For those manufacturers who rely on a sales force to sell their products (either directly to the end users of their products or through the sales channels that in turn sell their products), strengthening your sales system and upgrading your sales team is a big leverage point to grow your company.
Building a Manufacturing Business
Chad Johnson, a past client in our Business Coaching Program had a challenge: one of his major customers (worth over $3 million a year of business) had a huge market reversal and as a result Chad’s company had lost over $2 million a year of business. He was down to one sales person and needed to grow sales.
We helped Chad redo his compensation plan and management strategy with his sales person which resulted in her increasing her sales by over 200% in 90 days!
One strategy we recommended was a formalized reactivation strategy. Using the defined offer we coached them through creating, Chad’s company reactivated two past clients bringing in $80,000 in sales in just 75 days! (Plus these clients were back buying from them.)
Does your company secure most of its orders through a bid, reverse auction, or “RFP” (request for proposals) process?
If so, one of the key things you can do to grow is to build an expert system that helps you find, grade, and quickly, efficiently, and accurately bid on more potential contracts.
In the beginning, most of our manufacturing Business Coaching clients who find most of their contracts through this type of process (as opposed to a dedicated sales force or other sales channels), have no scalable system to bid on the right projects at the right prices.
We regularly coach clients through building an “expert system” to do the following:
Most manufacture businesses struggle to find and keep the right talent.
Have you built your hiring process? Do you have a successful system for retaining your top talent? Both these are critical for successful manufacturers.
Past Client and Current Maui Advisor Stephanie Harkness– Former Chairperson of National Association of Manufacturers says:“Too many business owners are afraid of hiring better, smarter, more experienced team members to lead areas of their business, as if the presence of these team members threatens to eclipse the insecure owner. I’ve always believed in hiring top people and giving them the resources and support to do a world-class job. In fact, this has been the single biggest secret that Jack and I have discovered on our journey to Level Three.”
8 out of 10 manufacturers that we work with in our Business Coaching Program initially have sub-par financial systems and controls.
This hurts them in 3 main ways:
What our manufacturing clients come to learn that because their businesses tend to be so capital intensive, building on a solid financial foundation is critical to make sure their growth is sustainable and to make smarter strategic decisions.
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