Let’s face it – all businesses need to make a profit, and most are constantly thinking of ways to increase profits. There are many different strategies which will enable you to do this, among them:
- Concentrate sales efforts to sell more to your existing customers
- Launch a new product aimed at your existing customers
- Sell your existing product to a completely new market
- Develop a new product to sell to new national or global markets
Alternatively, you might decide to adopt a different tack and focus on reducing costs, perhaps by:
- Finding a new, better, faster and/or cheaper supplier
If you are considering this option, the next question you will likely ask yourself is should I be looking overseas or closer to home? The truth is there is no one correct answer. At one time or another, B2B International has undertaken research into just about every conceivable industry sector somewhere in the world, and the reality is that your perfect partner may be on the other side of the globe or just around the corner. For some companies, manufacturers in rapidly-industrializing areas such as China, India and South East Asia provide the ideal solution; for other organizations, local and national manufacturers will better suit your needs.
According to a recent article in the Chicago Tribune, some smaller, regional manufacturers are thriving in the current economic environment because they are able to adapt more quickly to changing market conditions and thus able to be more responsive to customers.
Pam McDonough of the Alliance for Illinois Manufacturing highlights that the Chicago area generates two-thirds of the state’s $72 billion in manufacturing output and supports nearly 1 million manufacturing jobs.
Meanwhile, Ralph Keller from the Association for Manufacturing Excellence comments that:
New technology and productivity continue to make big cost reductions. That’s why the small manufacturers are doing well. They’re close to the customer. They’re nimble and flexible, and they can configure things to order for customers.
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