by Dianna Brodine, Plastics Business As the economy has rebounded and growing consumer confidence has translated into a willingness to spend money, many plastics molders have found themselves in a position where expansion was necessary to meet customer needs. However, according to Gerry Phillips, co-owner and vice president of PRISM Plastics, Inc., bigger isn't always … [Read more...] about Philosophy of Facility Size
Business Planning
Finding a Business Mentor
by Jen Clark, Plastics Business Tom Tredway has grown up in his family's business – a custom injection molding company in Erie, Pennsylvania – and one day will take the helm. To prepare himself, he enlisted the help of a business mentor. While the long-term goal is to be ready when he becomes the president of Erie Molded Plastics, a series of micro goals work not only to make … [Read more...] about Finding a Business Mentor
High Mix and Low Volume: What Are the Implications?
by Laurie A. Harbour, Harbour Results, Inc. Since the late 1980s, many manufacturers perfected their processes through the implementation of lean systems. Companies were producing a great deal of high-volume products, but the mix had been substantially reduced. Throughput and improvement were soaring as companies implemented several different lean processes throughout … [Read more...] about High Mix and Low Volume: What Are the Implications?
Could You be Uninsured, Underinsured – or Both?
by Mitchell Gorham, Federated Mutual Insurance Company You just had a nice visit with your insurance agent, and you signed on the dotted line to renew your business insurance for another year. You can relax knowing your policy is in place, ready to cover you should you have a claim. Now, skip ahead a few months... Claim #1 You get a large order, and the customer supplies … [Read more...] about Could You be Uninsured, Underinsured – or Both?
Review Direct Labor Cost Controls
by Hank McHale, Hank McHale & Associates In today's economy, manufacturing companies must continuously work toward keeping their manufacturing costs low or risk losing their competitive edge. US manufacturing costs have been rising over the last five years; labor costs have risen 10 percent (Deloitte, 2013 Global Manufacturing Competitive Index). Direct labor can be a … [Read more...] about Review Direct Labor Cost Controls