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New Jersey business planning: Company brings jobs home

For many years now, American companies have been outsourcing their production to other countries in an effort to save money. Now, one New Jersey company has decided that bringing those jobs home to the U.S. saves them money. The company understands that business planning is a continuous process that sometimes requires change.

Princeton Tec had outsourced its manufacturing to Far East, but later discovered that it wasn't the best decision for their company. While it may be true that a company's work force is its biggest expense, that doesn't mean that outsourcing an entire workforce to save a few dollars on salaries is going to increase profits. There are other expenses that end up compensating for a work force in another country.

What those costs are varies from company to company. Princeton Tec discovered that moving their manufacturing from China back to New Jersey saves them money on shipping, and they see a faster return on their investments. They say they are also producing a better product here than they were in China. Princeton Tec's Vice President says that a company has to look at its entire capital outflow in making business decisions.

Business planning is an ever evolving process. Decisions that are made from a business plan need to be monitored to make sure they continue to serve the company. If those decisions are not serving the company, then it may be time to go back and review the business plan to find what's broken and fix it. Having the right advice and guidance during this process may help. Sometimes, knowing what's best for a business requires constant reflection since the world is always changing and evolving, and any successful business has to be able to evolve with it.

Source: News Works, "N.J. company brings outsourced jobs home," Phil Gregory, Sept. 25, 2012

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