Nothing’s small when you own and operate a small business. This is especially true when your small business just happens to be in the manufacturing sector. Small manufacturers encounter many of the same challenges that medium and large companies do, including pressure from competitors; global economic volatility; the need to attract and retain new customers; and the need to reduce expenses and increase profitability.
However, many small manufacturers have myriad other issues to contend with that big businesses don’t have, or have an easier time facilitating by virtue of economic scaling. Certainly, in today’s tight credit markets, limited access to financial resources is a key hurdle for small businesses. This is exacerbated by increasingly higher operational costs and the constant difficulty in finding qualified people to work for you. (more…)