Anyone who has been around owners of small and medium manufacturing operations knows that most of them are not shy and retiring. Many of these entrepreneurs started their own businesses and are justifiably proud of what they have accomplished and the operations they run. The report we issued yesterday, The Future Success of Small and Medium Manufacturers, gives them a stronger voice by outlining the major concerns that they face. So what are these SMMs, as we affectionately call them, saying about the future of their businesses and the challenges they face? Over the next few weeks, the blog will highlight their remarks in their own words, taken right from our new report.
Today we start with Gerry Letendre, president of Diamond Casting & Machine Company in Hollis, New Hampshire, a 60-employee manufacturer of aluminum components. One hallmark of SMMs is that they are very responsive and flexible to the changing business climate. Here’s what Gerry has to say on page 13: “In the long run, we are subject to the same forces as a large, publicly held company, but in the shorter run, I think we can be more nimble. We don’t have Wall Street people questioning our quarterly results. When our sales and profits dropped during the recession in 2000, we didn’t lay off any of the employees, we had worked hard and spent money to train. Instead we postponed our plans to purchase a new, computerized drilling machine and reinvested our capital to introduce new products and build up inventory. During good times we set cash aside so we can sustain the not-so-god times comfortably.”
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