The purpose of this report is to help SMMs focus on realistic objectives achievable with appropriate implementation of digital technologies to cut costs, improve existing processes, and lay the groundwork for continued progress. It is also important to recognize that the biggest hurdles to effective implementation are not likely to be technical, but rather managerial and cultural.
This report evaluates a novel variation on the programming offered by the US Manufacturing Extension Partnerships (MEPs), public-private partnerships supported by the US Department of Commerce. In July 2014, with the support of the Chicagoland Workforce Funder Alliance (CWFA), the Illinois Manufacturing Excellence Center (IMEC) launched the Genesis initiative to improve both business success and job quality at small and medium-sized manufacturing firms in the Chicago region.
The National Center for the Middle Market’s recent research revealed that, for the majority of middle market businesses, formal growth strategy is second only to market expansion in terms of weight in the growth equation. While some strategic focuses lead to more rapid revenue growth than others, it’s not just what the strategy dictates that matters. How the strategy is defined, developed, and executed also play essential roles in strategic success and a company’s rate of growth.