Mayport Industries is a well respected and high growth firm in the communications equipment manufacturing industry. This is, and is expected to continue to be, a very strong growth industry. Mayport is also well known for it’s highly efficient production & marketing operations. Over the next 12 – 18 months, what would you expect Mayport’s needs and issues to be?
Fast growing industries, such as Mayport, present a variety of opportunities and challenges. An interview carried out by Forbes among the fastest growing Inc. 5000 companies showed that acquiring and retaining talent is one of the major challenges. Talent ’poaching’ by other companies and increasing requirements by the employees in the industry, strains not only the human resource management aspect but also the entire business operations. This situation would manifest within Mayport, as high growth industries share similar dynamics.
Managing growth and business cash flows has been cited as a challenge. This is because the faster the business grows with new financial systems, the more it becomes susceptible to issues with cash flows. The company may be forced to take on more clients beyond its current limits and this ultimately leads to the company’s inability to meet the clients’ needs.
Aside from the cash flow issues cited, management of the increasing demand may prove a challenge because the increase in demand also requires the appropriate people in their right number to handle the demand seamlessly.
In 12-18 months time Mayport industries may be faced with internal turmoil because of the changing socio-cultural structure of the organization necessitated by the growth. New workers in the organization with their own preferences may erode the corporate culture and instigate turf battles and hamper efficient decision making.