If you’re managing an industrial development product, you likely have a lot of responsibilities to juggle. Industrial development can take on a wide range of facets and tasks, including acquiring new land or buildings for industrial use, outfitting these areas with the appropriate equipment for industrial manufacturing or production, and implementing new technologies within existing industrial sites.
The four cycles of industry are commonly referred to as introduction, growth, maturity, and decline. That being said, the two phases of any industry where the most choice can be exercised are introduction and growth. Each sector obviously has its own best practices to keep in mind when it comes to handling different phases and aspects of industrial development. Here are a few overarching concepts to keep in mind if you’re involved with an industrial development project on a high-level.
Consider your environmental impact.
More and more businesses are having to pay attention to their impact on the environment, and for good reason. Fires on the west coast of the US, an increase in the severity of hurricanes, and abnormal temperature fluctuations across the country all point to the fact that climate change is real and affecting the world in measurable ways. Scientists know that the only way to truly stop global warming is to stop fossil fuel emissions and zero out greenhouse gases in the atmosphere, and anything a factory can do to help this is incredibly important.
For example, if you’re in oil production, you may choose to reduce the environmental impact of your pumping by using a multiphase pump instead of a traditional pump. Regular pumps can quickly deplete a natural reservoir of oil and produce excess gases, which ultimately increase the need for more fracking and drilling. A multiphase pump addresses some of these issues in two distinct ways.
For starters, the multiphase pump is capable of handling low-pressure reservoirs, which ultimately means that the reservoir can naturally replenish sooner. Beyond that benefit, multiphase pumps are also capable of reducing the hydrocarbons produced as a byproduct of pumping, drilling, and fracking, meaning there’s less of an impact on the atmosphere, too.
Get on the same page as your stakeholders.
If you’re buying land or old buildings as part of your industry’s growth phase, it’s important to connect and engage with the stakeholders in the area you’re planning on operating. Many communities can be positively affected or negatively disrupted by an industry entering their region, so it’s crucial to ensure that you have public support before starting to build out. Different sites have different benefits, and you may be surprised by the places you’ll find support or opposition from. Neighborhood associations, schools, and even workers’ unions will likely all have something to say about the presence of your industry in their community, so it’s best to canvas these sorts of groups ahead of time in order to better meet their needs and address their concerns when you come to town.
Follow all regulations for your industry.
This should go without saying, but it’s crucial that you have the money and equipment necessary to meet all regulations for the sector you’re working in. For example, clean room construction is an important factor in a few different areas of industry, including pharmaceutical manufacturing, aerospace technology, and other medical applications. If you work in these kinds of spaces, you’ll want to make sure that you work with a company that understands these sorts of regulations. If possible, it may even be worth it to find a company capable of certifying that you meet all clean room standards.
Keep in mind that in some verticals, the rules governing your type of industry may change much more rapidly than others. As such, it’s a good idea to always keep a contingency fund to help you cover unpredictable costs or changes in the way you need to do business.