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StephanieHarkness
Pacific Plastics & Engineering | sharkness@pacificplastics.com | Owner | 11/18/2002 | CEO
Example: Stephanie Harkness is CEO and owner of Pacific Plastics & Engineering##comma## a high-tech injection molding & assembly company located in Monterey Bay area of CA.
What kind of training or education did you acquire before your venture?
COmpany owner 14 years with busines partner who is also my husband. Owned a previous business 7 years. Started and sold two other companies.
What services or products does your organization offer?
Our enterprise produces customer-designed high-tech##comma## medical##comma## pharma##comma## and engineered products to very tight tolerances under very tight timelines. We build molds##comma## produce product here and offshore in India##comma## and assemble/ship from our facility to customers worldwide.
What type of business or organization do you operate?
S corporation to privide some protection of personal assets.
How many employees do you currently have?
84
How did you originally discover the idea for your organization?
Through careful analysis of market##comma## location##comma## and needs of customers. Through the 14 years of operation it has been modified towards higher margin markets.
How did you originally fund your organization?
Personal funds
Are you the founder of your organization?
yes
Do you believe there is any distinct culture within your organization? If so, please describe it.
We are a family-friendly culture that holds people accountable for their actions. Education and metrics play a very important foundation of our ability to serve customers with 99.6% ontime deliveries consistenyl. We promote staff who demonstrate ambition so they can fulfill on their dreams.
What obstacles or challenges have you faced in your organization?
I was turned down in 1993 by a community bank when seeking credit facilities##comma## though we were profitable for past 4 years. Because it was woman-owned##comma## they felt I was more of a credit risk. Sought out national bank and have been with them ever sense.
Our location hampers us due to high cost of living and geographical isolation. We have staff that commute over 2 hours each way##comma## so we have hired a van driver–this way they can buy houses there and commute here for higher paying jobs.
Did you accept any advice along the way? Do you believe new organizations should be open to such advice?
A strong network fo help and professional advisors is paramount to my company##aps##s success. They guide me where I am blind##comma## ##aps##nudge##aps## me where I am conservative##comma## and introduce me to new contacts for business.
Did you receive any help along the way from other businesses or organizations? If so, how and from whom?
NAWBO: National Association of Women Business Owners has been critical to our success–speakers##comma## conferences##comma## and leads have served us well.
What have been the keys to success in your business? What do you believe are the keys to success?
Willing to risk capital in a highly equipment intensive industry; advisors who help me think before I act; a business partner that shares similar vallues and game plan.
What kind of relationship do you establish with your customers or clients?
Talking with competitors and suppliers so I am aware of their marketspace; attended conferences where I learn the drift of the marketplace; close communication with customers.
What types of marketing do you employ?
We are referral based mostly; material suppliers offer leads; and customers move around introducing us into their new work place.
Do you employ any web or online marketing?
We are MRP driven throughout our company. It has been critical to achieve the results we post each year. We can##comma## from home##comma## log on and discover the real cycle time of each press that we operate–if problems##comma## we call.
What role does trust play in business or in your organization?
The biggest mistake is not enough personal time together–when we talk after work##comma## work related topics creep in.
Did you struggle with starting your own organization or venture? Why did you decide to begin on your own?
I worked for my Dad who was an entrepreneur when I was in high school##comma## so I am not surprised that I found myself here though it was intended. Each role I have served in has had some entrepreneurial qualities that I latched onto and built on.
What books or resources would you recommend for individuals starting off now?
Chamber of Commerce is excellent; SBA is helpful as is NAWBO. There are too many books to name…just look at the best sellers##aps## list.
Do you notice any trends in the marketplace? If so, what are they?
Manufacturing is leaving the U.S. due to high costs and it is sad. For every 1 job in manufacturing##comma## it generates 2.5 support positions elsewhere…the converse is true if that 1 manufacturing job leaves.
Do you believe networking and contacts are important? If so, how?
Absolutely important especially when you are new to the game. I don##aps##t rely on networks for leads so much anymore as now they come to me.
What do you think about contracts and other legal obligations? Are they important in your business?
It##aps##s always changing…
If there is one thing that would sum up your advice to new entrepreneurs, what would it be?
As a student holding a Masters and MBA##comma## obviously I highly value education. It lessens my blindnesses and opens me to new thinking. Sometimes people get lucky##comma## but to sustain a business for many years##comma## with structures nneding to change##comma## education prepares you for analysizing change.
What, if any, final advice do you have for new entrepreneurs?
Jump in and try it. It beats the alternative!
