Top Shops on Top Shops
Speakers: Herb Hoymeyer, President, Hoymeyer Precision Machine; Matt Wardle, President / CEO, JD Machine; Mark Vaughn, President, Vaughn Manufacturing Co., Inc.
Why is Benchmarking Your Business Important?
You have to benchmark your company against other companies to know how well or how bad you're doing. Benchmarking is one of the most important tools that I use in my company to see how I am doing.
Benchmarking my machining business is really important. I grew up in the company. My father started the company. I don't have a lot of exposure to other businesses other than through trade associations or other networking events. Getting that survey and feeling it out and then getting the results back, our management team gets together with the results of the survey, and we review how we perform in comparison to other companies especially those top shops. It gives us an idea of what we should work on, what we're doing well on, and areas for emphasis as we roll into our next year.
In the tool and die business, we're building one-of, first of, first article, or even prototype parts for industries. The benchmarking process for us would be finding similar processes that we can rate and evaluate since each of our products that we produce are one-of and one-of-a-kind type of products. So in looking across the landscape of your business, you want to find metrics or evaluation points where you can evaluate how your operations compare in contrast to others.
Speakers: Herb Hoymeyer, President, Hoymeyer Precision Machine; Matt Wardle, President / CEO, JD Machine; Mark Vaughn, President, Vaughn Manufacturing Co., Inc.
Why is Benchmarking Your Business Important?
You have to benchmark your company against other companies to know how well or how bad you're doing. Benchmarking is one of the most important tools that I use in my company to see how I am doing.
Benchmarking my machining business is really important. I grew up in the company. My father started the company. I don't have a lot of exposure to other businesses other than through trade associations or other networking events. Getting that survey and feeling it out and then getting the results back, our management team gets together with the results of the survey, and we review how we perform in comparison to other companies especially those top shops. It gives us an idea of what we should work on, what we're doing well on, and areas for emphasis as we roll into our next year.
In the tool and die business, we're building one-of, first of, first article, or even prototype parts for industries. The benchmarking process for us would be finding similar processes that we can rate and evaluate since each of our products that we produce are one-of and one-of-a-kind type of products. So in looking across the landscape of your business, you want to find metrics or evaluation points where you can evaluate how your operations compare in contrast to others.
