How Manufacturers Will Survive

Here’s a powerful story from PROFIT Magazine that illustrates the journey many (if not most) Canadian manufacturers will have to make to survive in today’s competitive global economy.

Peter Hart runs a company in St-Laurent, Que. called Rideau Recognition Solutions. It started out making custom jewellery and promotional merchandise, but by the 1980s it was clear that Canadian manufacturing would become a dying art.

To survive, Rideau adopted a new strategy based on the highest value it provided to its customers. It`s now become a hybrid manufacturer and service supplier specializing in employee- and customer-incentive programs.

As Eleanor Beaton wrtes in the June 2008 issue of PROFIT, ``No longer would he sell only corporate gifts to order; he’d sell a turnkey recognition system that would encourage customers to stick with Rideau."

That change has helped Rideau rank in the Top 200 of Canada`s Fastest-Growing Companies for the past three years.

There's lots more, but you will have to click here to read the rest of the story.

The lesson: your greatest asset is not the product you make, or how you make it. It's the relationships you have with your customers and how well you understand how to solve their problems.

Best-Ever Entrepreneurship Quotes, Week 76

Here's your motivational quote, personally selected to get your week off to an inspired start.

This week: what does "Competition" mean to you?

"Bill Maher and I are on against each other, and we're friends. He can do my show any time he wants, and I've done Politically Incorrect several times. There's no reason to think competition has to be adversarial."

Tonight Show host Jay Leno

Does this make sense to you?
How could your business work constructively with a competitor - without letting any of your other stakeholders (especially your customers) down?

Best-Ever Entrepreneurship Quotes, week 68

Back to business, with our continuing series of leadership quotes designed to get your week off to an inspired start.

This week: Why there will always be room for entrepreneurs, in every market:

“The underdog in many products can pick and choose where it wants to hit the giant. The giant, by contrast, must defend itself everywhere.”

George H. Lesch, former president, chairman and CEO, Colgate-Palmolive (from 1960 to 1971)

Sometimes, as entrepreneurs, we see only the huge challenge in front of us. If we could see it from our competitor's perspective, things might not look so daunting.