Five Hacks to Getting It Right
There has been a seismic shift in the automotive industry over the last few years, and it is no longer possible to rely on one main company to fuel economic growth. This is down to numerous societal changes, such the boom in technology and automation becoming increasingly used at assembly plants, thus changing the design of line feed and workforce needed. The nature of assembly and production has been transformed by the demands of new technology and automotive supply chains are beginning to resemble those of the high-tech sector, not least through globalized networks of supply.
As vehicle manufacturers continue to streamline operations, drive productivity and minimise risk, there has been a rise in opportunities for domestic suppliers. We have identified five hacks to help you take advantage of these opportunities.
Five Hacks to Getting It Right:
- Set the right goals—expand the scope and metrics of economic development to reflect a more foundational and holistic understanding of how to expand the economy and opportunity. Who is your target market? What do you want to achieve and when do you want to achieve it for? You need to begin with the end already in mind. Set some long-term goals that go beyond typical economic indicators to achieve more vigorous measures of regional growth, productivity, and inclusion while also setting shorter-term metrics to monitor progress. In our experience, we have found that attending industry events that your prospects will have interest in, are invaluable. It will allow for realistic goals to be set because you will be aware of what is happening in the market, and you will gain an understanding of what original equipment manufactures are looking for.
- Grow from within—prioritize established and emerging firms and industries, invest in the ecosystems of innovation, trade, talent, infrastructure, and governance to support globally competitive firms and enable small businesses to start and grow in the market. Basically, do your current companies feel loved? Like any relationship, your current companies need to feel loved and supported in order for them to justify staying where they are. As discussed before, companies are looking to streamline their operations. By the current companies staying, more supporting supply chain companies may start moving into the area too.
- Boost trade—facilitate export growth and trade with other markets in the United States and abroad in ways that deepen regional industry specializations and bring in new income and investment. Get your name out there! This can be easily done by attending trade shows like discussed before. This way you are going direct to the prospect and cutting out the noise and middle man. If you can’t make it, why not have someone who can be there to represent you?
- Invest in people and skills— incorporate skills development of workers as a priority for economic development and employers so that improving human capacities results in meaningful work and income gains. Do you have an apprenticeship program? Encouraging the local workforce to partake in paid apprenticeship schemes will allow for you to upskill the local workforce. If a prospect is wanting to open a new factory, they will want to open somewhere with a skilled workforce and to save money.
- Connect place—catalyze economic place making and work at multiple geographic levels to connect local communities to regional jobs, housing, and opportunity. You can create partnerships with local communities resulting in industry clusters resulting in a market lift that raises incomes and opportunities for as many people as possible, economic development should focus on regional scale solutions to support strong, innovative industry clusters.
Want to find out more about how we can help you achieve these goals? Get in touch with our consultant Michael on Michael.firstname.lastname@example.org