Here are 6 tools that PMPA members use to calibrate their business to the industry and markets.
Every precision machining shop has a calibration system to assure that their products are dimensionally compliant and meet the expectations of their customers. Calibration systems assure that when they say “0.0001 inch,”- that it is in fact 0.0001 of an inch.
How do you calibrate the business of your business? How do you know that you are getting the same share of sales into a market as your peers? How do you know that you are paying the wages that the talent you have deployed are worth? How do you know that what you are seeing for material prices are in fact the trend in the market and not an anomaly?
PMPA members calibrate their businesses by participating in PMPA surveys and reports:
- Monthly Business Trends: Sales / Shipments/ Hours scheduled/Overtime/Prospects for Sales, Lead times, Employment, Profitability
- Annual Shop Hourly Wage Survey and Report
- Administrative and Clerical Wage Survey and Report
- Executive Compensation Survey and Report
- Material Impacts Report
- Annual Business Forecast Survey and Report
Our Business Trends Index correlates well with the markets that determine industry’s shipments. Data and inferences from it have been reblogged on Wall Street Journal online.
How do you know if the wages you are paying are competitive and sustainable? Participants in PMPA’s various wage surveys know because they are calibrated with precision machining shops just like theirs.
Our Annual Business Forecast Survey and Report
looks at participants reports and forecast of sales in various market segments served by our industry. This report includes a longitudinal view as many participants provide data each year so that the trend over time, not just point in time is apparent.
How do you calibrate your business?