We introduced you to Patricia Miller of Matrix IV back in episode 26 and in today’s episode we’re going to do a deeper dive into the challenges and victories Patricia has faced as she’s taken over the reigns of her family’s ailing manufacturing company. The insights she shares as a former marketer from the biotech field, looking into the manufacturing industry for the first time, are very insightful and worth a listen.
As Patricia Miller took over the reigns of her grandfather’s failing company she realized that she had her work cut out for her. The company was stuck in the 70s and had to pivot quickly or else it would die. Patricia took immediate steps to do a handful of vital things - 4 in fact - that she highlights in this episode of Making Chips.
First on Patricia Miller’s list of advice for those in the manufacturing industry is the vital need to build community and connection within the industry. She did exactly that after taking over as leader of Matrix IV, going to conventions and local meetups, using the internet to get to know other influencers and leaders within the manufacturing industry, and working to not only be known, but to get to know others in the community for the sake of mutual support and help as the industry moves forward in a new era.
Patricia’s marketing background comes into play as she looks at the way the manufacturing industry has traditionally done its own marketing - and she’s convinced that more time needs to be spent by company owners getting to know their market, asking their customers how they are doing at meeting their needs, how their needs are changing, and what they can do to better serve and enable their clients to achieve their business goals. Companies need to become more concerned with creating a positive experience for their customers and those who might use their services in the future.
As Matrix IV began to re-grow under the leadership of its new CEO, Patricia Miller, many challenges and hurdles had to be overcome. Morale and company culture needed attention immediately, as did the discovery of new pools or niches of customers so that the business could continue on a solvent path. On top of all that, Patricia had to discover how to add much needed employees to get the company producing effectively while balancing a very meager budget at the same time. You’ll learn a lot from Patricia’s advice.
All this and more on this episode of Making Chips!
Here’s the outline of part two of the conversation with Patricia
- Patricia Miller from Matrix IV - inheriting a family business after a successful marketing career in the corporate world.
- Through the eyes of a newbie - Patricia’s observations and advice to those who are in the manufacturing industry.
- The power of community and connections within the industry and how Patricia made connections within the manufacturing community after taking over the helm at Matrix IV.
- Why Patricia thinks it’s very important for manufacturers to truly understand their market, their clients, and how to create a positive position for them.
- The first steps Patricia took to understand her market and customers.
- The valuable presence and a path forward for the manufacturing industry in the U.S.
- Why change is a great ally for manufacturing companies.
- The first thing that had to change in her company when Patricia moved into the manufacturing industry.
- How the culture in Patricia’s company has changed as she’s implemented improvements.
- The challenges of adding employees to an older company.
- The roadblocks experienced as the company experienced its re-growing pains.
- What Patricia believes will be the next steps in the growth of Matrix IV.
Links mentioned on this episode
Part 1 of the conversation with Patricia Miller - http://http://makingchips.moonpupproductions.commc026-40-year-old-manufacturing-startup-with-patricia-miller-of-matrix-iv-podcast/
Patricia’s company - Matrix IV - http://www.matrixiv.com/
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Episode 22 - Create your corporate snapshot
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