8 MiMfg Magazine January / February 2023
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Identifying Solutions through Advisory , Financial and Consulting Services
In this post-COVID-19 era , manufacturing leaders are facing a variety of new financial , process and development issues . To combat rising costs and supply chain bottlenecks , businesses may benefit from thinking outside the box to maintain growth and stabilize or increase their profitability .
Recognizing ways to battle inflation , analyzing supply chain options and enhancing workforce development and technology opportunities are all important factors to consider , says Tom Shemanski , Director of Manufacturing Services and Fractional CFO Services at Rehmann .
Recognizing these needs , Rehmann , which started as a CPA firm more than 80 years ago , now is a multifaceted advisory firm that helps businesses and highnet-worth families maximize potential . Rehmann partners with over 1,000 manufacturing clients , providing them customized solutions and services . Through the firm ’ s expertise in business consulting , tax and accounting , auditing , finance solutions , wealth advisory , human resources , technology and more , they ’ re able to help manufacturers navigate those tricky problem areas mentioned above .
For instance , sudden inflation can dramatically affect a business ’ finances . Shemanski explains that companies have struggled to keep up with volume and pace of cost increases . Historically , repricing products for customers could take months . This additional time spent can erode margins and force companies to revamp their repricing processes .
“ It ’ s definitely a challenge for manufacturers to have really robust costing systems due to this unpredictability ,” Shemanski says .
Tom Shemanski Director of Manufacturing Services and Fractional CFO Services
Rehmann
Which company value do you associate with the most and why ? Put people first . It ’ s the core of who we are and how we drive such high employee and client satisfaction . I came to Rehmann because of the great people and leadership here .
For that reason , being prepared with more thorough costing and inventory evaluation may help , he says .
Another important area to research is the pros and cons of importing vs . exporting . The debate has existed for generations but it has become more significant because of current supply chain bottlenecks . Manufacturing businesses may find projects stalling as they wait for products . However , by reevaluating their processes , they may uncover solutions they had not seen in the past .
“ To provide our clients with fresh insights , we may analyze the advantages and disadvantages of bringing production back to the United States , help businesses look at their ERP systems to see how they can react to constant changes in the supply chain , and research alternative sourcing options , whether it ’ s creating dual suppliers or vertical integrations or even acquiring a supplier to eliminate supply chain risks ,” Shemanski says .
Manufacturers that are importing and exporting may need assistance
One piece of general advice for any business , what would it be ? Work in the areas of your business that you have deep passion for and prioritize your time for best / highest use . Surround yourself with strong people who complement your work experience .
in a variety of additional areas , such as complying with regulatory changes , acquisition policies , registrations , tax structures , identifying local tax credits and reducing overall tax payments .
Shemanski says providing technology solutions could also have an impact on the No . 1 challenge facing manufacturers today — talent . Creating a collaborative and positive work environment through technology can be an effective way to improve a company ’ s talent acquisition strategy .
Given the current workforce environment , manufacturers face an uphill battle when it comes to talent acquisition . It ’ s more important than ever to have a comprehensive business strategy to support those efforts .
Rehmann aims to provide innovative solutions through consulting and advisory services to help manufacturers be more resilient in today ’ s rapid pace of change and ongoing challenges . 6
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