It’s more complicated to expand a manufacturing business. To make matters worse, senior management at smaller businesses sometimes has to split their attention between various tasks, including finance, marketing, product development, quality control, human resources, and much more.
It’s easy to get lost in the complexity of day-to-day operations and firefighting and neglect the big picture when faced with such challenges. Which is to say, growth.
So, how can you grow your manufacturing business in India? Read this blog to understand the successful tips which can help you expand your manufacturing business in India, into new markets, the latest trends leading to the growth of the manufacturing industry in India, and more.
6 Successful Tips to Grow Your Manufacturing Business in India
Be assured, focusing on these tips which many business owners often overlook, can help you expand your manufacturing business in India.
Tip #1. Understand what your business is about, and how you can make it better
Among the most important steps in expanding a manufacturing business is pinpointing the company’s unique set of skills and strengths.
- Quick turnarounds?
- Tight limits on variation?
- Designing a product?
- Support for customers?
Whatever the expertise, a manufacturing company can expand its client base and profitability by focusing on the areas in which it excels and promoting those strengths to potential buyers while simultaneously making an effort to improve those skills.
Tip #2. Learn From Your Competitors
You should be familiar with your competition, and not just those businesses who operate in the same field as you are. That’s because these are your real competitors—the manufacturing businesses that buyers think are most like your own. Ask yourself.
- What else are these rivals good at?
- What are their weaknesses?
- Which mistakes have they made?
- And what can you learn from them to help you grow your own manufacturing business?
Tip #3. Work on planning rather than operations
To grow a manufacturing business, the first step is to make time for tasks that will help the business grow. Set aside time in your schedule that isn’t filled with day-to-day tasks, and make sure that other people who are essential to the growth of your business do the same.
Hand over the details. Hold “growth-focused” planning and product development talks where everyone has to be there, even if the latest problem needs to be solved.
Visit trade shows and exhibits. Network. Find out about new tools. In short, you should focus on planning, not operations.
Tip #4. Invest in growth-related KPIs
In many parts of the business, KPIs help managers get closer to the goals they’ve set for their businesses.
But there are often KPI blind spots for growing manufacturing businesses. Check whether.
- Are you tracking and keeping an eye on growth-related KPIs?
- What about new goods and services?
- New markets or ways to use things?
- The number of talks and projects about growth?
If you get what you measure, then start measuring growth.
Tip #5. Investing in the latest technology
For a manufacturing business to grow, it needs to invest in new technology. But another common mistake is to only think of the new investment in terms of the production tools on the factory floor. The thinking goes that this is the investment, and everything else is a cost that should be put off or avoided.
Think differently. New IT systems, for example, give you new ways to interact with customers and can help with growth-related tasks like Customer Relationship Management.
Tip #6. Networking plays a vital role in growing a manufacturing business
Last but not least, don’t forget that networking can help a manufacturing business grow.
From online forums and groups like LinkedIn to local chambers of commerce and “best practice sharing” programs run by the government, there are a lot of ways for manufacturers to meet each other and connect with potential customers or sources of information about new skills, new markets, and new technologies.
How to grow your manufacturing business in India?
Growing a manufacturing business in India can be both enjoyable and challenging. Here’s how you can start.
- Conducting Thorough Market Research and Analysis – Do a thorough market study to find out if people in India want your products or services. To make good decisions, you need to know about the competitors, your target audience, and market trends.
- Draft a robust business model and plan – Make a detailed business plan that includes your goals, your target market, your marketing strategies, your financial estimates, and your plans for growth. This plan will help guide the growth of your business.
- Choose the right location where you can grow your business – Choose the right place for the manufacturing facility by thinking about things like how close it is to raw materials, how good the transportation system is, how many skilled workers are available, and how easy it is to reach your target markets.
- Investing in Technology and Infrastructure – Upgrade your production infrastructure and put money into modern technology to increase productivity, efficiency, and quality. Automation, robotics, and other types of high-tech equipment can help streamline processes and cut costs.
- Build a strong supplier network – Build connections with reliable suppliers and negotiate good terms to make sure you always have a steady supply of raw materials at prices that are competitive. Think about working with local providers to save money and make things easier in terms of logistics.
- Developing a solid distribution network – Set up a strong marketing network to effectively reach your target customers. You can reach more customers by working with distributors, wholesalers, retailers, and e-commerce sites.
- Make use of the latest marketing strategies – Use digital marketing to get the word out about your manufacturing business. Set up a strong online presence with a website, social media channels, and targeted advertising efforts to reach more people.
- Adopt the Franchise Model to expand your business –
- Determine if your business model is ready to franchise.
- Develop a comprehensive franchise system
- Consult with experts in the field of franchising.
- Prepare all the documentation required for franchising.
- Identify potential investors for your business’s long-term growth.
- Establish appropriate quality measures.
- Constantly evaluate and monitor for expansion.
Remember that growing a manufacturing business takes time, effort, and smart planning. To ensure long-term success, you should be ready to adapt to changes in the market, invest in continuous growth, and build strong relationships with customers, suppliers, and other stakeholders.
Trends to Look Out for while Expanding your Manufacturing Business in India 2023
Despite supply-side winds, manpower difficulties, and an uncertain economic environment, the manufacturing sector has shown continued strength in 2022 and exceeded forecasts.
The industry is recovering quickly from the pandemic, and despite recent disruptions, it anticipates expanding in the year 2023.
Here’s what is going to rule the Manufacturing Business Sector in 2023.
- Automation will dramatically alter the future of work in the near future. Market leaders and game changers in 2023 will be the companies that have adopted automation trends. The manufacturing and business-to-business (B2B) industries are already feeling the effects of automation, and this tendency will only increase. It completely alters the manufacturing process, making work easier and more productive while decreasing expenses.
- New capabilities that enable secure connection of people, assets, workflow, and business processes will make businesses more robust in 2023, making end-to-end manufacturing cloud solutions a prominent trend in the cloud computing industry.
- The usage of artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and digital twins (DTs) in manufacturing will rise at a rapid rate as a result of improved automation technologies.
- As manufacturers move from B2B to B2C, they need to connect their supply lines so they can work well. This would get rid of the trouble that brokers cause.
- Leaders in the supply chain will place a premium on green production and sourcing practices. More government measures will be taken to urge businesses to closely monitor their greenhouse gas emissions.
Trending: How the Government of India has implemented various initiatives for boosting the manufacturing sector in India.
FAQs
Q.1. What is the growth rate of the manufacturing sector in India?
With India’s GDP forecasted to surpass 7%, this will ensure the manufacturing sector rebound.
Q.2. What are the trends governing the growth of the manufacturing sector in India?
In 2023, smart factories and manufacturing plants will use AI, automation, IoT, and digital twins more and more to make processes run more smoothly and, in the end, improve business outcomes.
To Conclude,
Thanks to the success of key industries like automobiles, engineering, chemicals, pharmaceuticals, and consumer durables, manufacturing is becoming an essential part of the country’s economic growth. Before the pandemic, 16–17% of India’s GDP came from manufacturing, which is expected to be one of the areas with the fastest growth.
Furthermore, with this forecasted growth, India is on the road to becoming a major global manufacturing hub.
Therefore, for all those business owners out there, get in touch with the experts at Sparkleminds, if you are looking to grab this opportunity of expanding your manufacturing business in India in 2023.
