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TechTrends e-Newsletter l January 2004 Page 1 of 5 <br /> Minnesota TechnotoovInc Print Close <br /> -4 <br /> ii <br /> TE a publication of <br /> Mili sots hl ;,10 <br /> s <br /> en <br /> Volume 5, Issue 1 January 2004 <br /> In With the New <br /> Five New Year's resolutions for small manufacturers. <br /> I Like so much big talk between glasses of bubbly, high-minded personal goals for <br /> the new year are often all but forgotten by mid-January. But take heart: You still <br /> have plenty of time to make good on these five resolutions for improving your <br /> company's bottom line. With the sound advice of MTI's business consultants in <br /> hand, you'll have plenty to be proud of when next year's revels roll around. <br /> 1. Get mean about lean. Many small and mid-sized outfits know the value of <br /> reducing waste, but may shy away from adopting a systematic approach to <br /> III streamlining. But with stiff overseas competition and soaring external costs, <br /> manufacturers can't afford not to get tough about finding and eradicating <br /> waste in the entire business cycle. Invest the time to take a hard gaze at <br /> current practices, says Dick Pedersen, a business consultant with MTI. <br /> Gundars Stumbris, an MTI lean enterprise consultant, agrees. He encourages <br /> clients to "identify product/process families and manage them as value <br /> streams." Consider a strategic outside assessment of your current processes <br /> to help identify potential areas for improvement. <br /> 2. Leaders: Take charge. Company leaders, Pedersen maintains, should foster an <br /> environment where employees feel comfortable contributing to this "lean <br /> culture." Additionally, owners and leaders need to know when to delegate <br /> work so that they can devote themselves to the company vision. "Work on the <br /> company, not in the company," Pedersen tells his clients. <br /> 3. Do the right products right. "Innovation is essential for company survival in <br /> our global economy," says product development specialist Sam Gould. A small <br /> manufacturer's greatest share of revenue and profit comes from the launch of <br /> new products; after lean enterprise, smart marketplace introduction is the <br /> most critical way for your company to stay competitive. "Commit to producing <br /> superior products with unique benefits," Gould advises, "and keep it lean." <br /> Deliver the right products...on schedule, and on budget. <br /> 4. Measure customer feedback. It's not just for the marketing department <br /> anymore. Make sure your feedback measurement system brings the voice of <br /> your customers onto the shop floor as well, advises Stumbris. <br /> 5. Focus your marketing efforts. According to Pedersen, most small companies <br /> would benefit from increased marketing efforts-but focus your energies by <br /> • identifying industry pockets that are experiencing rapid growth. As with lean <br /> enterprise, an outside assessment of your current marketing program can be <br /> invaluable. <br /> http://www.minnesotatechnology.org/publications/techtrends/2004/January/printVersion.asp 3/2/2004 <br />