As the country and the world are confronting an extraordinary series of economic crises, industry leaders have been put to the challenge, poised at the crossroads, choosing between success and failure. Here are two scenarios to consider:
Scenario #1:
In 2008, in order to stay in business, many companies cut costs by decreasing their investment in equipment while reducing services, workforce, and quality. Daily headlines identified corporate executives who refused to take responsibility for poor performance. The well-traveled road to business failure has been crowded with more and more companies who fall into the same potholes as they continue to make the same mistakes and seek easy solutions to tough problems.
Scenario #2:
In 2008, Precision Punch Corporation experienced continuing expansion with a double digit increase in sales, a 40% increase in quality, and a 10% increase in productivity. At the same time, in addition to the company’s ISO 9001 certification, it was awarded ISO 13485:2003 certification. Precision Punch Corporation has remained steadfast to its commitment to “defining excellence” in everything they do for every industry and customer they serve. As a result, the company has earned unprecedented customer loyalty evidenced by the fact that 41% of the its new business over the last three years has been from ongoing customers’ referrals.
Precision Punch Corporation’s singular journey testifies to the fact that with flexibility, ingenuity, and tenacity, a company can meet the challenges of our times without compromising integrity and without taking short-cuts. A combination of strong leadership, consistently reliable quality products, and outstanding customer care has kept this company moving forward. For rather than choosing the more frequented and worn path of least resistance, Precision Punch Corporation has the courage to choose the path of integrity and commitment, a road that is far less traveled.
The journey begins…
Precision Punch Corporation’s route, like most companies, had many twists and turns, but its direction was unswerving. From the first, the company’s founder, Robert V. Peterson, had a basic and unyielding business principle: treat customers the way you wish to be treated. For more than fifty years, this commitment has been the compass that guides every business decision. Today, the company’s leaders know that how they set the course is how they have stayed the course.
Robert V. Peterson (RV) originally worked in the industry with his dad, Charlie Peterson, who established Laurel Supply Corporation in 1946, a successful industrial supply company. Over time, the punch manufacturer serving the family-owned business became increasingly inflexible and could not be relied on to meet customers’ needs and expectations. In response to the growing demand for timely delivery of high-precision punches, in 1965 RV founded a complementary business, the Precision Gage Corporation.
RV knew the direction he wanted for his new company. He began by dedicating himself and his employees to a steady course of responsibility and accountability as he built the company’s reputation for providing consistency in superior quality products and unrivalled customer service. Furthering his commitment to excellence, Peterson’s next bold step was to take complete responsibility for manufacturing. He started purchasing his own raw bar stock to produce blanks, worked with a local heat-treater to harden the blanks, and internalized machining operations to finish the parts to customer requirements. Peterson was blazing a trail from supply house to manufacturer.
During this critical time R.V. ’s son, Robert L. Peterson (Bob) became associated with Precision Gage. Bob offered exceptional skill and ability as a machinist as well as a tremendous aptitude for manufacturing. By 1975, R.V. retired from Laurel Supply to devote his full energies to manufacturing at Precision Gage, Bob Peterson joined the company full-time, and the family-business continued in the right direction.
Following in the footsteps…
When Bob Peterson became in 1985, he redoubled his dad’s commitment to keep the well-respected family business on track by following the founding principle of addressing customers’ needs and expectations. Towards that end, the company’s name was changed to Precision Punch Corporation, to better reflect the product line.
Under Bob’s direction, Precision Punch continues to lead the way as the full-service organization that sets the standard for the highest caliber of perfection for mold making, stamping, and cold heading. With an extensive line of tool and die and mold component products and exceptional customization capabilities, the company offers a comprehensive and ever-expanding line of standard parts. These include an extensive line of ground perforators, close space punches, punch blanks, step punches, ejector punches, pilot punches, bevel-headed punches, core pins, mold pins, nitrided ejector pins, EDM die blanks, precision die buttons, tool blanks, sleeves, and miniature tools and components. Every part must meet the standards set forth by the North American Punch Manufacturers Association.
And with customization, as with everything else, the customer comes first. A dedicated team takes time to listen and learn about requirements in order to evaluate the specifications and design a process that precisely and efficiently meets each need. State-of-the-art production equipment, experienced engineers, and highly skilled machinists assure built-in quality control and personalized service each step of the way. Whether it’s just a one-off component or the most demanding high-volume production, Precision Punch lives up to its name, insisting on precision and perfection in each punch, die, blank, tool, pin or component manufactured.
Bob’s leadership keeps the company a step ahead of the rest of the field by his respect for the balance needed to integrate experience with technology, and by providing customers with the competitive advantage of proven quality, dependability, and accountability. That’s why Precision Punch is capable of meeting the full range of exacting and demanding needs for industries as diverse as eyelet and injection molding manufacturers; electronic manufacturers; medical, pharmaceutical, surgical, and dental manufacturers; automotive and aircraft manufacturers; military and civilian munitions manufacturers-and many more.
Leading the way…
Where Precision Punch leads, others follow. Guided by Peterson’s professional expertise and his personal enthusiasm for new challenges, a team of experienced and talented professionals continually takes the initiative, moving the industry forward by going down unexplored business paths to develop innovations that break new ground. At a time when others may be playing it safe and circling the wagons, Precision Punch is forging forward.
Currently Precision Punch is working on distinguishing the company as a “Learning Organization” with a keen focus on delivering optimum value to every customer. By working on continuous improvement and honest self-examination, the leadership is systematically incorporating the best business practices of Lean Manufacturing. “The level of meaningful employee involvement through Lean Manufacturing principles is a significant factor in the exceptional operational performance,” asserts Fred Shamburg, President of a leading Lean Manufacturing consulting firm.
Precision Punch’s commitment to learning is further indicated by its introduction of the Six Sigma program, a much-respected set of practices designed to improve manufacturing processes and identify elements that could lead to customer dissatisfaction. Recently, Kevin Gregoire, General Manager of Precision Punch, achieved the level and certification of a Six Sigma Black belt. Kevin explains the coordinated effectiveness of the educational programs: “Our commitment to the principles and practices of Lean Manufacturing and the implementation of the Six Sigma tools and methodologies has allowed us to achieve performance levels of quality and customer service that clearly distinguish us from our competition in the industries we serve.”
The Road Less Traveled…
By looking back at the history of Precision Punch Corporation, the future ahead is clear: the company’s steadfast commitment to excellence will prevail. Insistent on keeping the company on a bold and independent path, Bob Peterson explains his leadership success by what others say about him: “People have said I have a ‘passion for perfection.’ I agree. There’s no better way I know to further our commitment to our customers than by providing the highest quality products and standing behind every one of them. I never have, and never will, settle for anything less, and that often means taking the road less traveled.”
