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- October 30, 2018
Project Title: Strategic Planning and Innovation
Company Profile: For over 60 years, Fabri-Form has been a pioneer in the thermoformed plastics industry. Located in New Concord, Ohio, the 200-employee company has earned a reputation for high-quality, precision products and services for industries including commercial truck and material handling.
Situation: With sales starting to drop significantly, Fabri-Form understood the need to identify and develop new products and services to counteract and reverse the decline.
Project: Fabri-Form partnered with TechSolve to create a sustainable strategic plan and develop a system to promote top-line growth through new products and services. Fabri-Form participated in the Innovation Engineering Workshop of Eureka! Winning Ways, generating over 80 growth ideas. These were then narrowed down to two big-impact and two quick-impact ideas. An action-plan was then created, and employees were assigned to “test” each idea through rapid cycles of the “fail fast-fail cheap” technique. After 30 days, each idea’s test results were evaluated to decide whether or not further development would prove profitable.
Fabri-Form also participated in a two-day strategic planning session. The strategic plan, built as a roadmap for long-term success and market domination, set-up a framework that allowed Fabri-Form to measure achievements and sustain its goals of increased growth and sales.
Results:
- Redesigned strategic plan to ensure continuous and sustainable improvement.
- Generated more than 80 different growth, marketing or product ideas specifically designed to increase sales and growth.
- Anticipated sales increase of $7 million for the following next year.