With Long-Term Needs Patrick A. Toensmeier Business is cyclical. No matter what you do or where you do it, there will be good times and bad times. Both require a strategy to assure growth and prosperity, a plan that's as much about what a company can be as what it must to do to remain successful. Instead of accepting good times as validation of a business plan, processors should review their markets regularly to determine how viable they are, what changes in them would mean for business, and how they could overcome a worst-case scenario. A downturn, similarly, should not mean retrenchment but expansion, at least in planning how operations can be improved to maximize opportunities when business trends up.
Processors face different challenges according to what they do and where they operate.
Nevertheless, there are issues all processors should consider when it comes to honing their competitive edge. Using these as starting points can help in developing a strategy that will keep business in sync with long-term market needs. Processors have a great deal of expertise beyond fabrication that can be used to meet customer needs. They should examine how all their capabilities can be leveraged to improve their value to customers. When business is booming there's seldom time to streamline operations.