While strong, dependable financial practices remain a predominant key to the current and future success of your business, too many businesses fail to implement them. Despite recognizing that poor and inconsistent financial management excels in causing weak business performance and growth, most business owners still fail to carry out the necessary financial tasks to keep...
With a rapid surge in long awaited, pent up travel demand, aerospace manufacturers brace for an extraordinary labor crunch. At the beginning of last year, the unfamiliar Covid-19 pandemic abruptly brought air travel to an unexpected halt, obliterating jobs and eliminating the demand for new planes. Fast forward to today, the development and introduction of...
By now you understand that-as a startup- turning to investors for funding requires a great deal of preparation, including detailed plans of your business, understanding of your market, and prepared financial statements. (If you’re still unclear we suggest that you look at our previous blogs for more info!) Additionally, there is separate key element essential...
For businesses to grow, survive, and remain competitive in their niche, they must take care of their employees. Supporting your employee’s professional advancement and personal growth is an impactful way to show that you care for them. Employee development is vital for growth, productivity, and the ability to retain your top talent. Nurturing a learning...
Constantly evolving with the change of company processes, your chart of accounts should be reviewed on an annual basis. Having an organized chart of accounts provides an accurate snapshot of how your business is spending and receiving money. While reviewing, it is crucial to find the balance between having enough accounts that your financials are...
While many different paths exist to gain money to operate your business, the fact is that all businesses need cash to survive and grow. “Cash Flow” is the way cash runs your business and ultimately determines it’s long term survival or potential downfall. Measured over a specific period of time-by month, quarter, or year- a...
Successful business owners make it a habit to review their profit & loss at least every month. This allows them to keep a finger on the pulse of their business by reviewing their revenue alongside their expenses. If your bookkeeping processing isn’t up to date and/or you don’t have a P&L statement to review, we...
Visualizing the old way of work, we can sum up a typical day along these lines: Monday morning, alarm clock rings, coffee, cubicles, disengaged, resentment, mundane, and counting down the minutes until Friday. Fortunately, now, the work day is a whole lot different. As workplaces continue to modernize and technology increases the ease for collaboration,...
Without a doubt, companies embracing the future of technology stay ahead of the game upon the implementation of a successful ERP System. The key word here being successful. While it is in the best interest of many companies to pivot-or continue to pivot- their operations to optimize efficiency in their workplace, doing so comes at...
As lean thinking continues to evolve with things like Industry 4.0, improving your factory layout utilizing lean methodologies can greatly improve your factory efficiency. Many factory managers today experience the same headaches that were common years ago. Do any of these sound familiar? Long production and lead times Bottlenecks in production- at max capacity Too...
Overhead, otherwise known as overhead costs, refers to the ongoing expenses associated with operating a business. Understanding your overhead costs and keeping them under control is essential to success as a business owner. Overhead Costs Overhead costs represent business expenses that are not directly related to making a product or performing a service. Expenses such...
Manufacturing is constantly facing new challenges, we are seeing very strong global competition, Industry 4.0 is transforming the industry, and we have millennials entering the workforce. Risks are evolving as well, constant economic uncertainty, and cyber security attacks are becoming a real threat to the industry. To remain competitive, manufactures cannot afford to proceed with...
