Today’s post is issue #3 of my blog series based on the 2011 edition of the Top Ten Small Business Trends from Small Business Labs. I’m analysing these trends as they apply to entrepreneurs whose companies are whale hunters.
Trend #3: “Small Firms Reinvent U.S. Manufacturing: The recovering economy and 4 key trends are driving the growth of small and micro manufacturing, redefining how we think about manufacturing.”
This is a great trend for whale hunters to know. One place that I encounter small company manufacturers is in and around business and technology incubators. And what I learn is that often hunting whales from day one is their path to success. They make niche parts or components or specialized “stuff” that isn’t available elsewhere. Many of them intend sell to the government from day 1–which is a huge whale hunt and for which they need lots of advice and support. But they can go from no revenue to a couple of million in a few short months. Manufacturers also frequently qualify for federal, state, and even local government grants for R&D to support growth, job creation, and innovation.
Small business manufacturers need to thoroughly master the RFP process, knowing when to respond and when to decline in order to conserve essential resources. The sale of manufactured products that are new and innovative is a complex sale and may also require participation from Subject Matter Experts. These are all areas in which The Whale Hunters offers advice and services. Sample one of our RFP podcasts here.. Or download our Balance the Boat article to use in training your SMEs.
Do these trends resonate with you? If so, in what way? If not, how does your experience suggest a different interpretation? As always, thanks for joining me!