It requires insight, flexibility, a global perspective, an openminded and frank examination of challenges and opportunities, and the vision to see what the future holds beyond the current bottom line. Good management covers a lot of areas, but at its most basic, it is knowing how to make the good times last longer for your company than they do for your competitors, and the bad times shorter and more productive. The surest way to achieve this is with a strategy that takes into account not just what you are, but what you can be. 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.