Date: Wednesday 26th June
Participants:
- Philip Arme, MD of Ecam Engineering
- Jacob Orpe, Wrekin Sheet Metal
- Luke Appleby, Equilibrium Risk
- Simon Rehill, Pular Instruments
- Will Parkin, Leonardt Ltd
- Dolores Sanders, Total Control Pro
- Jimmy Phillips, Powdertech
- Paul Stockhill, Agema Spark
- Mark Niblett, MTM Products
The Made in Group (encompassing Made in the Midlands and Made in Yorkshire) hosted an insightful online industry breakout session focusing on "Business Growth Strategies." The event was attended by key industry players who shared their insights and experiences in fostering business growth. The roundtable was kicked off with a compelling keynote by Philip Arme, MD of Ecam Engineering, who shared best practices from his company's growth journey.
Keynote Presentation by Philip Arme
Philip Arme's presentation set the tone for the discussion, highlighting the significant strides Ecam Engineering has made through strategic investments and innovative approaches. He detailed the company's exciting programme of investment and the appointment of in-house marketing via a Knowledge Transfer Partnership (KTP) with Birmingham City University. This partnership has been instrumental in driving their growth by leveraging academic expertise to enhance their marketing capabilities.
Main Discussion Points
The discussion that followed Philip Arme's keynote identified several key strategies for business growth, which were broadly categorised as follows:
1. Investment in People: Apprenticeships and Knowledge Transfer Partnerships
Participants emphasised the importance of investing in human capital. Apprenticeships were highlighted as a vital pipeline for developing skilled workers tailored to the specific needs of the company. Additionally, Knowledge Transfer Partnerships (KTPs) with academic institutions were discussed as a strategic tool to bring fresh, innovative thinking into businesses. These partnerships enable companies to access cutting-edge research and emerging technologies, fostering a culture of continuous improvement and innovation.
2. Projects on Improving Productivity and Efficiency
Improving productivity and efficiency emerged as a cornerstone of growth strategies. Companies are increasingly focusing on lean manufacturing principles and continuous improvement projects to streamline operations, reduce waste, and enhance operational efficiency. Implementing advanced technologies and automation were also cited as critical factors in boosting productivity and maintaining a competitive edge.
3. Investments Which Create More Capacity Allowing for Growth
Investing in infrastructure and capacity expansion was identified as a key driver of growth. By expanding production facilities, acquiring new machinery, or upgrading existing equipment, companies can increase their production capacity to meet rising demand. These investments not only enable companies to scale up their operations but also position them to seize new market opportunities and respond more effectively to customer needs.
4. Marketing: Progressing Beyond Word of Mouth
The transition from relying solely on word-of-mouth referrals to adopting more sophisticated marketing strategies was highlighted as essential for growth. Firms are increasingly recognising the value of external marketing efforts, including digital marketing, social media campaigns, and targeted advertising. These strategies help in reaching a broader audience, building brand awareness, and generating new business leads. Effective marketing allows companies to communicate their unique value propositions more clearly and attract the right customers.
5. Segmentation: Focusing on Winning the Right Work
Strategic market segmentation and targeting the right opportunities were underscored as critical for sustainable growth. Companies are prioritising efforts to identify and pursue projects that align with their core competencies and strategic goals. By focusing on winning the right work, firms can optimise their resources, enhance profitability, and build a reputation for excellence in their chosen market segments. This approach ensures that growth is not just about increasing volume but about achieving quality and strategic fit.
Conclusion
The roundtable provided a platform for members of the Made in Group to share and reflect on various growth strategies that have proven effective in their respective organisations. The insights gathered underscore the importance of a multifaceted approach to growth, encompassing investment in people, productivity, capacity, marketing, and strategic focus. As businesses navigate the challenges and opportunities of today's dynamic market landscape, these strategies offer a roadmap for achieving sustained growth and success.