Managing industry growth
Growing a business successfully
We are now five years on from what is arguably the worst global recession for decades and it now appears that the UK economy in particular has recovered better than most.
It's by no means time for party poppers and cakes just yet but it must be said that the outlook is optimistic throughout the manufacturing sector, a sentiment that is shared throughout the steelwork industry at present with many businesses thriving after coming out the other side largely unscathed, so although cakes are out of the question, maybe a little tipple of champagne to acknowledge survival of the fittest?
Over 1.2 million new jobs have been created within the last two years and UK manufacturing and in particular reshoring appears to be the flavour of the month, bringing construction back to the UK through advances in technology and employee training as fewer financial gains are to be made outsourcing to the continent. With such a positive manufacturing outlook for the foreseeable future, many companies that have survived the recession are looking to expand and DioMet are no different however growth must always come with caution, so it is the management of such growth that is critical for future survivial.
Expanding a business is the perfect way to reinvest profits and growth is often crucial to remain competitive in expanding industries to not only diversify into new markets but also to keep pace with current demands as competitors look to play catch-up. Expanding too quickly however can sometimes be a major downfall in the business plan, overstretching current resources and finances and requiring too much new business to keep afloat, especially with the introduction of new machinary, staff, vehicles and computer software.
At DioMet it is important to continually grow, but at a steady and managable rate that keeps pace with customer needs which is why we have introduced a new draughtsman to meet growing commerical project deadlines, promoted our dispatch manager to expand his roles and introduced another office administrator to assist at customer service level. New products are constantly being introduced at manageable rates allowing for research and developement of consumer needs, constant evaluation of existing processes and improvement of our services. Latest additions to our range include 10mm tinted toughened glass panels, 31.5mm floor glass and modern glass hearths. Plans for the end of the year include a £50,000 storage extension and office redevelopment.
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