10 habits can form a successful tooling maker
Gathered from many tooling experts opinion and some famous forum in China, the tooling experts provide us with a recipe for success.
Editor’s note: What is it that some tooling maker act differently that cause them to become growing, profitable companies day by day, even in a time of economic depress in China? It’s a question that many tooling makers should ask themselves, and one that IMM decided to pursue. Contributing editor Clare Goldsberry has talked to several tooling experts and compiled this list of 10 good tooling maker habits that drive success.
#1 Implement marketing strategies. A successful tooling making company in China knows its capabilities, its markets, and the customers it serves best. It finds out what they can do the best, and then strives to do that better than anybody else.
#2 Discrepancy. To continue to win new business, a tooling company must stand out from its competition. This requires knowing the competition, and then doing what the competition doesn’t do, or finding a way to do the same thing better in a different way.
#3 Globalization. A tooling supplier must know what its customers want and then be able to supply it anywhere in the world. Successful tooling manufacturer is more than just suppliers of plastic parts. They are business partners with their customers, helping them to find global solutions to manufacturing according to their requirements.
#4 newest high technology. Whether it’s e-commerce, new CAD/CAM software, ERP management systems, new tooling equipment, or secondary machinery, successful tooling company keep up with technology that can provide value to the customer, maximize productivity and efficiency, and add dollars to the bottom line.
#5 Be careful. Being constantly aware of changes taking place in both the customer’s business and its own business allows a tooling company owner to take charge and stay on top of the game. A tooling supplier must be ready with new, creative solutions.
#6 Concentration, Successful tooling company doesn’t try to be all things to all customer. Try to say “no” to potential customers who don’t fit your company. Also key is recognizing when certain customers no longer fit within the business plan. Those tooling supplier that are then able to transfer these poor-fit customers to another supplier will maintain a stronger customer base.
#7 Diversify. While you’re focusing on one field molding, don’t become narrow-minded. Tooling factory that diversify markets, customers, and services, but remains true to their mission of what they always should do best, succeed. Change must fit the strategy and add value to the tooling business. Recognizing new business opportunities and evaluating them for a fit within the existing marketing/business plan allow successful tooling factory to toolmaker on these opportunities and add value.
#8 Build value. Research what customers value and therefore are willing to pay for allows tooling company owner to successfully build their business in term of growth, profitability, and capability.
#9 Training. Training can let the employee on a high level always. Training programs are a top priority because they allow toolmaker to get—and keep—good employees. Knowledge is the source of power. Successful tooling making factory improves their employees to make good decisions.
#10 Good business sense. Using good business practices and keeping a keen eye on cash flow is as important as good manufacturing practices, and can add as much value to a toolmaker as new equipment or a new capability.
If the mold making supplier can reach above 10 point, then they will become the best china making tooling company