We are in a recession…now what? Do you go to the bar or do you take action? Welcome to Episode 4 of the MakingChips podcast. In this fourth episode, Jim and I will step you through 11 points to consider WHEN the recession hits the Metalworking Nation. Yes, this subject is a bummer, but MakingChips is going to Equip Manufacturing Leaders no matter the subject.

Yoda says “No! Try not. Do or Do Not. There is no try”

Topics Discussed in the Show

* Pay attention to your cash flow – like a hawk – know the numbers.

* Talk to your staff and be honest about what is going on.

* Be honest with your partners.

* Know your core competency and stick to your business model.

* Minimize purchasing and reduce expenses – can you insource any of your services?

* Lower your overhead.

* Minimize your labor costs (OT) – make strategic decisions sooner rather than later.

Realize your capacity level.

* Negotiate with banks.

* Negotiate with your landlord.

* Capitalize on opportunities – this is HUGE!

In our Manufacturing News segment, we discuss women in manufacturing.