How to Be Smart about Shaking Things Up
Does your organization need change, but you don’t know where to start? Here are some principles for heading down the turbulent path.
US Factory Production Rose a Healthy 0.5 Percent in April
U.S. factories cranked out more appliances, computers and aircraft last month, lifting manufacturing production for only the second time in five months.
Could Looming Supply Chain Risks Sink Your Company?
Supply chains are suddenly under threat. Following years of low inflation and stable trade relations, executive teams in boardrooms across the globe are now grappling with rising inflation, a rapidly changing trade environment and the dire threat of an all-out trade war. Already, pressure is up sharply on earnings, and many leaders fear that traditional cost-saving measures may no longer be enough to avoid a heavy hit.
3 Trends Driving Modern Manufacturing Innovation
Industry 4.0 is the integration of manufacturing automation and data exchange, to create what has been dubbed as a “smart factory.” These factories will be controlled by a virtual production line that runs systems and monitors and completes their physical processes. These systems will communicate in real time, whether that means a customer tracking the progress of his (or her) order’s production, or a company ensuring the quality of its operations. Simply put, connected software systems will run our physical manufacturing automatically.
Workforce succession in manufacturing
UI Labs earlier this year released The Digital Workforce Succession in Manufacturing, a report that “strives to capture a sense of the changing technology and business interactions, and job roles that are having an impact on our manufacturing sector. This modernization and advancement of technology effects the entire ecosystem of manufacturers (from the small to the huge), educators, government, and the workforce itself.”
Be aware of the tax consequences before selling your home
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, don’t neglect to consider the tax consequences. The TCJA preserves the home sale gain exclusion, so if you’re selling your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain, as long as you meet certain tests. A loss generally won’t be deductible, but if part of your home is rented out or used exclusively for your business, the loss attributable to that portion might be. Contact us with any questions.
4 ways to encourage innovation in customer service
Business innovation usually focuses on coming up with a revolutionary product or service. But it can apply to customer service, too. How? First, don’t fear failure: If a bold initiative fails, heed the lessons learned. Also, link compensation to employees’ contributions. Create a formal program offering cash rewards or other gifts to innovative thinkers. When someone does come up with an actionable idea, praise that individual company wide. Last, and perhaps most simply, just pretend you’re a customer to get a firsthand perspective on what you could do better.
Cost control takes a total team effort
They say you’ve got to spend money to make money. But that doesn’t mean business owners should accept high operational costs. Cost control is a formal management technique through which you evaluate operations and isolate activities with excessive expenses. It forces you to ask tough questions about the efficiency of your business, how much you’re paying for supplies or materials, and whether technological upgrades are needed. This isn’t something you can do on your own. You’ll need a total team effort from managers and advisors. Let us be a part of that team.
Do you need to adjust your withholding?
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But it also means you essentially made the government an interest-free loan. This would usually indicate that you should consider reducing your withholding. But 2018 is a little different: To reflect TCJA changes, the IRS updated the withholding tables, generally reducing the amount withheld. The new tables might cause some taxpayers to not have enough withheld. Contact us for help determining whether you should adjust your 2018 withholding.