Re-positioning Your Business
Every business goes through a life cycle. Almost always, at some point in that journey through time, an event or set of circumstances requires that a business change its’ focus. Many times the recommended response to this business interruption is for the organization to re-invent itself. However, the steps necessary to invent a new business generally require a significant amount of upheaval, expense and drama. Most times, a strategy to re-position the business alters the organization’s direction enough to offset any setbacks created by outside issues. Because time is of the essence, the key to a successful re-positioning of your business is a targeted plan. Self-evaluation, realistic analysis, market research and focused networking are the ingredients needed to build the action steps for your change strategy.
Nick Tomes faced this business life cycle dilemma with his machine shop business. He had moved into a new location, purchased new equipment and was handling a steady stream of new opportunities. However, off-shoring of core customer products, resulting in the loss of skilled workers, necessitated a big change for his small business. The crippling loss of available working capital required expenditure on things that just maintained the status quo, not providing cash for growth opportunities. Nick lamented“ a lack of money making products and the necessary skilled workers resulted in me working way too many hours just making products and continuously getting further behind. You always hope you can find a way around these problems, but when your bank starts threating and customers start pulling back on future orders, your options quickly disappear.” With his frustration level at a crisis point, Nick decided it was time to think outside of the box.
A realistic assessment of his personnel skill set, falling back on his strong family values and focusing on his networking skills encouraged Nick to re-evaluate his goal of owning his own business. The strategic focus of his new plan thrusted him towards seeking out a majority business partner in a related machining market segment. The goal was to take his small business and re-position it in a product category that allowed for different customers and broader exposure. Nicks networking efforts lead him to Doug and Nancy Dolinar. Founders of a successful pavement marking company, Guidemark Inc. They also created and developed LimnTech Scientific. LimnTech uses GPS technology and systems for roadway and parking lot striping. However, the Dolinar’s needed a US machine shop to manufacturer the equipment for their GPS systems. This need set the stage for Nick to approach Doug Dolinar with the opportunity to partner. With a strong synergy in goals and values, a prosperous partnership was born. Nick and Doug created Guidemark Precision Machine, www.guidemarkprecision.com. Based in Quakertown, Nick leads the machining segment of the business. After only one year in existence, GPM is moving to a much larger facility and close to achieving ISO 9001-2015 and AS9100 certifications. Nick feels “I now have the opportunity to take advantage of great business assets, work with really good people and use significantly advance technology by partnering with our parent company, Guidemark Inc. The decision to re-position my company has not only been life changing for my family and myself, but also for the great people we have added to our team.”