By Brad Jackson, Industry Executive, Board Chair, REMAP
The question almost every leader of a small to medium-sized enterprise (SME) is asking these days is, “How can I better manage uncertainty and turbulence in order to build amore competitive future?”
In my opinion, what will work – leaning into your core strengths. For example, agility is one of the greatest strengths of Canadian SMEs—but it’s often sidelined in tough times.
What won’t work – going into crisis mode or putting everything on hold – all innovation, all productivity improvement and other important efforts that can bolster your business today and tomorrow. BDC reports that 79% of SMEs have delayed or cancelled growth initiatives due to economic uncertainty.
I believe wholeheartedly that SMEs that continue to invest in boosting productivity, enhancing agility, and unlocking innovation are the most likely to emerge from the current challenges stronger. These “tools” hold the greatest potential for SMEs to build a more resilient business and set it on an improved trajectory.
Let’s take a closer look at each of these core levers and some practical actions you can put into motion in the short, mid and long term to withstand market pressures and gain a competitive edge in your market.
I’ll start with the good news. The reality is that most SMEs can do much more with what they already have just by using assets more effectively -- including people and processes. The more efficient your business is, the greater the product yield.
Ask yourself key questions. How can you optimize operations for better flow? A good starting point is to map current workflows to uncover and address bottlenecks. Have you examined where your biggest pain points lie in the manufacturing process and developed a sustainable plan to address them? Consider implementing proven techniques such as lean manufacturing to analyze and improve processes and build in continuous improvement to set yourself up for future success.
There has never been a more important time for SME owners to shore up their resilience and agility. An essential way to cement your organizational capacity is through your supply chain. A flexible and adaptable supply chain allows businesses to respond to changing market demands and unforeseen events, fostering innovation and building resilience.
Is your supply chain set up to pivot when needed? Can it be scaled up to meet your customers’ needs? If not, now is the time to assess this vital network and take steps to ensure its continuity and flexibility. Consider securing second-source suppliers for high-risk parts or regions. Longer term, work to expand and diversify your supply routes to support long-term agility.
There’s compelling evidence suggesting that Canadian companies have been slower to adopt new technology than other peer countries. The Conference Board of Canada has given Canada a “D” grade in innovation since 2007, placing it 14th out of 16 countries studied. This points to a huge opportunity for SMEs – on the manufacturing floor and in the products they deliver to market.
I’m a big proponent of adopting new technology as an enabler to unlock productivity, agility and growth. Now’s the time to take stock of your products and processes and put plans in place to make them more competitive – whether leveraging technology to drive efficiencies on the factory floor, upgrading existing products, or developing new products to make them more competitive. To do so effectively, however, requires discipline – building a roadmap that charts how and where your organization will adopt high-impact technologies over the short, mid and longer term.
When it comes to ramping up your overall competitiveness and resilience – knowing where to start can be daunting. REMAP has created the handy tool below to help Canadian SME manufacturers assess and plan your actions over the short, mid and long-term – helping you to strengthen your market position today, and enable future growth.
REMAP is here to help companies like yours to assess your strengths and areas for improvement, roadmap pathways toward a more resilient and competitive business, and implement sustainable change to support your success.
Find out how at https://www.remapnetwork.org/advance
