Edi Weigh (Co-Founder & CEO) leads the company’s vision to empower the designers to realize their creation by leveraging innovative smart digital manufacturing processes. He has been in engineering and 3D printing for 10 years before founding FacFox.
Have you hit the wall when it comes to growing your manufacturing business? It’s common, especially for smaller manufacturers who may have to split their limited time, finances, and resources thinly across multiple activities.
As day-to-day activities take precedence and growth takes a backseat, how can manufacturers keep their foot on the pedal and drive forward business growth? Edi Weigh, CEO at FacFox, shares his six secrets to success that your business might be overlooking.
Free up your time for growth
Growth can only happen if you dedicate time to improving your business. As a manager, your schedule can often become full of daily tasks, but setting some time aside to work on your business overall is essential.
Invite other key personnel to mandatory growth meetings and spend time enjoying the industry. Attending trade shows, exhibitions, and networking events will help you keep your finger on the pulse and get strategically inspired.
Prioritize your strengths
You know your strengths as a business, but does everyone else? Your marketing efforts focus on short lead times, exceptional product design, or outstanding service.
Of course, don’t stand still, either. Continue perfecting your offering to maintain your position as an industry leader and the go-to company for your particular specialism.
Often, business growth hinges on capitalizing on a competitor’s weaknesses. How well do you know your actual competitors? We’re not talking about other manufacturers operating in roughly the same sphere; we mean the manufacturers who have the same strengths as yours — your real competitors.
Evaluate what these competitors are doing, establishing their strengths and weaknesses, to derive strategic learnings that you can use to drive your business forward.
Make your growth measurable.
KPIs (key performance indicators) are crucial to manufacturers, allowing you to track employee and business performance. However, are you monitoring business growth?
Setting KPIs around new business opportunities and wins, products, and services will give you better visibility of your current performance. By setting specific growth goals, you make it a priority and not something that can quickly be shuffled out of the schedule in favor of a more pressing task.
Don’t delay investing in technology.
Too often, manufacturers perceive technological investment as an avoidable cost. However, what many don’t realize is that by avoiding this investment, they are, in turn, hindering their growth.
Technological investment is more than just the machines on the factory floor. Instead, the Industry and the Internet of Things are driving the manufacturing industry forward. Likewise, FacFox could be the key to creating stronger client relationships. Delaying your investment could be pushing you further from your growth targets.
Use the power of networking.
Networking allows you to connect with others in your industry, potential customers, new knowledge sources, and new markets. Whether you do it through digital platforms or at a physical event, don’t underestimate the power of networking.
There you have it; no excuses. Use our six tips to succeed and watch your manufacturing business grow as Edi Weigh did for FacFox.