Keys to growing your manufacturing business during the industry's rise and beyond.

• Author: Sontag Erich

As the economy continues to gain momentum, it's important to acknowledge the heavy lifting by the manufacturing industry. Since the end of the recession, the industry's output has grown 38 percent, accounting for 19 percent of the rise in real gross domestic product, according to recent U.S. government reports. That's impressive. And there's more.

The sector added 646,000 jobs from February 2010 to May of this year, with 87 percent of the gains in three industries that are among Utah's largest manufacturing segments in terms of employment: transportation equipment, fabricated metal products and machinery. With our low cost of living; young, educated workforce; and central location for transportation and distribution, Utah is poised to expand its role in the national trend.

Considering the impact manufacturing has on other areas of our economy, it makes sense that related industries--like banking--play a significant supporting role. In today's economy, many business-focused banks have abundant funds to lend and readily available expertise for manufacturing and industrial companies. An experienced banker, collaborating with his or her team of experts, can help a company in terms of meeting new opportunities and demand.

It's no surprise that we're seeing notable activity among Utah's growing manufacturing and industrial businesses related to potential expenditures. That's the nature of manufacturing--it's capital-intensive.

As a manufacturer, you may be considering expanding your plant or purchasing new facilities, looking at capital expenditures to upgrade or add equipment, or asking to increase your line of credit to support your growth plans. If you're with the right banker, he or she understands that investing in operations and technology is a key aspect of managing processes, increasing efficiencies and saving money in the long run.

Whatever your vision--if you are considering expenditures or looking to expand production--this can be an ideal time to visit with your banker.

The goal is to make sure you have the credit facilities and structure in place so when you're ready to grow, you know that your next financial move will support your plans.

One thing that continually surprises me when I talk to business owners is what low expectations they have for their financial institution. I've been a banker in the Salt Lake area my entire career so I have a strong opinion about the level of service a business should receive from professionals in...