| Welcome to the newest monthly newsletter offering from MetalForming magazine and PMA. We hope you find it useful and interesting; please feel free to share your thoughts with us. |
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| A Path to Resiliency |
“From an economic perspective, we can expect there to be bumps in the road in 2023. So, it is even more important that your business is resilient so that you can manage the ongoing complexities.”
With that backdrop, the team at Harbour Results Inc. (HRI) has identified what best-in-class companies can do to “exude flexibility and agility, match supply and demand the best they can, perform and make money in various business conditions,” in the latest HRI Love Letter to Manufacturers. Among the 10 areas that HRI suggests leaders should focus their attention: - Go, see, and act. Walk your shop floor and talk to team members
about what they see and address daily. And call or visit your customers
to understand how your product integrates with theirs.
- Don’t dumpster dive for sales. Are your sales aligned with the type of work you do well, or do you sell anything to anyone? Know your business and target audiences. Develop your pricing and quote with confidence to obtain sales that result in profitability.
- Run perfect every time. Reduce variation as much as possible by
going back to the basics. Create a culture of continuous improvement.
For every new product launch:
- Quote it to set a baseline.
- Launch it and compare to the quote to drive improvement.
- Look at it six months later and compare to the quote.
- Then do it all over again with the bottom performers.
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| Energy Outlook Winter 2022-2023 |
| A
variety of factors have contributed to the rise in natural gas (and
subsequently electricity) prices, and while no one can predict where
prices will go in the coming months, what you can do is take the right
steps to have an effective energy management plan in place. |
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| Industry Leaders Share their Outlooks During FABTECH |
| Want
to watch and listen as metal forming-industry executives share their
perspectives on the state of the metal forming/fabricating market,
through Q4 and into the first part of 2023, and how their respective
companies are adjusting to market conditions? Check out our special
video package, Four on the Floor, as MetalForming editorial director Brad Kuvin and senior editor Lou Kren interviewed industry suppliers while at FABTECH last month. |
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| The right benefits can make a difference… |
| Chances
are, you have key employees that play important roles in your
organization. Having the right tools to recruit, reward, retain and
retire your top talent can help them and your business. Contact us today
to get started. |
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| Webinar Addresses New OSHA Recordkeeping Requirements and Electronic-Submission Guidelines |
Attend
this live 1-hr. webinar to learn all about newly updated 2022 OSHA 300
Log Recordkeeping Reporting Requirements, in lieu of the numerous
changes to OSHA Recordkeeping regulatory guidelines made to reflect the
COVID-19 pandemic and updates. In addition, the webinar will provide a
basic review of OSHA Recordkeeping and present site-specific case
scenarios.
Among session highlights:
- 2022 OSHA 300 Log Electronic Recordkeeping Requirements
- How to easily navigate the new OSHA 300 Log Electronic Reporting System
- How to fill out the OSHA 300 Logs, including the OSHA 300, 300A, and 301 Forms.
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| PMA Membership |
| Position your company as an industry leader when you utilize PMA resources—ITR Econ Trends reports, trade publications, One Voice and FABTECH trade shows. A PMA membership will provide your company and all of its employees with a range of valuable industry resources that are designed to help you become more connected, more informed, more efficient, more competitive and ultimately more profitable. |
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| Understanding Today’s Disruptive Trends—And What Companies Should Do About Them |
As
part of a blog series from Riveron Consulting, exploring how companies
can pursue strength amid uncertainty, here consultants observe the
challenges that businesses currently face and provide considerations for
addressing those challenges. Up for discussion:
- A deliberate, sustainable approach to optimizing costs—thinking beyond sales, general and administrative expenses—while maintaining the capabilities that differentiate an organization and aid its growth.
- Higher inventory commitments increasingly tie up cash balances in vendor payables, freight and storage costs, etc., putting pressure on the need to borrow while the cost to borrow is steadily increasing and valuation trends are declining. “Management must have a detailed, forward-looking cash flow and demand plan projection to ensure flexibility.”
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| Mindshare with Manufacturing CEOs |
Read
up on the top six concerns of manufacturing-company CEOs in this
Manufacturers Alliance article, reporting the results of a recent survey
to find and identify the key concerns of CEOs and how they plan to
mitigate challenges and thrive. Among the findings:
- 79 percent of companies are taking steps to de-risk Asian supply chains.
- 52 percent are considering investing in new U.S. production facilities.
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| Steel Imports Climbed 7.2 Percent in October vs. September |
Based
on preliminary Census Bureau data, the American Iron and Steel
Institute reported last week that the United States imported a total of
2,403,000 net tons (NT) of steel in October 2022, including 1,955,000
net tons (NT) of finished steel (up 7.2 percent and 5.1 percent,
respectively, vs. September 2022). Total and finished steel imports are
up 3.7 percent and 19.1 percent, respectively, year-to-date vs. 2021.
Over the 12-month period November 2021 to October 2022, total and
finished steel imports are up 13.5 percent and 26.8 percent,
respectively, vs. the prior 12-mo. period.
Access the complete report. |
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| Webinar: Disinflation—Re-Inflation—the U.S. Dollar |
This
timely webinar, presented by ITR CEO Brian Beaulieu and president Alan
Beaulieu and slated for December 15, 2022, addresses the collective
impact of deflating commodity prices and receding consumer inflation.
“The Fed is seemingly very impatient,” they say. “By the time of the webinar, we will know just how impatient. These trends have ramifications for our businesses both on the cost side of the P&L and the revenue side. Our objective is to inform and prepare you for the changes that are ahead.”
Among the questions to be answered:
- What does disinflation mean, and how probable is it?
- Once inflation is wrestled down, will it stay down?
- How does the current inflation outlook fit in with ITR Economics’ 2030 outlook?
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