How to succeed in business by really trying
Now that the Great Recession has ended, reportedly, many businesses have seen their sales increase only slightly. Customers are buying again, but their purchasing habits have changed. Business may never be the same, but business fundamentals can still mean the difference between survival and success.

Basic rule 1: Have a written business plan, covering specifics of goals, strategies, financing, sales, market and cash flow. Focus on net profit, not gross revenue.

Basic rule 2: Know when the business plan has to change. When inputs change, so will output.

Basic rule 3: Create a new competitive advantage, as often as you need to, whether that’s through a unique product niche or exceptional customer service—but don’t try to do it through discounting.

—G.N.

Explode your business

September 1, 2015  |  Business, Management, Marketing

Is your company growing as fast as it should? Over the years, you’ve built a reasonably profitable business; but lately, sales and profits have either increased only slightly or have remained flat. You know your business has far greater potential, but you’re not quite sure how to make it happen.…
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Should you extend credit?

August 24, 2015  |  Business, Management

Fabricators stress caution when extending credit to customers. On the surface, it sure seems like a slam-dunk decision for a marine fabrication shop to not extend credit to customers. “Let’s see, when you write off thousands and thousands of dollars—maybe even $100,000 over the 30-year life of…
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As the ACA stands

August 1, 2015  |  Business, Management

Despite legislative and legal challenges, now is the time to prepare for new requirements in 2016. Although the Affordable Care Act (ACA) has been around since 2010, despite more than 50 Congressional attempts to repeal it, its shaky financial footing may do it in. The ACA’s sharply increasing hea…
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Business and pleasure

July 1, 2015  |  Business, Management

Attending trade shows is a valuable part of business strategy—with tax benefits. Self-employed specialty fabrics professionals—the owners, managers and employees of an industrial textiles and products business, even shareholder-employees—have long been allowed to claim an income tax deduction …
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Generations at work

May 1, 2015  |  Business, Management

We’re not from different planets, though sometimes it seems so. There are ways to work together effectively. When you interview that candidate, do you invite the parents? Forty- and 50-something jaws might drop, but executive recruiter Eric Herrenkohl says two of his big-company clients want to ta…
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From surviving to thriving

May 1, 2015  |  Business, Features, Management, Perspective

Dan Hooks propels his organization to new heights by maximizing regional opportunities and building a management team. “Surviving the latest recession taught us several lessons about the financial health of our company and what we needed to change in order to go from surviving to thriving,” …
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Productivity paired

April 1, 2015  |  Features, Management, Perspective

Father and son team Stewart and Ross Brown embrace the challenge of change by making the most of their strengths.
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Your taxes at work

March 1, 2015  |  Business, Management

The Tax Increase Prevention Act of 2014. The passage of the Tax Increase Prevention Act of 2014 late last year retroactively extended 54 tax breaks—but only for the 2014 tax year. The so-called “tax extenders” law opens the door for specialty fabric professionals to claim many of these popula…
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Good better best

March 1, 2015  |  Features, Management, Perspective

Charles Webster uses lean techniques to continuously improve production and efficiency. What we try to do better than other companies is give our customers more than they ask for, sooner than they expect it, in higher quality than they’re used to,” says Charles Webster, president and CEO of DOWC…
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State of the Industry 2015: Part 2

March 1, 2015  |  Features, Management

It was a year of respectable growth in the specialty fabrics industry and hope for an even better future, grounded in promising statistics. IFAI surveys specialty fabrics industry end product manufacturers (EPMs) once a year to learn how they are doing and what they anticipate for the future. All bu…
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