Manufacture Smarter Blog

4/21/2023 - BY: MELISSA MANASA
Organizations are required to undergo annual financial audits to ensure financial statements are accurate. A successful audit reassures business leaders and gives them the confidence to move forward with business decisions. Preparing for a financial audit can be overwhelming, as statements and documents must be ready for the auditing team. The finance department should also prepare by reviewing records and double-checking that the information is in place and organized.

10/7/2022 - BY: ROB STAUFFER
Most manufacturers are facing inflation, which drives up the cost of just about everything they buy. At the same time, the price of petroleum has risen, increasing the cost of transporting items to and from their factories. The current talent and workforce shortage, particularly in manufacturing, has caused an upward pressure on wages. And to make things even more challenging, many economic indicators are predicting a looming recession, which tends to shrink consumption and slow down production.

7/23/2021 - BY: GEORGE SINGOS
Have you ever wondered where your manufacturing performance stands compared to similar companies? Most manufacturers would be surprised to discover how they fare against competitors on a few key metrics, including scrap and rework, equipment up time, schedule bumping, employee turnover, inventory turns, on-time delivery and days receivable. A full assessment of these and other metrics can be attained through The Center’s Transformation Planner. 

12/4/2020 - BY: GEORGE SINGOS
In my role as a Business Leader Advisor, I often speak with small manufacturers in Michigan that are looking to grow. Many have found that their growth is stagnant and they don't know why. In situations such as these, the first step is to begin with evaluating the organization’s structure.

9/18/2020 - BY: ROGER TOMLINSON
In the ongoing pursuit of improving profitability, is it more important for a company to reduce costs or increase revenue? The answer to this complex question likely depends on many factors, including the type of company in question, industry trends and market conditions. Each strategy has its own benefits and drawbacks – but which is best for your company?

8/28/2020 - BY: GEORGE SINGOS
I have met with many business leaders who believe they are more profitable than they really are. In evaluating gross margin, they assume all their parts or assemblies are more profitable than reality. However, this perspective fails to account for overhead costs that are not properly utilized. This gives managers an inaccurate idea of how their business is performing.

4/28/2020 - BY: RON QUINKERT
Throughout my many years of working with manufacturers around Michigan, I have witnessed companies miss out on great business opportunities because of their inability to submit competitive quotes. How many times has this happened to your company? Have you ever wondered why? This may indicate that it is time to look at how projects are quoted.

11/9/2018 - BY: GEORGE SINGOS & ROB STAUFFER
Do you really know how profitable your business is? Do you find that revenue is going up, but profits are going down or staying the same? To keep your business operating into the future, it is essential to understand why this is happening.

8/17/2018 - BY: GEORGE SINGOS
While company-wide alignment is essential to realizing strategic goals, progress cannot be made without maintaining a strong sense of how well the business is performing. This is where Key Performance Indicators (KPIs) come into play. By establishing, monitoring and analyzing KPIs, such as on-time delivery, changeover time or schedule bumping, companies will be equipped with the data and guidance necessary to align their business toward success.

4/27/2018 - BY: GEORGE SINGOS
Your company is working harder than ever before, with higher sales and faster production leading to the largest increase in revenue you’ve seen so far. Yet somehow profits are less than they were last year. How could this be?