12/20/2013
Can you believe it’s already the end of 2013? It seemed like just yesterday that we were making resolutions for this year. You know them…lose some weight…take up a new hobby… waste less time at work…spend some more time with family and friends...
How’d your resolutions go? Are you 20 pounds lighter, an expert in painting, more productive at work and happier with your friends and family? Ehhh… I didn’t quite get to mine yet... I guess I’ll be recycling some of them for next year…
Anyway, as we wrap up our final working days of 2013, it’s time to start looking ahead to the next year. Here are two key topics to think about:
Growth
The “U.S. manufacturing renaissance” is building even more momentum. According to the latest Bureau of Labor Statistics' monthly jobs report, there was a 27,000 job net increase in manufacturing. This was the sector’s largest gain since March of 2012! A chart in an Industry Week article shows that food manufacturers led the way:
|
Food
|
7,800
|
|
Motor vehicles & parts
|
6,700
|
|
Transportation equipment
|
4,900
|
|
Fabricated metal products
|
3,100
|
|
Furniture & related products
|
2,100
|
|
Nonmetallic mineral products
|
2,000
|
|
Primary metals
|
1,700
|
|
Petroleum & coal products
|
1,600
|
The good news for Michigan’s manufacturers – growth in our sector is forecast to keep improving. The Manufacturers Alliance for Productivity and Innovation projects that production will increase 3.1% next year, and will be even higher in 2015 at 4.1%.
Michigan’s companies should take advantage of the anticipated growth and should aggressively pursue strategies that foster business development. Click here for more information.
Innovation
Last year, we wrote a blog entry about the Top Manufacturing Trends of the year. Innovation was on the list…and it’s so important that we’re bringing it back again! Innovation is the process used to generate opportunities for growth. Through innovation, manufacturers can improve productivity, revenue and everyone’s favorite “p” word – profitability! Sticking to the status quo doesn’t work anymore – it’s time to embrace innovation.
Click here to learn more about Leadership-in-Action Innovative Strategic Planning.
Since 1991, MMTC has assisted Michigan’s small and medium-sized businesses compete and grow. Through personalized services fitted to meet the needs of clients, we develop more effective business leaders, drive product and process innovation, promote company-wide operational excellence and foster creative strategies for business growth and greater profitability. Find us at www.mmtc.org. (Photo Credit)
Categories: growth,
Innovation,
Workforce