PLAIN AND SIMPLE Bright Business Insights
Vol . 8 | Issue 1 | Winter 2023
Dear Readers ,
It ’ s hard to believe 2023 is already here ! We hope you had a great Christmas season and wish you a prosperous and healthy New Year .
First , I want to introduce myself as the new Director of Manufacturing & Distribution at Rea . I recently joined the Rea & Associates team from the J . M . Smucker Co . where I have held various financial roles in manufacturing operations , corporate cost accounting , marketing , and sales . I am passionate about manufacturing and I have extensive experience leading cross-functional teams .
As you gear up for business in 2023 , take a look at recent history to understand the changes and challenges businesses have faced : Inflation , supply chain interruptions and delays , rising interest rates , the threat of recession , and global instability .
So how do we respond to the unknowns and prepare ourselves to be successful in a challenging environment ? Benjamin Franklin once said , “ By failing to prepare , you are preparing to fail .” Many companies took to heart the lessons learned from the 2008 recession and have prepared their companies to handle the current objectives . I wanted to highlight key business trends to consider for your business model .
Inflation and supply chain security – Industry experts expect ongoing inflation and subdued global economic growth . For companies to stay afloat , they will need to boost their resilience . Companies should spend time mapping out their entire supply chains and identify any exposure to supply and inflation risks to minimize vulnerability .
Immersive customer experience – Today ’ s customers want a positive customer experience above all else . Whether in-person or online , the role of technology will play a big part in the overall experience . Online shops where customers can browse and “ try on ” virtual representations of clothes , jewelry , and accessories are some examples of those experiences customers are looking for .
Some other key business trends will be highlighted in this issue of Plain & Simple , such as inventory and cash flow management , cost segregation tax strategies , the vital importance of securing your business data , and key strategies for retaining talent .
I am extremely excited to join a great team and build on the momentum . Our goal is to continue to find new ways to partner with you to drive business and provide solutions . In the pages of this edition of Plain & Simple , you will find great insight from our team of exceptional professionals . As you are reading , if you have questions if a project or initiative makes sense for your business , you can reach out to us to learn more . We are always happy to take your call .
Sincerely ,
Ryan Brickwood , CMA
Principal , Director of manufacturing services Rea & Associates 230 North Market St . Wooster , OH 44691 ryan . brickwood @ reacpa . com ( 330 ) 264-0791