Many manufacturers in New Jersey recognize that doing business in the state can be a costly endeavor from overhead costs to labor and everything in between. But at the same time, there are opportunities for owners who turn to New Jersey Manufacturers Extension Program (NJMEP) for support and help. NJMEP is a not-for-profit company that works with New Jersey’s small to mid-sized manufacturers to help them become more efficient, profitable and globally competitive.
One of the most valuable tools offered by NJMEP is the assessment they conduct for manufacturers. By analyzing the company and drilling down past surface details, they are able to draw an accurate picture of the every aspect of the business.
The assessment process begins with a conversation that draws on insights from employees across every department, each offering a unique perspective on sales, human resources, innovation, production, quality control, regulatory compliance, customers/markets served, and supply chain management.
Initially they examine each of these silos separately, identifying strengths, key pain points and also areas that need improvement. After they have the data collected from each department, they integrate the information, working collaboratively to integrate everyone’s efforts across the company. Adopting a holistic approach, they are able to connect the dots and track the significant impact that activities in one department are having on the others.
The NJMEP representatives drive this important and revealing conversation. Their goal is to build a trusted relationship with the business owner over time while drilling down to uncover important details as they strive to help the company develop a strategic approach to success.
It is all too easy for business owners to get caught in the weeds as they focus on the day-to-day challenges they face as owners. But by participating in a brainstorming session during the assessment, they are encouraged to create a vision for the future, consider ways to expand their capabilities, develop new products, embrace innovation and take the company to the next level. Throughout the process the NJMEP professionals behave almost like an extension of the company’s own team – helping management prioritize next steps to profitability.
After the assessment is completed, NJMEP delivers an Executive Summary that is truly eye opening. In this synopsis, financial and business details in each category (such as the cost of goods sold) are addressed, but the greatest value is delivered through the extraordinary exchange of ideas that takes place during a deep exploration of the overall situation.
To learn more about NJMEP and schedule a confidential assessment for your company, please email Stacy Cooke at scooke@njmep.org.
Save October 4, 2019 for Manufacturers’ Day!
