Best Tool & Engineering | Application Preview
Best Tool & Engineering is seeking government grants to enhance its operations during the ongoing pandemic by targeting recession-resistant industries. The funding will be allocated to marketing and sales initiatives aimed at entering new sectors such as aerospace, defense, and e-commerce. This expansion will necessitate new certifications and ongoing employee training, as well as upgrades to existing machinery to meet customer demands.
The company's business strategy focuses on diversifying its offerings, with less than 1% of its plastic injection work tied to the automotive industry. By branching out into stable markets, Best Tool aims for continuous growth, particularly in e-commerce, which has shown significant expansion in recent years.
In a competitive landscape dominated by high-volume plastic injection firms and "one-stop shops," Best Tool's niche lies in low-volume and prototype production. This specialization prevents it from being viewed as a commodity and allows it to capitalize on the unique needs of the e-commerce sector. Additionally, Best Tool boasts expertise in Vibration Welding and Hotplate Welding, services less commonly found in the metro Detroit area, further enhancing its competitive advantage.
-
General Information
Business Registration Number: 383128911
Location: St Clair Shores, MI, United States
Length of Operation: 29
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: NO
-
Funding Usage
There are several areas in which Best Tool could use government funding. Given the current pandemic situation, we are investing into marketing and sales to get into more recession-proof industries. With new industries and sectors, comes new certifications with annual and ongoing training for our employees. We are also looking to upgrade our capabilities and ensure existing machines are satisfactory for our customers’ needs when pursuing these industries.
-
Business Plan
By pursuing the aerospace, defense, and e-commerce markets, we will grow at an uninterrupted pace given their stability against recessions. Less than 1% of our plastic injection business is Automotive. We have made it a point to diversify our portfolio which has kept us in business amidst recessions and automotive cycles. This pandemic has us heavily investing our resources into our future as mentioned in our 5 year plan by pursuing recession-proof opportunities. The E-Commerce market alone has expanded by 16% in the last year, topping it’s previous year of 14.4% and 13.2% the previous year. Because we focus on low volume lots, that gives us an advantage in the E-Commerce market where business may only be selling 10 to 10,000 units/month.
-
Self Identified Competition
High volume plastic injection companies “One-stop-shops” Small fabrication shops We focus on low volume and prototype lots because it’s easy to become a commodity with high volume orders and lose work because of price. We want to grow with the E-Commerce industry because of the continuing growth in that market. We specialize in Vibration Welding and Hotplate Welding, a service that has recently become a rare find in the metro Detroit area
-
Contact Applicant
Subscribe to our Administrator Dashboard to gain full access to this application. Learn More
