“Calculated risks will reward you” EDM boss tells fellow tech businesses
22 September 2021
EDM Precision’s Paul Waldron has encouraged fellow businesses in advanced engineering and manufacturing to “take calculated risks” during the current climate after seeing his own investment in marketing and machinery pay off.
His company, located at Silverstone Park, is experiencing its biggest period of growth in its 30-year history thanks to an influx of work from new sectors (see separate story).
“I’d definitely say to businesses don’t be too risk averse, and that’s from a business that just wants steady growth year on year,” said Paul.
Thinking through the risks, being prepared to take them and also being patient have all contributed to EDM’s current success.
Paul continued: “In 2014, after we’d already been at Silverstone Park for 20 years, we took the decision to move to a bigger unit on the Park and, with that, purchase additional machines to expand our capabilities.
“When we moved it was expensive and, at first, it can feel like it’s all money going out. But, within a couple of years, the chances are it will come back and reward you… it did for us.”
And he advised: “There are risks involved in running a business – calculated risks – and you have to take them.
“At the start of the pandemic we expected existing customers to purchase less so we doubled the amount we spend on Google ‘AdWords’ – a risk when sales revenue was likely to drop and little was known about the future.
“But this risk paid off as we rose up the search engine and have secured a good number of new clients.
“We have continued with the ‘double AdWords’ investment as we like the fact that, with the new prospects and potential clients that it brings, we can be more selective and choose our customers instead of dealing with customers who can perhaps be more demanding than they are worth.
“Once you’re in that situation that’s a nice place to be, but don’t forget the importance and time it takes to build a network of people, skilled employees and your contacts in the supply chain who are willing to support what you’re doing.”