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.