The manufacturing industry is booming. It is a large, dynamic and growing business, providing necessary products that meet the demands of consumers in many sectors of the economy. The good news is, following a multi-year decline, manufacturing is having a resurgence in the U.S. with renewed growth. Manufacturing plays a vital role in economic development. In fact, U.S. factories add more than $2 trillion per year to the economy, just behind China. By 2020, the U.S. is predicted to become the #1 most competitive manufacturing economy in the world! Manufacturing is the key to boosting job growth. The manufacturing sector employs people of all skills and education levels, particularly those workers without a college degree. It provides relatively high wages for blue collar workers. The continued growth of the manufacturing sector is vital to a healthy U.S. economy. So what are the top three things manufacturers need to do in order to thrive?
Expansion is an important strategy to grow your business. Expansion can mean anything from expanding your production space, adding new products, adding additional production lines or entering new markets, such as smaller cities. In fact, small and medium-sized cities have emerged as a true opportunity for industrial growth. They are diverse and able to compete with larger cities. Continuing to evolve and expand your manufacturing business is essential to staying strong and relevant.
Become Financially Agile
Having the resources to meet goals and respond to opportunities and potential threats should always be a priority. Support your expansion by increasing staff, equipment and marketing efforts as market demands shift and change. If an opportunity presents itself will you have the resources to support it?
Increase Cash Flow
Having enough cash flow to support your business despite the fluctuations in expenses and inventory is also extremely important. Relying on vendors to pay you in a timely fashion can be potentially dangerous. Holding onto inventory longer than expected can also become problematic. Finding a partner with expertise in cash flow management could be one of the smartest business decisions you will make.
Let ExpoCredit (www.expocredit.com) be your partner. We can help your manufacturing business thrive. Through principles of Excellence, Execution, Experience and flexibility, we provide easy access to a free flow of cash whenever you need additional funds. And you get to decide how and where to spend it within your business. ExpoCredit offers a comprehensive range of products and services ideal for the challenges manufacturers often face everyday. We can help with invoice factoring, inventory buy-back and trade financing. We even provide back office support for invoice collection and management. We will customize a solution that is right for you based on your specific business goals and challenges.
Funding through ExpoCredit is easy. It is designed to free up your valuable time so that you can focus on running your manufacturing business and staying ahead of the competition.
More information and our downloadable application form is available at www.expocredit.com
epi.org: ”The Manufacturing Footprint and the Importance of U.S. Manufacturing Jobs”
brookings.edu: ”Global Manufacturing Scorecard: How the US Compares to 18 Other Nations”
forbes.com: ”Where US Manufacturing is Thriving in 2018”