4Thought Blog

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Manufacturing Workplace Safety: 7 Improvements to Consider

Posted by Concannon Miller on Thu, Sep 9, 2021

Workplace safety is a top concern among manufacturers. Without taking COVID-19 into account, the National Institute for Occupational Safety and Health estimates that occupations within the manufacturing sector account for 5% of U.S. workers, yet they represent 8% of all workplace fatalities.

Unfortunately, COVID-19 has added to the safety concerns that manufacturers face. At the start of the pandemic, manufacturers scrambled to implement safety measures to minimize viral spread and comply with social distancing restrictions imposed by state and local governments. As new variants continue to emerge, manufacturers must continually review their safety protocols.

Going forward, manufacturers may need to invest in new or improved safety measures to protect workers in the new normal. Here are seven protective measures that can help improve workplace safety.

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Topics: Manufacturing

6 Best Practices to Protect Manufacturers from Ransomware Attacks

Posted by Concannon Miller on Thu, Aug 12, 2021

There has been a surge in ransomware attacks in recent years and an even greater acceleration in the first half of 2021. Virtually every type of business is at risk, especially key links in the manufacturing supply chain.

For example, in May 2021, a high-profile attack temporarily shut down operations of the largest gas pipeline in the United States. The owners of the pipeline paid nearly $5 million in ransom to regain access to their servers.

Although the owners were eventually able to recover most of the Bitcoin transferred to the hackers, the lessons are loud and clear: Watch out for similar attacks on your company and take preventive measures to foil prospective hackers.

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Topics: Manufacturing

4 Strategies to Improve Productivity in Manufacturing

Posted by Concannon Miller on Tue, Jul 13, 2021

The basic formula for success in the manufacturing sector is simple: Produce more, spend less. So-called "lean" manufacturing is easier said than done, but there are several improvements that can increase your firm's output.

Lean companies operate as efficiently as possible, using the least possible staff time, equipment and raw materials. Here are four ideas to consider implementing this summer to help boost profits for the remainder of 2021 and beyond.

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Topics: Manufacturing

4 Pillars of Mid-Year Business Planning for Manufacturers

Posted by Concannon Miller on Wed, Jun 2, 2021

Manufacturing firms normally create a business plan at year end that focuses on the upcoming year. However, today's market conditions are anything but "normal."

So, it's important to take the time this summer to revisit your company's plan. A comprehensive mid-year review can help determine whether your business is on track or your plan needs some adjustments.

Here are four pillars that will help create a solid foundation for your business plan.

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Topics: Manufacturing

Why Manufacturers Are Looking Forward to Growth

Posted by Concannon Miller on Mon, May 10, 2021

As more Americans get vaccinations and an economic recovery is within sight, manufacturers can bring lessons learned during the pandemic to accelerate growth.

However, a recent BDO poll found that manufacturers are split; some are in growth mode and are focusing on product or service innovation and tech investments, while others are looking to weather the rest of the economic downturn and restructure.

During a recent webinar, BDO polled manufacturing executives on their business priorities, strategies for resilience and growth and overall outlook for their business. Here’s what we learned:

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Topics: Manufacturing

Energy Tax Breaks: 5 New Benefits for Manufacturers

Posted by Concannon Miller on Thu, Apr 8, 2021

In recent years, lucrative tax breaks for energy-efficient investments have enticed many manufacturers to "go green."

At the end of 2020, the Consolidated Appropriations Act (CAA) was enacted, which includes various provisions that expand and improve certain green tax breaks. Here are five examples that could benefit your company.

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Topics: Manufacturing

9 Purchasing Strategies for Manufacturers to Save Money

Posted by Concannon Miller on Fri, Mar 12, 2021

Do you ever get an uneasy feeling that your purchasing system is out of whack? Are you concerned that expenditures are being made on your company's behalf that would never meet with your approval?

An effective purchasing system is essential to survival in the competitive manufacturing industry.

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Topics: Manufacturing

The Top 7 Tax Benefits for Manufacturers in 2021

Posted by Concannon Miller on Tue, Feb 2, 2021

The Consolidated Appropriations Act (CAA) — the massive spending package passed in December 2020 — includes many provisions designed to help small businesses that have been struggling during the COVID-19 pandemic.

Specifically, the new law contains the following seven tax-related provisions that may be of particular interest to manufacturers.

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Topics: Manufacturing

Should Manufacturers Use U.S. Supply Chain Partners? Pros & Cons

Posted by Concannon Miller on Fri, Jan 8, 2021

The manufacturing industry's dependence on foreign suppliers, especially those in China, has caused concerns for many years. But the COVID-19 pandemic has put a spotlight on this issue, forcing some manufacturers to rethink their offshore business arrangements.

Would your business be better off switching to U.S. supply chain partners? Here's some important information to consider.

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Topics: Manufacturing

A Tax-Smart Move for Manufacturers: Should You Buy Equipment Now?

Posted by Concannon Miller on Tue, Dec 8, 2020

Manufacturers that adopted an effective pivot strategy or are recovering from a COVID-19-related slowdown may need to acquire additional equipment or machinery.

Here's some important information to help you decide whether it makes more sense to buy or lease these assets — and why it could be a tax-smart move for some manufacturers to act before year end.

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Topics: Manufacturing

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