10 steps towards becoming a smarter company

The recent report by the Prime Minister’s manufacturing taskforce on smarter manufacturing for a smarter Australia calls for a lift in the capacity of SMEs to absorb new knowledge, to introduce and embed a greater focus on design, and to examine the potential for improving access to finance for SMEs.

The report proposes a new national partnership for smarter workplaces. This involves a sustained commitment from industry, unions and government to build the managerial and workforce skills and practices – and the innovation culture – that high performance workplaces demand.

This involves building a new and stronger generation of small through to large manufacturing businesses with the management and capabilities to compete and succeed in the global economy. Australia’s SME manufacturers will need to develop new business models, increase their absorptive capacity and leverage more services and original design thinking in the solutions they provide global customers.

To achieve these objectives requires smart managers and corporate leadership to develop better, more productive, smarter work¬ places where trust, co-operation and collaboration helps build better more prosperous, productive and profitable manufacturing businesses. Here are 10 steps that ensure that your business has what it takes to be a smart company.

1. Focus on innovation

There is a strong case for focusing on applied knowledge. More than ever in today’s high-cost environment, smart companies need to be able to value add to find ways to be closer to the emerging expectations of their value chains.

2. Identify unmet sources of demand

The key to growth requires close attention to the pressures on downstream customers and the changing lifestyles of their customers.

3. Invest in frontline management training

Ensure that the top team has access to leadership and personal development opportunities equivalent to the professional development requirements of most accountants, engineers and health professionals.

4. Maximise business productivity

Eliminate distraction and interruptions that damage time management that leaves insufficient resources to generate growth and build financial security.

5. Undertake a new skills audit

Treat all of your staff and key family members as if they were new job applicants by conducting a review of required skills development required to take the business up the value chain, including the huge growth that we are expecting in sectors like health and community services.

6. Revisit business and marketing plans

A new year requires a clear objective, a clear articulation of the challenges and a revitalised drive into new territories especially offshore partnerships and market extensions that build upon identified business competitive advantage.

7. Introduce productivity enhancing technologies

Set up a new technologies assessment team that has every staff member engaged in the hunt for productivity improvements and labour saving advances.

8. Use the internet and online business services

Use what you need when you need it to develop corporate capabilities required by your top 10 clients; generate a fast, responsive culture and build company competitiveness on a simple online business platform.

9. Establish and/or take part in a knowledge transfer network

Drive knowledge transfer between the supply and demand sides of technology-enabled markets by networking with strategic partners in a related industry group and around the globe.

10. Absorb competitive mindsets and recruit new team members

Enable the firm to stay ahead of the game and build constructive relationships within industry associations, on trade missions and close collaboration with leading edge research and development corporations.

Bonus tip: Put the fun back into the fundamentals

Remember the reasons for getting into the business and make sure you are driving the business and take the time out to ensure that it is not driving you.

Dr Colin Benjamin is an entrepreneurship and strategic thinking consultant at Marshall Place Associates, which offers a range of strategic thinking tools that open up a universe of new possibilities for individuals and organisations committed to applying the processes of innovation, creativity and entrepreneurship. Colin is also a member of the global Association of Professional Futurists.