Lessons Learned: IPG Market Report Article

Despite all of the uncertainty in the world with Covid-19, civil unrest, trade wars and the ongoing conflicts in the Middle East, there is also goodness that remains clear. The American economy is strong and American manufacturing is adaptable. And, like all adversity in life, if we look long and hard enough, we can always find the positive in every situation.

I have been amazed at how the manufacturing industry has stood strong during this time of crisis and applied new strategies that will carry forward to the future and make us even stronger.

A look at the good:

Mobility: Because of the need for social distancing, companies have embraced working from home and video conferencing like never before. I believe this trend will last beyond Covid-19 and will save companies on travel and office expenses for years to come which will result in helping the bottom line.

 

Contingency Plans: We have been working with several companies on their contingency plans for their supply line. In some cases, we have found alternative warehousing so that companies can separate their inventory which will in turn minimize their risk in the event of a future crisis.

 

Building Inventory: Several companies have used this opportunity to build up inventory where in previous months they were behind due to labor shortages. Now that things are cranking back up, they find themselves in a healthier position and with a stronger labor pool.

 

People: Most importantly, I believe this time has given us time to reflect on the importance of our work families, our customers and the folks we interact with on a daily basis. Outside of sleep, most of us spend as much or more time with our work families than we do with our home families. I hope that one of the lasting benefits of these times is that we all realize just how important our working relationships are. Speaking on behalf of IPG, I am grateful for our loyal staff; I am grateful for our loyal customers; I am grateful for our friendly competitors who make us strive to be better each day; I am grateful for our friends in statewide economic development and at the chambers of commerce who help us bring and support industry in our region. Lastly, I am grateful for OUR GREAT NATION and the men and women who protect our freedoms so that we can have businesses.

So, take some time to count your blessings and focus on the good.

Floyd H. Baldwin, SIOR

President, Industrial Properties Group, Inc.

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