Preparing Loan Proposals – Implications of COVID-19: An Overview for Manufacturing & Distribution Companies

The strong economy of the last few years brought many benefits with it, including easier access to credit with lenders. With low interest rates and soft demand for loans, lenders focused on credit quality while streamlining the loan application process and relaxing documentation requirements. Those practices will now change in response to the economic uncertainties [...]

2020-04-15T20:25:39-05:00April 15th, 2020|COVID-19, MANUFACTURING & DISTRIBUTION|

Comparison: COVID-19 Employer Relief Options

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP/EIDL program* by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more.Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under [...]

New Consolidation Standard for Variable Interest Entities to Be Implemented This Year

Toward the end of 2018, manufacturers and other private businesses got some much-needed financial reporting relief in the form of Accounting Standards Update (ASU) 2018-17. Intended to reduce the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs), the standard currently goes into effect for private companies for fiscal years [...]

2020-04-13T17:18:46-05:00April 13th, 2020|MANUFACTURING & DISTRIBUTION|

Q & A: Paycheck Protection Program for Small Businesses

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. The recently passed Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, has earmarked nearly $350 billion in a relief program through the Small [...]

Leading Through the Coronavirus Crisis – Respond Today and Plan for Tomorrow for Manufacturers

Although protecting the safety of families and employees will remain a top priority for manufacturing organizations, business leaders are now facing unprecedented challenges brought on by COVID-19 that require a large amount of planning. These challenges evolve daily, and while many require immediate response, others present potential longer-term threats or positive outcomes. A crisis the [...]

2020-04-06T17:53:39-05:00April 6th, 2020|COVID-19, MANUFACTURING & DISTRIBUTION|

Main Street Lending: Introduction to the Paycheck Protection Program (PPP)

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. One of the most notable parts of the CARES Act is the opportunity for loan forgiveness through the Paycheck Protection Program (PPP). What is it? How [...]

Insurance Policyholder Considerations for COVID-19

The effects of the COVID-19 virus are only beginning to be felt within our communities and across the nation. Both business leaders and employees are looking for answers to difficult questions as we work to control both the spread of the virus and the economic effects after its curtailment, resulting in significant insurance policyholder considerations [...]

Coronavirus Economic Response Package – Phase Two

On March 18, phase two of the Coronavirus Economic Response package was signed into law. The Families First Coronavirus Response Act (HR 6201) extends paid sick leave to employees all over the country affected by the pandemic (“COVID-19”). The paid leave is paid for by the federal government and funneled to the employees through the [...]

The Growing Threat of Cyberattacks in Manufacturing and How to Prevent It

As a manufacturer, the success of your business is dependent on your products. Things like secret ingredients, build lists, and patented designs and production processes are key to keeping your products unique and valuable to your consumers. Because a vast majority of this information is stored in digital technologies (like cloud storage and artificial intelligence), [...]

2019-12-03T13:12:46-06:00December 3rd, 2019|MANUFACTURING & DISTRIBUTION|

Is Your Manufacturing Business Ready for the New Revenue Recognition Standard?

Although it’s been almost a year since the new revenue recognition standard officially went into effect for public companies, many industries are continuing to struggle to understand and implement the complex new rules. In fact, many manufacturers and distributors are finding that adopting the new standard requires changes in everything from their accounting processes and [...]

2020-02-03T18:05:08-06:00December 3rd, 2019|MANUFACTURING & DISTRIBUTION|

Is an Opportunity Zone Play Right for Your Growing Manufacturing Business?

The opportunity zone incentive created by the 2017 tax law has generated a lot of interest in the business community. The tax benefits can be significant for investors who follow the process detailed in the statute, but owners who want to use the incentive to grow a manufacturing business need to understand that it takes [...]

2019-09-30T19:36:29-05:00September 24th, 2019|MANUFACTURING & DISTRIBUTION|

How South Dakota v. Wayfair Affects Manufacturing and Distribution Companies

It’s been almost a year now since the Supreme Court’s South Dakota v. Wayfair decision affirmed the state’s law regarding the taxation of out-of-state sellers. There’s been a lot written in that time about how retailers need to better track sales and compliance with similar laws in an increasing number of states throughout the U.S. [...]

Manufacturing Product Costing

Manufacturers should have a firm grasp on how much it costs to produce their products. This knowledge ensures that they can control expenses, account for future production needs, isolate inefficiencies, set appropriate prices on produced merchandise, and improve profit margins. Understanding production costs also allows a company to respond more effectively to changes in the [...]

2019-06-13T10:39:16-05:00May 9th, 2019|MANUFACTURING & DISTRIBUTION|

How Predictive Maintenance Helps Manufacturers Prevent Production Delays

The breakdown of a major piece of manufacturing equipment triggers a domino effect of halted production. This unexpected shutdown usually results in costly last-minute repairs, late or canceled orders, and angry customers. Manufacturers who conduct predictive maintenance on machines and equipment can reduce the risk of an unexpected breakdown. Understanding Predictive Maintenance A manufacturer can [...]

2019-06-13T13:10:08-05:00May 7th, 2019|MANUFACTURING & DISTRIBUTION|

Improve Manufacturing Company Profitability

While a strengthening economy has provided a much improved operating environment for manufacturing companies, strong management teams should constantly be focused on improving margins. Here are four steps a company can take to increase margins and improve its profitability. 1. Begin evaluating the manufacturing company's pricing strategy for those products and/or services with the lowest [...]

2019-06-13T13:37:06-05:00February 9th, 2019|MANUFACTURING & DISTRIBUTION|

How Manufacturers Should Account for Excess Capacity

Just as consumers have to abide by the load capacity of their washers and dryers, manufacturers should set up their businesses to handle certain production capacities. Based on past and projected future sales levels, they invest in machines, buildings, materials, and laborers to meet anticipated needs. In spite of these investments, a manufacturer sometimes experiences [...]

2019-06-13T12:05:26-05:00February 5th, 2019|MANUFACTURING & DISTRIBUTION|

3 Questions for Easing the Seesaw of a Seasonal Product Cycle

Manufacturing and distribution companies that handle seasonal merchandise know that correctly managing supply and demand can be the difference between having a warehouse with minimal inventory (which is ideal) and carrying the burden of leftover inventory (the result of poor planning) after peak season. Accurately forecasting the demand for seasonal merchandise is difficult because of [...]

2019-06-12T15:08:16-05:00February 3rd, 2019|MANUFACTURING & DISTRIBUTION|

A Look at Internal Controls and Processes for Evaluating Vendors

Manufacturing and distribution companies should appraise vendors through various lenses since they are such an integral part of the company’s success. Given all of the discussion related to the increase in fraudulent activities, it is a good idea for businesses to incorporate an evaluation of internal control processes for accounts payable and vendors. Here are [...]

2019-12-26T12:58:17-06:00January 12th, 2019|MANUFACTURING & DISTRIBUTION|

Back to Basics: Inventory Control and Generating Cash

Excess inventory can reduce cash reserves (typically used to cover unexpected expenses during uncertain economic periods) and create a strain on a manufacturing or distribution company’s ability to pay unanticipated expenses. Therefore, tough times require companies to get back to the basics of controlling inventory to generate cash. While inventory turnover declines when a company's [...]

2019-06-13T09:19:57-05:00November 8th, 2018|MANUFACTURING & DISTRIBUTION|

Backup Suppliers Are the Link to a Strong Supply Chain

Manufacturers rely on a supply chain to provide the raw materials required for production. If a supplier doesn’t deliver materials as promised, then production could be delayed or halted. Manufacturers can guard against supply shortages by creating agreements in advance with backup suppliers. Reinforcing the Chain with Backup Suppliers By having a contract already negotiated and [...]

2018-11-12T15:49:29-06:00February 3rd, 2016|MANUFACTURING & DISTRIBUTION|