SMEs

  • U.S. Manufacturing Optimism Rate at 90.8% for Q3

    NAM Q3 Manufacturers Outlook Survey shows the highest rate of optimism for 3 consecutive quarters in 20 years. 

     

    CERRITOS, California- October 12, 2017- The National Association of Manufacturers (NAM) recently released their Manufacturers Outlook Survey for the third quarter of 2017 containing updated information on manufacturers' perception of the current state of the industry and its growth within the following year. As the U.S.' largest manufacturing association, NAM represents small to large manufacturers throughout the country and "...accounts for more than three-quarters of all private-sector research and development in the nation" (NAM). Data from the survey is pulled from the responses of approximately "...524 manufacturers from all parts of the country, in a wide variety of manufacturing sectors and in varying size classifications" according to the report 

    In their Third Quarter Manufacturers Outlook Survey, NAM reported an average optimism rate of roughly 90% among manufacturers. This is the highest record of optimism recorded since the survey began roughly 20 years ago in 1997. Comparably, the third quarter average in 2016 was only 59.7%. Furthermore, the positive trends continued throughout the report in regards to exports, production, sales, and more. Respectively, the average expected increase in sales and production was 4.5%, and overall positive outlook for business was 89.8% among manufacturers. 

    Moreover, the increases in sales and production anticipated by these manufacturers also produced an anticipated increase in labor demand. Thus, surveyed manufacturers expected to increase their full-time employees by an average of 2.2%, resulting in a matching 2.2% average increase in employee wages excluding nonwage compensation. This reinforces NAM's prediction that the manufacturing industry, which contributes an estimated $12 trillion to the U.S. economy annually, will create roughly 3.5 million jobs over the next decade. 

     

    Similarly, the NAM Manufacturing Outlook Index also indicates strong levels of confidence in business conditions year-to-date, rising from 60.8 in the second quarter to 61.0 in the third quarter. By comparison, the index stood at 41.3 one year ago.-NAM Manufacturers' Outlook Survey Third Quarter 2017

     

    Overall, this quarter's Manufacturers Outlook Survey reveals a positive shift in the industry's outlook, and an anticipation for growth or revival in regards to production, sales, and staffing. Specifically, data within the report suggests that production within the manufacturing industry could grow as much as "...3.6 percent between now and the first quarter of 2018". With increasing optimism in the industry, SMEs in the U.S. have the opportunity to explore business expansion. Toolots is uniquely positioned to offer SMEs assistance expanding their distribution network domestically, or entering into the global market by providing assistance overcoming barriers such as inefficiency, slow innovation, and high prices. For additional information, contact us via phone at (844) TOOLOTS or via email at sales@toolots.com. 

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  • World Food Day 2017 and the Importance of Food Manufacturing 

    CERRITOS, California- October 17, 2017- Since 1945, the Food and Agriculture Organization of the United Nations (FAO) has celebrated World Food Day (WFD) on October 16 of each year to commemorate its founding. Yesterday, over 150 countries throughout the world celebrated WFD  to "... promote worldwide awareness and action for those who suffer from hunger and for the need to ensure food security and nutritious diets for all." Specifically, this year's theme focused on solving the issue of migration through increased food security and rural development. 

    One major component in ensuring food security however is the actual processing and manufacturing of agricultural materials into food and beverage products. Within the U.S., food manufacturing is a vital component of the greater manufacturing industry as it essentially generates significant revenue for the economy and helps create edible food products. In 2015 the products created during food manufacturing and processing actually accounted for "16% of the value of shipments from all U.S. manufacturing plants."  

    The Value of U.S. Food Manufacturing 

    According to the United States Department of Agriculture (USDA), food processing occurs at food manufacturing plants where "... raw agricultural materials [are transformed] into products for intermediate or final consumption by applying labor, machinery, energy, and scientific knowledge." Essentially, these manufacturers help transform the food grown by farmers into edible products for consumption after preparation, or for immediate consumption. In addition to helping supply the U.S. with food, the industry also employs a significant number of employees. As of 2015 these facilities employed roughly 1.5 million workers, which accounted for 14% of employment within the U.S. manufacturing industry as a whole. 

    Furthermore, food manufacturing is able to contend with fellow subsectors in regards to revenue generation. During Industry Week magazine's IndustryWeek US 500 2017 for example, a ranking of the largest U.S. public manufacturers by revenue, 31 food companies appeared on the list.  

     

    Only four manufacturing categories -- petroleum & coal products, computers & other electronics products, chemicals and machinery -- had a greater number of representative companies on the IW 500 than [the] food manufacturers. -Industry Week 

     

    Altogether these food companies earned a collective $337.3 billion dollars in revenue, out of the $12 trillion NAM estimates the manufacturing industry collectively contributes to the U.S. economy annually. Additionally, manufacturing production increased this month indicating signs of recovery since June 2017 following several hurricanes and natural disasters in the U.S. As such, Toolots is uniquely positioned to help food manufacturing SMEs expand their current distribution network, break into the global market, or offer assistance with after-sales services, organization, and competitive pricing to tap into the growing market. For additional information, contact us via phone at (844) TOOLOTS or via email at sales@toolots.com. 

     

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  • Toolots Announces $1 Million Lifetime Sales Milestone 

    CERRITOS, California- October 11, 2017- Toolots, an online marketplace and international cross-border platform for factory-direct industrial tools, machinery, equipment, and technology, announced it recently achieved $1 million in lifetime sales.  

    Headquartered in Cerritos California, the company was originally founded in May 2016 by CEO Jason Fu, who has 17 years of industry experience through his machinery supply company Bolton Tools. Through its innovative platform, Toolots aims to bolster the global manufacturing industry by helping SMEs overcome barriers, expand their businesses, and generate more revenue. 

    This is accomplished through Toolots' scalable, comprehensive services and ERP system currently being finalized. Vendors who partner with the company maintain their branding rights usually lost in traditional distribution models. In addition, vendor partners gain access to data allowing them to make transparent decisions and focus on daily operation tasks or overall business growth. Essentially, Toolots' model offers its customers quality equipment at competitive prices, thereby manufacturing SMEs to focus these funds on additional employees or services. Furthermore, the issue of after-sales services for purchased machinery and equipment, which often serves as a major concern to customers, is resolved through the company's network of service technicians on its YuuTool  repair app. 

    With the achievement of $1 million in lifetime sales, Toolots strives to support SMEs to strengthen cross-border relations and aid in the growth of the global manufacturing industry. 

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  • MFG Day 2017 Concludes with 3,000 Events Across the U.S.

    CERRITOS, California- October 10, 2017- The sixth annual National Manufacturing Day (MFG Day) 2017 concluded last Friday wherein approximately 3,000 events occurred nationwide. Of this number, over 170 of the events took place in the state of California alone. MFG Day, which occurs each year on the first Friday of October, strives to celebrate the modern manufacturing industry while simultaneously educating individuals on the current state of the industry and its future.  

    Often events include small and medium-sized enterprises (SMEs) opening their facilities to their community members, students, and educators to provide an in depth look into their average day. In addition, SMEs may also attend events hosted by local colleges or universities to demonstrate the function and use of their products, or discuss career opportunities in their field and dispel misconceptions. 

    This year, Toolots sponsored transportation for over 30 high school students from Artesia, Cerritos, and Gahr high schools within the ABC Unified School District (ABCUSD) to attend MFG Day at Cerritos College. Attending students had the opportunity to tour five departments within the college’s Technical Division that displayed woodworking, welding, engineering, and machine tooling technology. Students were provided with knowledge regarding the use of several machines, including a live demonstration of machines in operation by professors and general safety tips. 

    30+ students from ABCUSD attend MFG Day at Cerritos College

    High school students from ABCUSD listen to a professor for Cerritos College's MFG Day event

    Sponsorship of the event is one example of Toolots’ efforts to actively partner with the ABCUSD to educate and encourage youth interested in fields such as manufacturing, engineering, and technology to support these industries and promote growth. Current projections estimate the manufacturing industry will create roughly 3.5 million jobs over the next ten years, offering interested students a variety of potential career paths to choose from. However in addition to educating students about the industry, Toolots helps bolster manufacturing by offering U.S. SMEs assistance in overcoming barriers, such as inefficiency, slow innovation, or high prices, which previously hindered their ability to expand domestically or abroad. This assistance is facilitated through the company’s innovative platform and business model which supplies partnered SMEs with scalable, comprehensive services such as after-sales services in addition to access to ERPs and corresponding data which will allow them to focus on daily operations or make transparent, executive decisions.  

    Thus the effect of events that educate and encourage students interested in manufacturing and technology like MFG Day, in tandem with the support of U.S. SMEs, are vital to sustaining and promoting the growth of the manufacturing industry which contributes roughly $12 trillion to the U.S. economy annually.  

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