Economic changes, pandemics, political leadership, weather, world events, and more. Let’s face it: the world doesn’t stop changing, so how do you make sure your manufacturing or distribution business can pivot? We discussed this on March 17th 2022, in our #USAMfgHour X Chat led by Kirsten Austin @DCSCInc.
Q1 #USAMfgHour ~ Let’s start on a personal level. Have you ever been taken completely by surprise and had to make changes fast?
In 2017, my entire world changed. My Mom died suddenly, I divorced after a 23 year marriage & even more events took place. What I learned that year was the importance of a good attitude. Check this blog.
Q2 #USAMfgHour ~ Can you think of any businesses that had to completely change their products or services in order to survive?
A2 #USAMfgHour ~ Check out this excellent article from @HarvardBiz. Did you know @Twitter (Now @X) started as a podcast directory? @Yelp was once an automated email service & @YouTube started as dating service?
Q3 #USAMfgHour ~ What can help companies change and pivot more quickly?
A3 #USAMfgHour ~ Real-Time and Accurate Business Information is the most important tool to help you acknowledge issues quickly. Understanding your cash, inventory, assets and talent on hand helps you make informed decisions quickly.
Q4 ~ #USAMfgHour ~ Fun Question, without Googling it, can you think of one product you owned or used that is obsolete today?
A4 I can think of so many, but one of my favs was the “Walkman”. Additional chat participant answers included Block Buster Video. Blockbuster Video was a renowned American home video and video game rental company that reached it’s highest amount of stores 2004 (more than 9,000) worldwide, before bankruptcy and the popularity of streaming led to the closure of nearly all its locations. All but one, in Bend Oregon!
It’s more than possible to pivot and survive by making sure your company can and will adapt if necessary to keep up with all the changes. The proof is in the pudding. There are many USA Manufacturers who have survived for decades by understanding their resources, taking note of changing markets and through good old fashioned resilience. These companies include Procter & Gamble (P&G), Deere & Company (John Deere), Colgate-Palmolive, DuPont, Lodge Cast-Iron, and Dixon Ticonderoga Company just to name a few.
