Success Stories in Challenging Times Learn how four Manufacturers overcame
the economic pressures and won!

  The Challenges

  •Stay in business

-How to add value with no added cost

-Customers with high expectations & service requirements

-Year after year expected price reductions

-Sales decline in a high capital / OH / fixed costs business

•Protect core group of skilled employees -Maintain a talented, flexible workforce -Morale declining due to job losses

•Being in a niche market in an economic downturn

 Response to Challenges

•Don't hit "The Panic Button"

•Refocus on Business Strategy

-Obtain a better understanding of your customers

-Competitiveness / SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)

-Adjust business plan as necessary and set goals to stay focused

-Align people resources to the business plan

•Focus on People

-Increase communication

- include the good, the bad and the ugly

-finding the right, highly-skilled worker for the job is difficult and can take years.  Once you've found them and trained them, retaining them is key.

-Protect core group of employees -> Work-share - so did not have to lay off.

-Trained during the slow period

- Invest in Capabilities vs Capacity (ie. Cross-training)

-Invested in Leadership Development

•Focus on cost reduction

-Lean

-Process Improvement

-Reduction of inventory and Elimination of Waste

-Discretionary spend reduced

-Decision to draw the line on price reductions

- got customers to focus on their better quality and willingness to pay for it

•Used support systems available

-Government programs, YVES Landry, SR&ED, OCE, UWO, Fanshawe, …….

•Focused on R&D

•Customers come first -Service-Service-Service!!!

•Strong supplier relationships - multi-source where needed to ensure supply

 Learning's

•People are a company's greatest resource

-Recruiting should be an on-going process

•If you happen to find an all-star that you think has potential for your business, hire them and find a place for them.

•Finding the right, highly-skilled worker for the job is difficult and can take years.  Once you've found them and trained them, retaining them is key.

-Listen to your team

-Reward those who excel

-Celebrate success

•Communicate the truth and Communicate often

-Make sure your first line management know, understand and communicate the same message you are delivering

•Be prepared

- Don't wait for the storm to hit to react

-Lean is mandatory in this environment

•Lean is a culture and not be started during a crisis and downsizing

-Ability to adapt and be flexible.  Change happens quickly.

-Position your company to take on new products

-Just because something hasn't happened, doesn't mean that it can't happen

-Risk Analysis & Management (What-if's?)

- How to deal with the "Black Swan"

-Where is your exposure?

•Be persistent -Don't get caught up in red-tape.  Speed up the decision-making process

•Stay focused on what you do best

-Don't take on too much at once and set yourself up for failure

-Show wins to keep people motivated

•Balance your markets - don't put all your eggs in one basket