Manufacturing Trends to be Thankful For in MN

Manufacturing Trends

2014 Predictions in the Manufacturing Industry

Manufacturing Trends to be Thankful For is an article we read this morning in the online publication of Industry Week. All of us, in MN or the Midwest for that matter, who are either in the manufacturing industry or have close ties to the manufacturing industry, are eager to see what the days of 2014 will bring. According to this article, “Favorable Forecast: Five Manufacturing Trends to Be Thankful For” by John Mills as published in Industry Week (online), 2014 might just prove to be year for which to be thankful!

According to the article, the following are the top five trends to watch this year:

  1. Improvements in 3-D printers
  2. Business returning from China
  3. More ‘real-time’ enterprises
  4. The rise of the project economy
  5. More access to data

As Mills states, “no one has perfect foresight” and it certainly would be nice if we did! However, in the meantime, by measuring trends and current data available, we are optimistic for our colleagues in the manufacturing industry. We hope 2014 results in the optimistic forecast, as it benefits not only MN, ND, WI, IA, SD, MT in the Midwest, but our great nation as well!

APPRO Development is a general contractor specializing in property solutions for manufacturers across the Midwest for more than 27 years. APPRO assists business owners find optimal property solutions that may result in renovations, expansions, additions or new commercial buildings to meet the ever changing needs of the manufacturing industry in Lakeville (55044), Apple Valley(55124), Burnsville(55337), Eagan(55123), Hastings(55033), and all of Dakota, Scott, Rice, Carver, Ramsey and Hennepin counties as well as Mankato and surrounding communities of Blue Earth in Minnesota. If your commercial or industrial space needs are changing as the result of a great 2014, contact our team today to help you minimize impacts to your manufacturing schedule, meet your budget requirements, and assist you in making 2014 a great year!

How’s Business? What You Measure Matters!

APPRO-CERRON-RulerHow’s business? What you measure matters! I recently read a great article by Edmond Lau via Quora, titled “Pick the right metric to incentivize the behavior you want.” In this article Lau reviews Jim Collins’ story in Good to Great, regarding the importance of measuring the right metric.

Lau elaborates on the story of Walgreens’ CEO, Cork Walgreen, in his decision to measure the profit per customer visit, rather than the profit per store (which was a standard metric for their competition at the time). For Walgreens, this increased their stock price from $1 per share to a whopping $562 over the course of 25 years. Because they changed their paradigm to something outside of the industry standard, they realized significant increases in their revenues. By taking that information and choosing to purchase properties on convenient corners, Walgreens thereby increased the convenience for each customer which in turn directly impacted the revenues generated. Walgreens chose not to be just “good” but “great” by thinking differently about their business model and the metrics utilized to measure their successes.

At APPRO and CERRON, we utilize a variety of different metrics in our business. Take for example, my role in marketing which measures the number of people who read a blog post such as this, or how many people visit our website, which begins the process of client contact in the form of calls, emails and appointments. This article had me considering Lau’s statement, “…but the choice of the actual metric to focus on significantly influences the actions we take. The right metric aligns team efforts toward a common goal, that if achieved, increases the success of the product or organization; the wrong metric leads to efforts that might be ineffective or, even worse, counterproductive.”

What we measure, and don’t measure, truly matters, as Lau points out:

“Similarly, when setting metrics for ourselves, we should ask ourselves: If you could pick one and only one metric to systematically increase over time, what metric would have the greatest and most sustainable impact on you and your team’s effectiveness?”

At APPRO and CERRON, we pride ourselves in providing property solutions for our customers since 1987. One metric we measure and which drives our business, is the number of satisfied clients we have served and our repeat customers who continue to work with us year after year. Feel free to give us a call if you are reviewing the metrics in your business plan and find that a change in space is a possible solution. We would be happy to help walk you through an analysis to see if a change might make sense for you and your business. Contact us today!