3. Prioritizing Activities to Protect Profits
Understanding and managing the drivers of profitability is even more important during challenging times.
- PRA®: WMEP’s Profit Risk Assessment (PRA®) focuses attention on the factors that drive profitability and value in your organization, and identification of specific actions you can take to improve your organizations profitability and overall value.
4. Reducing Risks
COVID-19 and the related Economic Crisis presents new risks for organization and amplifies existing risks. WMEP has partnered with T&M to put together solutions that are designed to reduce and manage risks associated with COVID-19.
Workforce retention and engagement is another key organization risk, and front-line leader skills are crucial to both.
- COVID19 Risk Assessment & Mitigation
- Retention, Winning the War for Talent
- Front Line Leadership (TWI Job Relations)
5. Getting Cost Out of Your Business
When revenue is down, managing costs becomes more important. Reducing waste and improving productivity becomes essential.
WMEP offers a full suite of services that achieve both including:
- Value Stream Mapping
- Quick Hit Rapid Improvement
- Plant Layout-Rearrangement
- Work Instruction
WMEP Manufacturing Solutions exists to help manufacturers succeed.
Contact us today for a free consultation to explore your unique challenges and potential solutions.
Get to know Jim Sullivan, Director of Business Development
“The mission and the talent at the WMEP are at the core and helping Wisconsin manufacturers become the best in the world is something I know we can do.”
608.354.1346 [email protected]