In order to have a successful cutting tool manufacturing business, you must have a plan. As Benjamin Franklin once said, failing to plan is planning to fail. Manufacturers shutter their doors every day, not because they aren’t providing a valuable service, but because they have an outdated business plan. You have to consistently invest in the business and adapt to new technology in order to best serve your customers. So how can you develop a solid plan for your cutting tool manufacturing business? Mike Polizzi, President of Hartland Cutting Tools is here to help by revealing 5 Keys that will help you build and sustain a successful cutting tool manufacturing business. You don’t want to miss this week’s episode of MakingChips.
Mike Polizzi is the third-generation president of Hartland Cutting Tools. Hartland is a leading supplier of standard and custom high-performance cutting tools. Mike’s start in the business was not in a sales office, but rather on the shop floor. His knowledge of the tools his company manufactures comes from actually having made those very same tools early in his career. Mike is able to leverage his experience and credibility to help the manufacturers he now serves. As president of the company, Mike has turned his attention to helping Hartland increase its sales revenue with a solid marketing and technology plan. Listen now to hear Mike Polizzi give his 5 Keys to a successful cutting tool manufacturing business.
Stay on the Cutting Edge of Custom Cutting Tools by Investing in Technology
When the recession hit in 2008, many manufacturers were forced to close their businesses. While Mike had to cut his workforce significantly, he was able to help Hartland survive the downturn by utilizing technology. One of Mike’s 5 keys involves having a specific plan and approach to technology, keeping overhead low and prices competitive. Mike talks about how often he upgrades his machinery and about the manpower it takes to keep those machines operating. Hear more about how you should invest in technology, keeping you on the cutting edge of making cutting tools in this week’s episode of MakingChips.
Should You Sell Direct to Consumer or Use a Distributor?
When it comes to delivering your tools to the consumer, you have two options. You can employ your own sales force and sell direct or you can rely on distributors. One of Mike Polizzi’s 5 keys to a successful cutting tool manufacturing business is deciding how you will distribute. Mike has made a firm choice on how he delivers to his customers. He believes that making this decision will help you stay competitive and allow you to give the level of service that will win lifelong customers. Find out what Mike calls the “old idea of the flywheel” during this episode of MakingChips.
Build Your Business by Understanding Trends in Custom Cutting Tools
Mike Polizzi continues to grow Hartland Cutting tools by knowing the latest trends in cutting tool manufacturing. He is then able to adapt and provide those tools and services to the end user. As Mike discusses his 5 keys to a successful cutting tool manufacturing business, he details the importance of the ERP (Enterprise Resource Planning) System. Hint: Not investing in this critical aspect of the business could threaten efficiency throughout your business. Mike also discusses the latest trends in custom/special tools, including coatings, carbide grades, and other options that can make tools last longer. Hear all about that and more on this week’s episode of MakingChips.