Planning ahead is critical for a small-business owner, but one area that often gets neglected is the succession plan, writes Jacob Wolinsky. "The type of business you run, be it an LLC or sole proprietorship, will have unique legal requirements that dictate who, how, and when your successor assumes your role," he notes.
Louise Kennedy Converse, owner of Artisan Cheese Co. in Florida, has moved her store to a new location and is expanding its offerings to include a broader range of snacks and drinks. In addition, Kennedy Converse plans to use the space to offer an apprenticeship program teaching young women the culinary arts.
US manufacturing production grew by 1.1% last month and an upwardly revised 0.1% for November, according to Federal Reserve data. Automotive production was up 4.7% for December.
Business-to-business manufacturers have had to prioritize acquiring customers as supply relationships become more fragile, writes Randy Woods. Marketing automation, sales enablement and content publishing are some of the ways companies can optimize to reach those clients.
A focus on buy-in from executives combined with front-line insight can help manufacturers successfully implement industrial internet of things projects, writes Derek Chin, director of innovation strategy at Nerdery. "Before jumping into a solution, evaluate whether it solves the correct problem and achieves the desired results," he writes.
Manufacturers should consider flexible hours, the ability to trade shifts, shorter workweeks, floating holidays and other options to help employees with work-life balance, writes Chris Lennon of BirdDogHR. A Mercer study suggests about half of manufacturing employees want more flexibility, but that few HR leaders can say they've provided it.
Military veterans tend to be selfless, fast learners, team players and suited for leadership -- all important attributes for manufacturing roles, says CNC Machines CEO Curt Doherty. "As long as you give them a clear mission and what their job title is, make sure they have the right training and support, they tend to be very self-sufficient," he says.
Retraining, outside hires, buying talent through acquisitions and outsourcing are all possibilities that companies should consider for closing skills gaps, write Megan McConnell and Bill Schaninger of McKinsey. "Adjusting the skills of a workforce requires a blend of rigor and creativity; it also requires dedicated commitment and attention from senior management," they write.
Missed the NRF Foundation Student Program or Gala? See what went down by connecting with us on Facebook, Instagram, LinkedIn and Twitter. Connect with us.