Global Growth Tracker Survey Reveals 10 Characteristics That Enable Manufacturing Companies: Part Two
Epicor recently published its 2016 global growth tracker survey, and the results point to the top characteristics that differentiate manufacturing organizations poised for sustainable growth. Epicor calls these companies "manufacturing grow getters," and defines them as organizations and people who understand what it takes to get set for growth in today’s dynamic business environment. "They know what growth looks like for their business and have the vision and drive to act on it," says the study.
The survey determined 10 principal characteristics that separate the "grow getters" from those in their dust. In Part One, we discussed the first three: focusing outside the business, making planning a priority, and managing stress more effectively. In this post we detail the next four characteristics.
4. Be Optimistic
The great American philosopher William James once noted, "Pessimism leads to weakness, optimism to power." It seems the same principle applies to manufacturing growth. Ninety-five percent of high-growth companies were optimistic about the year ahead, while only 38 percent of low-growth companies expressed similar confidence. Coincidence or causality?
5. Believe in Yourself
"Grow getters" believe in their capabilities. Eighty-six percent of high-growth companies consider themselves well placed to respond to growth opportunities, while only 43 percent of low-growth companies think this way. Regardless of growth characteristics, companies ranked better technology as the number one essential in overcoming business growth challenges.
High-growth companies cited:
- Better technology (56 percent)
- More incentives for staff (41 percent)
- More efficient working practices (38 percent)
All manufacturers cited:Better technology (47 percent)More efficient working practices (36 percent)Better planning (33 percent)
The takeaway: to become a high-growth business, manufacturers must invest in new technologies and incentives that enable, connect, and empower their workforce. Our belief: an integrated ERP solution is now essential for business growth.
6. Embrace Change
Change is a constant in today’s dynamic marketplace, and high-growth companies embrace it. Seventy-six percent of high-growth companies prefer constant innovation to business stability, while only 49 percent of low-growth companies do so. In an age where innovation is driven by rising customer expectations, it’s not surprising that growing companies are embracing it.
7. Talk the Talk, But Walk the Walk as Well
High-growth companies don’t just pay lip service to ideas such as new technology and innovation; they back them up with investment. In the coming year, 88 percent of high-growth companies are planning significant investments in technology and innovation, while only 49 percent of slow-growth companies are doing so. Surprisingly, almost half of manufacturers are not planning technology or innovation investments in 2017!
The final part of this "extended post" will detail the final three growth characteristics for manufacturing organizations. If you’d like to get an earlier start on focusing your company towards growth, go here.
Posted by Epicor Social Media Team