Competitiveness Review Recommendations Fuel Business Strategy Transformation
Company Profile
Torq/Lite was formed in 1995 when Dale Francis decided that he could design better hydraulic torque wrenches than he was currently using to do his company’s service work. Since then, the company has been a family-owned designer and manufacturer of bolting equipment made entirely in the USA. To date, Torq/Lite has received more than 15 different patents for new technology, with at least one in each of the last five decades.
By never settling for the way things have always been done, the company developed the most comprehensive spectrum of hydraulic torque wrenches on the market – including the Robo-Spider™, the world’s first fully automated hydraulic bolting system. Torq/Lite is also unique for developing their own hardware. By manufacturing and fabricating their own tool parts, they are able to maintain complete control over assembly, testing, calibration, and quality assurance.
Situation
Torq/Lite originally met with former MEPOL Business Development Manager Scott Uffman. It was discussed with Torq/Lite owners that operating discipline needed to be established with respect to budgeting and cost management with a concentration specifically on marketing efforts. It was then Uffman introduced the Torq/Lite staff to MEPOL Project Manager, Dan Stumper who knew the best solution for the company was to conduct a Competitiveness Review Assessment, a systematic evaluation of a manufacturer’s business measuring operations and performance against globally competitive criteria.
Solution
After understanding the company’s needs, MEPOL Project Manager Dan Stumper completed an initial Competitiveness Review (CR) for Torq/Lite. The recommendations from this project were to:
- Develop and refocus their business strategy
- Increase sales/marketing efforts
- Pursue funding options
- Institute policy deployment and human resource development
"We have enjoyed our relationship with Dan Stumper and MEPOL. His attention to detail and his consistency in follow up, suggestions to new grants and opportunities and intentional focus demonstrates the type of management model we want to implement and execute at Torq/Lite. Our newest venture into medical PPE is a large venture for us. Dan has been invaluable in introducing us to incentive programs, real estate opportunities, as well as operational level support in sourcing local suppliers for raw materials and labor."
—Nic Francis, Vice President of Operations
Results
As a result, the company has modified their business strategy. The latest efforts are focused on building a manufacturing facility to supply Nitrile Gloves (PPE) to the medical industry. Torq/Lite has also been successful in getting through the initial phase of a SWTAAC grant. Policy changes have also been established and cost saving measures have been implemented. Based on the recommendations from the Competitiveness Review completed by MEPOL, Torq/Lite has also enlisted the help of a part-time Chief Financial Officer (CFO) to drive cost control and cost management activities.
Increased/retained sales
Increased/retained jobs
Cost savings
Savings on investments