Turnaround Strategies for Manufacturers: A Conversation with DiAnn Beyer, Director of Accounting and Compliance at MATAAC

We recently sat down with DiAnn Beyer, MATAAC’s Director of Accounting and Compliance, to get a behind-the-scenes look at how the organization helps trade-impacted manufacturers not only recover — but thrive. In this candid Q&A, DiAnn explains the types of projects that MATAAC cost-shares, outlines how much support businesses can expect, describes how quickly they can get started, and reveals what it really takes to rebuild after losing market share. Whether you’re a manufacturer struggling to regain your footing or planning for long-term growth, DiAnn’s insights into turnaround strategies for trade-impacted manufacturers are a must-read.

What kind of projects can we get funded through MATAAC?

This is a question that we get asked all of the time. The focus is always on projects. MidAtlantic Trade Adjustment Assistance Center (MATAAC)  and Trade Adjustment Assistance for Firms (TAAF) program is about business recovery. The projects we implement are based on each firm’s individual unique needs for business recovery. Anything under the scope of intellectual or intangible projects would work.

Focus is going to be on those projects that create a high rate of return on investment and help move growth. For example, a project to train employees to drive forklifts in your warehouse work TAAF requirements. However, perhaps a better project would be an eCommerce website.  With an eCommerce site, your customers would have a 24/7 access to make purchases, e-Commerce orders are then paid on a credit card,  which drives sales and cash flows, and would have an immediate impact on your sales growth. We have an extensive list of covered projects on our website. Those that are most important for your business recovery are those that are going to move you through recovery and to growth.

Can MATAAC help with marketing and sales recovery, or just operations? 

Yes, yes and yes. MATAAC is designed to help your business recovery include global competition, expand markets, strengthen the operations, increase sales and increase U.S. jobs. Projects and areas of focus are always in marketing and sales, operational effectiveness, technology advancements, product development, trade and exports, quality improvement, workforce development, financial need, and Lean leadership. Focus is always on what your unique company and business recovery needs are.

How much of the turnaround project does MATAAC actually cover? 

This is dependent on whether you picked a cost-share program of $30,000 or less, in which MATAAC focuses on 75% of federal funding and 25% cost-share for firms, which would be $22,500 federal funds from MATAAC through the TAAF program.  For the $150,000 cost-share program, the cost-share split is 50% firm / 50% MATAAC or $75,000 in federal funds. The only additional costs in the entire program is during business recovery or the adjustment proposal phase. MATAAC will pick up 75% of the business recovery plan and the cost to the firm for their adjustment proposal would be 25%. Petition development is always 100% federally funded through MATAAC.

How quickly can we get started with a business recovery plan? 

Petition certification starts first, it usually takes one to four months for a business to get through the petition phase, depending on their unique company needs. Once the firm receives certification, the team begins developing a business recovery plan.

Can MATAAC help us identify new growth opportunities or markets? 

Absolutely, it’s one of the things we do. In developing the business recovery plan, we look  to find new growth opportunities or markets. An example is we once had a steel wire manufacturer who produced wire metal baskets for bagels. Chinese imports were hurting sales and disrupting the industry. The company proactively dropped its wire metal basket line and shifted its focus to producing wire frames and shelving during the recovery process.

How can we future proof our manufacturing business once we recover? Can we future proof? How do we future proof? 

I’m not sure that you can future proof, as challenges and changes affect the industry all the time. I don’t think, in my opinion, anyone saw COVID coming or the impacts to business and industry. I’m not sure that future proofing the business is a goal we want to achieve.

I do know through working at MATAAC with many client firms, that there seems to be three types of manufacturers, those who are proactive, those who are reactive, and those who stand in status quo. Status quo manufacturers live by the motto of “this is how we’ve always done things. We’re not going to change.” Reactive manufacturers wait until something hits them. There’s a challenge and then they move to improve. Proactive manufacturers stay current on technology, industry changes and challenges, and they are the leaders. I do not believe that you can future proof your business. I do think you can move from being either a status quo or reactive company into a proactive mindset manufacturer with policy making decisions that would allow you to be able to handle any future challenges more effectively and with less disruption to the firm.

What are the best ways to diversify our customer base after a downturn? 

Hire experts. Hire experts in lead generation, market strategy, marketing, and product development. The best thing to do in this area is hire your consultants, who are experts. When we bring a circle and team together of experts, and each expert brings their strength, we elevate the entire team and process. That’s one of the benefits of being a participant in the TAAF program and working with MATAAC. We bring that circle of experts to your business recovery plan.

How do we rebuild our competitive advantage after losing market share? 

That is the goal of the Trade Adjustment Assistance for Firms (TAAF) program. It was established in 1974 with the goal and mission to help manufacturing firms compete globally, improve global market shares, strengthen operations, improve profits, improve sales and grow U.S. jobs.

How MATAAC Serves Mid-Atlantic Manufacturers

For over five decades, MATAAC (MidAtlantic Trade Adjustment Assistance Center) has been helping turnaround manufacturers. Tackling trade challenges, regain competitiveness, and boost profitability. MATAAC provides solutions to manufacturers located in Delaware, Maryland, Pennsylvania, Virginia, West Virginia, and Washington D.C. MATAAC has been chartered by the Economic Development Administration of the U.S. Department of Commerce with responsibility for the management of Trade Adjustment Assistance for Firms (TAAF) program. The TAAF program is a crucial resource that supports businesses in navigating global market shifts.