Lakeside Manufacturing – Case Study

looking toward the future

Executive Summary

Lakeside Manufacturing

Lakeside Manufacturing is a long-time provider of mobile transport and storage solutions serving the food service, industrial, and medical industries. Originally founded in 1946 by a World War II Navy veteran, Lakeside Manufacturing recently celebrated its 75th anniversary.

  • Lakeside Manufacturing has been a client of ITR Economics for approximately seven years and is currently enrolled in an Executive Vantage Point™ (EVP) program.
  • With the help of ITR Economics, Lakeside Manufacturing has been able to better plan and execute their business strategies as well as properly staff and prepare for growth phases of the business cycle.
  • Lakeside Manufacturing has adjusted its reporting to align with ITR Economics’ insights to greatly improve its sense of positive or negative momentum for the company.
  • ITR Economics’ insights help Lakeside Manufacturing track inflation metrics to make informed business decisions about the necessary materials needed to increase profits.

“I think that with the 2030s event that ITR has been forecasting and discussing, it’s nice that somebody out there is looking beyond just next year.” – Mike Miller, Lakeside Manufacturing Chief Operating Officer

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“You don't want to be stuck in a position five years from now where you're understaffed, and you kick yourself because if only...

you had the resources like ITR to tell you to prepare for that growth and plan accordingly.” – Jocelyn Rasor, Lakeside Manufacturing Director of Marketing

Lakeside Manufacturing

Challenges

The leadership team at Lakeside Manufacturing was interested in learning about future economic trends as well as seeing what was coming in relation to their business, markets, and industry.

It is essential for successful businesses to have insight into future economic pressures, such as the impact of inflation, to know when to buy materials and equipment as well as to ensure that the right amount of staff is available and fully trained to take advantage of growth opportunities.

Instead of leaning on internal analytics and benchmarks to gauge performance against their competitors and industry, Lakeside Manufacturing was determined to find a highly accurate and trustworthy partner. It needed this partner both to provide an outside perspective on its company performance and to offer input on which business decisions to make, and when to make them, in order to grow the business.

How Product Helped

By adapting to ITR Economics’ unique methodology with rates-of-change calculations and business cycle theory, Lakeside Manufacturing’s executive team and sales staff are aligned and have a better sense of how economic trends will positively or negatively impact the business.

One of the most significant impacts ITR Economics has had was in helping Lakeside Manufacturing prepare for future growth. Insights from ITR Economics help Lakeside Manufacturing manage its hiring and staffing strategy, ensuring that the company is properly staffed and trained for when business increases.

As inflation impacts important supplies, ITR Economics provides metrics that highlight the price of necessities such as stainless steel, cardboard, and freight costs. This helps Lakeside Manufacturing purchase their goods and materials at attractive prices. These insights also help Lakeside Manufacturing in its pricing strategy for its products, as it can charge the appropriate prices for their in-demand products based on market research.

“It’s not bad to have a consultant in your back pocket...

when things are going to get tight or loose in seven, eight, or nine months. We get direct advice.” – Mike Miller, Lakeside Manufacturing Chief Operating Officer

Results, Return On Investment, And Future Plans

ITR Economics helps Lakeside Manufacturing give its full attention and focus to each of the industries it serves by providing key insights and actionable advice for each segment. Equipped with ITR Economics’ valuable data and forecasts, Lakeside Manufacturing remains one of the leaders in mobile transport and storage solutions for its customers.

ITR Economics’ market and industry forecasts allow Lakeside Manufacturing to remain one step ahead of the competition and helps it ensure that its factories are appropriately staffed for the opportunities that economic trends offer.

The future insight that ITR Economics provides also helps Lakeside Manufacturing prepare its business for the coming 2030s depression. Companies prepared for what is to come will be ready for the business opportunities that the 2030s will present despite the economic downturn.