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Improve Midwest Machine Shop Sales Using These Growth Strategies

 



Ask the owner of aerospace machine shop, for instance, where they would like to see revenue growth, and the answer is in the custom design work, and expanding job shop capabilities. 

Just when you think you've learned all there is to know about how to increase sales for a CNC machine shop, new models emerge like a never before seen gateway to new customers and new markets. Half the battle consist of determining what strategy is most appropriate by drawing comparisons between growth opportunities with the least amount of tolerable risk. Be concrete; be specific about the annual growth plan. 

The Way to More Market Share

As a machine shop and tool manufacturer advisor and intermediary, I would first suggest making changes to the pricing model. But of course, pricing models aren't always the determining factor. Expand by contraction. That sounds paradoxical, but you don't just need more clients - you need more clients like your best clients...these are the ones who make frequent requests, that you have the most rapport with. 

Teach an Old Dog New Tricks

Reposition the operation by offering the best customers new products before letting other parts of the network in on the occasion. Service related offerings have higher margins! Do the following and you'll crush the competition:

  • Help customers manage their inventory - logistics is a headache for most and they will glad you pay you for doing so
  • Take those napkin sketches to heart, try collaborating with customers on innovative ideas and projects - imagine the amount of equity and goodwill that can be added to the bottom-line (think prototypes)
  • Some clients abhor keeping inventory as it drives up costs...you can be their exclusive, just-in-time delivery partner

New Products Serving Existing Network

Introduce new equipment for the existing customer base. Running short on ideas? Invest in modern machines and their adjacent parts like a vertical honing machine or a dual-spindle turning center. Hybrid product/service offerings are some of the best opportunities to lend more value. Consider adding completing special finishes to the list of business contributions. Does your team work with more unique material sources like medical grade plastics, high-temp alloys, or compacted graphite ion?

If you're acting as the broker or consultant for a machine shop for sale in the Midwest, present some of these suggestions to your clients. Hanging on to the list of clients you have now weighs less on the financials then trying to acquire fresh supply. 

If you are selling a business or looking to buy a business in Indiana, send me an inquiry about your situation and we can talk about what to do next.


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