Any small business, especially those in the manufacturing sector, is susceptible to failure in the first 12 to 18 months. The exact reasons for this vary, but most could be filed under lack of preparation or, more usually, not recognizing easy chances to improve what they are doing. Everybody is fully aware that running a business is a hectic way to make a living, but if you are one of those eyeing up the balance sheet with a slight sense of trepidation, then you might consider these three options.
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Go ‘personal’ on social media
This one costs you nothing other than time, and it is probably time you would be spending trying to put together social media content anyway. If your current output on Instagram, Facebook, or whatever platform it is your target market happens to use is all about your product, you could be missing a trick. This is because people respond more to stories about people rather than objects.
You could give your potential customers an insight into how your business works and how your workforce is treated – even a profile or two of the more colorful characters you employ. This also gives you the opportunity to go into what your values are regarding sustainability and inclusivity, which can do much for your customer’s willingness to buy from you. As people prefer to buy from companies whose values align with their own, this could give you the edge over your competitors that you need.
Get a bailing machine
From something digital to something a little more practical. Any manufacturing business creates its own little mountain of cardboard, paper, and other recyclable waste. It can make the place look untidy, takes time to manage, and, if left just to pile up haphazardly, can attract plenty of pests, critters, and vermin.
Investing in a baler and single loop bale tile from a reliable supplier like Baling Wire Direct can make the situation a lot easier to manage. Single loop bale ties are perfect for storing your paper, cardboard, and plastic waste in tight bales that can be stacked and easily stored in your warehouse. It also makes it easy to collect, sometimes by companies that will pay you.
Offer you services
It is not uncommon in a manufacturing business for some pieces of equipment (especially those that just have a single purpose) to sit idle for some or much of the time. Clearly, this does not pay the bills, so offering to either hire out the machinery, or, better still take in the work at your facility can add to your bottom line.
A local business might have a need for a machine you have and can do a job for them (at a price, of course), and you might find they can reciprocate if they have a piece of equipment that could make your life easier, but just haven’t got round to buying just yet (or the cost is currently prohibitive).