Corporate social responsibility (“CSR”) and its flipside—environmental, social and governance (“ESG”) practices—stand to be some of the most defining criteria for businesses since the introduction of quality standards. Any business seeking investors, wishing to sell, wanting to attract young and talented team members, or looking to improve its standing in the eyes of customers will need to pay close attention to the array of practices that make up this way of doing business.
It has been a little over a year since the beginning of the pandemic. As you are rebounding from the global crisis, thinking back to the past year, what a great challenge that was. Now, as you continue to operate with the pandemic, what is next? What steps are you taking to protect your company? To strengthen and to make sure you stay competitive during this chaotic time? The Cook County Bureau of Economic Development and IMEC wondered the same thing, therefore we reached out to manufacturers seeking answers. Using a 10-questions survey aligning with the US Commerce NIST Baldridge Performance Excellence Framework, over 1000 manufacturers responded with their priorities. In which, over half responded with ‘Creating Growth Opportunities’ as the number one priority.
2020 highlighted the resiliency and significance of our manufacturers. Illinois manufacturers have been on the forefront as heroes during challenging times, contributing to efforts to become leaders in global competitiveness. Manufacturing leaders understand that in times of uncertainty, it is much better to navigate the unknown together with other forward-thinking leaders who are finding innovative ways to solve current challenges and build a stronger future.
Dedicated to cultivating ideas and sharing knowledge that can help Illinois manufacturers solve challenges and thrive through uncertainty, IMEC launched Manufacturing Leader Buzz Sessions over the summer. Buzz
This is an original article written by Katie Rapp, Writer/Editor for the MEP National Network.
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” — William Arthur Ward.
Maintaining adequate cash flow is a major factor when operating a healthy business in times of growth and prosperity. During tough times it takes on an amplified role. The fundamentals of collecting on receivables, reducing expenses, reducing inventory investment, and the like are still in play, but these and different strategies need to be examined in difficult economic times.
Written by Andrea Belk Olsen, MSC and CEO of Pragmadik
It's not about you. Truly, no matter what business you are in, it's not about you.
Too many organizations unintentionally support internal cultures that focus on the company, not the customer.
For example, have you ever heard your team being negative about customers, saying that they "don't get it"? Or about a competitor, stating they are "less than" your organization? What both of these things have in common is that they aren't focused on understanding and serving the customer. If your customer "doesn't get it", that's on you. If your competition is "less than", is that your perspective or your customers?
Becoming certified in Quick Response Manufacturing (QRM) will significantly help your company in reducing costs and increasing market share.