It's Hard to see the Financial Stability of Your Suppliers if Your're Kept in the Dark Until it's.........Too Late!
This most recent global recession has significantly strained the supply chains of corporations around the world. An economic recovery of any significant increase seems to elusive as each day passes. At the same time, many corporations are looking to return to United States-based manufacturers as the low-cost labor benefits of China have become outweighed by the costs associated with quality, cultural miscommunication and the steadily rising costs or labor and transportation. "Reshoring" is resonating loud and clear.
Unfortunately, corporations returning (Reshoring) manufacturing back to the United States are facing an unprecedented number of potential supply chain disruptions as many of their former suppliers' of critical manufactured components significantly downsized their operations during the recession. The health and financial stability of a company is critical in its ability to support the cost and service needs of their customers. More and more corporations are requesting that their suppliers offer updated financial reports prior to re-engaging business relationships.
Springfield Spring Corporation www.springfieldspring.com is an Open-Book Managed (OBM) company that manufactures springs, wire forms, stamping and light assemblies. Open Book Management is an employee-centric management process whereby all employees are taught basic accounting principles. Springfield Spring's financial information and yearly business plan is openly developed and shared with all employees. Key financial information along with financial operating ratios are carefully defined, measured, and intensely managed by all employees to produce positive and sustainable results. The end results are, Springfield Spring employees act and think like business owners. They understand and can make direct correlations between efficient manufacturing and process methodologies with the effect these improvements have on the company's income statements, balance sheet and financial position.
Springfield Spring proactively and proudly markets their financial stability to its new customers. In the most recent issue of Design-2-Part Magazine, Springfield Spring's President, Mr. Norman Rodriques, discusses his company's disciplined approach to financial solvency structured around the company's Open Book Management program
