The great Bob Dylan once wrote "the times, they are a-changin'," and it's never been more profound. The United States economy is in the midst of a full-scale economic recession. Industrial manufacturing in the United States has been severely affected and some experts claim it will never return to its prior levels.

Low manufacturing production levels and declining profits are only expediting the process of manufacturers looking to Mexico, China and other regions of the world for low-cost production. The acts of terrorism and the threats of future violence have contributed to the crippling of some of America's largest industries, as have the fraudulent activities of some of our larger companies. How is a manufacturing company to survive in today's changing times?

I believe the first key is the realization that our industry has changed and it will not be returning to its prior state. Just as the industry changes, companies that live and depend on that changing industry have to change, as well.

It is important to understand our new business climate and develop a strategy that will allow us to succeed and prosper. Simply put, successful companies change. Most core company values never change; they are like the rocks in the stream.

Company strategies do change. They are like the pebbles in the stream, always moving and changing with the current environment.

Profitability is always the bottom line. Increasing sales is always the first answer to improving profitability, but sometimes it's just not realistic and other areas have to be explored. Decreasing labor costs, decreasing raw material spending, increasing efficiencies and reducing logistical spending are all areas that can and should be evaluated.

The goal of any company should be to manufacture high-quality products for the lowest possible cost and sell them for a fair profit.

Today's end-user requires cost-effective products that are readily available and perform consistently. It's our task to develop a strategy that will put us in a competitively advantageous position to meet their needs.

After developing a strategy that is built upon the needs of our customers, it's time for implementation. Action plans usually require adequate funding, strong leadership and total company commitment to changing with the times and implementing the new strategy. Changing involves diligent work and a positive attitude.

Merit Abrasives is a successful company that has been meeting our customers' needs since 1945. That said, times change and we found ourselves in the position of needing to re-evaluate our strategy and align our company with the current needs of our customers. We realized our situation, developed a strategy and embarked upon the difficult process of changing.

This whole process resulted in a move to lower cost manufacturing, an acquisition by Saint-Gobain (the leading supplier of raw materials to our industry), a dramatically improved logistical offering to better meet the delivery needs of our customers and a stronger presence in the field, with significantly enhanced manpower. It was not easy, but the light is shining at the end of the tunnel.

The times they are a-changin'. Are you changing with them?