During the most recent recession we've seen many mold making shops that seemed to have it all go out of business: state-of-the-art equipment, experienced employees and everything we'd normally associate with a successful operation. We are left wondering why are they out of business. The pundits blame it on foreign trade, the economy and many other factors. These failures however are generally not the result of a single cause but a combination of factors. In considering these factors, you can better build a case for a successful business.
Cause #1: Doing what you don't do well
Hire an accounting or finance major from a local college for a two-week project. Have him dig back a few years into the records of all the molds you've built. Here's his assignment:
1.With a little help from you, classify each job as to the type of mold: simple, complex (lots of mechanisms), # of cavities, hot runner, standard runner, two-plate, three-plate, etc. - label each category with a number or letter.
2.Draw up an Excel spreadsheet with each mold number in one column and the mold's classifications in the next column. As an example, if you've built a 36-cavity hot runner unscrewing cap mold, it's classification might be "AF36" where "A" means hot runner, "F" means complex mechanisms (unscrewing, multiple cores or movements) and 36 was the number of cavities.
3.Draw up a spreadsheet...