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For U.S. manufacturers, competing on price with companies that are exporting goods from a low-wage-paying country is nearly fruitless. While you expend effort and know-how on shaving a percentage point or two off your cost of goods sold, products and parts are coming in from offshore an average of 17% cheaper.
You’ve probably been considering some of these methods of responding to this squeeze:
Moving up the value chain, so you can utilize skills your people have that aren’t available elsewhere.
Taking a hand in the design of the goods you’re making, so that you’re adding expert service to your balance sheet while finding design solutions that maximize your resources.
Boosting operational efficiencies, so you can extract more profit from your current resources.
But there’s another option that you may not have considered. To read the full AllBusiness.com tip, click here.
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To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.