We are in a recession…now what? Do you go to the bar or do you take action? Welcome to Episode 4 of the MakingChips podcast. In this fourth episode, Jim and I will step you through 11 points to consider WHEN the recession hits the Metalworking Nation. Yes, this subject is a bummer, but MakingChips is going to Equip Manufacturing Leaders no matter the subject.
Yoda says “No! Try not. Do or Do Not. There is no try”
Topics Discussed in the Show
- Pay attention to your cash flow – like a hawk – know the numbers.
- Talk to your staff and be honest about what is going on.
- Be honest with your partners.
- Know your core competency and stick to your business model.
- Minimize purchasing and reduce expenses – can you insource any of your services?
- Lower your overhead.
- Minimize your labor costs (OT) – make strategic decisions sooner rather than later.
- Realize your capacity level.
- Negotiate with banks.
- Negotiate with your landlord.
- Capitalize on opportunities – this is HUGE!
In our Manufacturing News segment, we discuss women in manufacturing.