CNC shop owners tend to be independent types. After all, that's why they run their own businesses. For some, this independent streak also means they seldom take advice from others. However, few of us are skillful in every aspect of owning and operating a business. That's why it makes sense to consider developing a board of advisors made up of people with various talents that compliment your own.
Succession Planning Question 2: Do you plan to sell the business? If so, to whom?
Succession Planning Question 1: What is your personal vision and timing?
Most manufacturing business owners are much more interested in starting and running their shop than planning for the day they step away from it.
Business people who run manufacturing companies make many decisions every day. Unfortunately, we don’t always make the best decisions. There are a number of reasons for this, and we’ve listed the top ones here along with some tips to help you improve your decision-making batting average.
In a perfect world a manufacturing company owner or supervisor would simply give employees orders, walk away and enjoy the results. After all, people should be self-sufficient, take pride in their work and always do their best. In the real world, of course, we all have our ups and downs, we make mistakes and we don’t always get along with everyone. In other words: We’re human beings.
According to a recent survey by Monster.com, nearly half of the employees who responded say they are unhappy in their current jobs and 81% plan to look for a new job this year. That’s a frightening statistic for employers who are likely unaware that they have disgruntled employees.
In today’s competitive manufacturing world, productivity is the key to success, so we invest in people and equipment that can make us more efficient. For managers of any kind, from owner or production manager to supervisor or shift leader, getting the most out of our own workday is often a challenge. There are always interruptions, unexpected problems and fires to put out. So how can we juggle all of our responsibilities and still be productive?
Keeping any business open is challenging, and CNC machine shops of all sizes are no exception. According to the Small Business Administration 50% of businesses fail within the first five years, and two-thirds fail within 10 years.
There may be some sadistic types out there who actually enjoy firing people, however most of us don’t look forward to such acts. Certainly if an employee has stolen from our CNC shop or committed an egregious act we’re less likely to feel bad about the firing. Most of the time, though, we have to let people go because their performance isn’t up to standards or their behavior is disruptive. Regardless, firing is stressful, painful and could come back to haunt us if done improperly. So here are 5 important considerations when it’s time to pull the plug: