Taking advantage of business growth opportunities is imperative for creating and sustaining a successful manufacturing company.
The recent Covid-19 pandemic caused massive supply chain issues, stunting growth opportunities for many manufacturers. Though business development today doesn’t look like it did before, there are still effective and prevalent ways to grow your business.
In short, there are two specific ways the pandemic has created opportunities for your business to thrive. According to, “How to Scout for Your Next Business Growth Opportunity '' by Sylvia Wower, this comes down to winning "work from competitors with supply chain issues” and adapting to a new market born through the changes in the way we now live and work.
There are steps to taking advantage of these new possibilities, the first of which is intentionally scouting for new growth opportunities for your business. Researching new markets is crucial when it comes to finding ways for your business to grow. Focusing on existing networks doesn't allow you to participate in an expanding market, which is why scouting is essential.
It’s important to assess the capabilities of your company and whether you and your staff are ready and able to face the challenges that come with new growth. These assessments can help you determine the best ways to increase your business and optimize new business prospects. The Delaware Valley Industrial Resource Center (DVIRC) has worked with “more than 500 companies and 20 MEP Centers around the country with their Lead Generation and Market Scouting services'' (Wower, 2021). The DVIRC pairs manufacturers and suppliers that could both benefit from one another. Scouting for business growth opportunities through finding the right suppliers and participating in the new, emerging markets.
While all manufacturers are in different positions due to the pandemic effects, there are still great ways to optimize growth opportunities so your business can thrive. Like DVIRC, Impact Washington, a local Washington-based MEP, helps manufacturing companies scout for their next growth opportunity. Impact Washington is ready to consult with you. Contact us today!
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