Typically, Industrial/Wholesale businesses rely on great manufacturing processes or efficiencies in importing/exporting to get great repeat customers. Most common issues faced are:
- Finding great factory labour
- Finding apprentices wanting to pursue a career in their industry
- Trade terms making cashflow tight to pay the rent/mortgage and the employees who are paid usually weekly, if not fortnightly.
- Large customers dictating unreasonable terms with the industrial supplier
- The owners are often the most technically qualified in the business, hence an over reliance on the owner to be around or available, even if on holidays
- Communication
- Size of factory/warehouse too large or small for the current trade levels
- Searching for agents to on-sell their products
- Recruiting gun sales people to generate the minimum appropriate level
- Tracking employees
- Recovering the high purchase price or setup costs
- Competition with overseas suppliers
- Time management
- Lack of vision
- Fatigue
- Understanding when to get out
- Marketing knowledge tends to be very low
- Financial management skills are typically low
If you are in these industries, working with a business coach will help you with all of the above. Even if you were in a partnership, you don’t have to be alone in facing all of those challenges. Reach out and see how far you can go.
