Cash-flow strategies are imperative in manufacturing because the cash-conversion cycle can be quite lengthy. Here are several strategies to consider for your business:
Track Your Cash Flow
The only way to know where your cash is going is by monitoring your cash flow biweekly or monthly.
This article is written by Mark Allen Roberts, CEO and Founder of OTB Solutions.
To say 2021 has been a rollercoaster ride of incredible highs and scary lows is an understatement. We have experienced market disruptions, uncertainty, new pandemic variants, and constraints none of us could have forecasted. In response to these changes CEOs and business owners adapted. A recent McKinsey study indicates more than 60% of CEOs restructured their organization in response to the pandemic.
At IMEC, we’re all about solutions. And with the invasion of COVID-19 early last year, the world had to scramble to find them. Businesses were shutting down at an alarming rate, affecting supply chains and OEMs locally, nationally, globally. Companies had to quickly find alternatives to keep the wheels turning. For IMEC, that remained especially true here in Illinois.
This is an original article from JFF’s Center for Apprenticeship & Work-Based Learning.
The COVID-19 pandemic has hit the manufacturing industry hard, and apprenticeship may be one strategy toward a stable recovery.
As the novel coronavirus spread across the country and around the world, many manufacturers had to cut back operations and lay employees off. These moves contributed to the overwhelming surge in new claims for unemployment benefits, which had surpassed 40 million in just ten weeks as of May 23, 2021.
It has been a little over a year since the beginning of the pandemic. As you are rebounding from the global crisis, thinking back to the past year, what a great challenge that was. Now, as you continue to operate with the pandemic, what is next? What steps are you taking to protect your company? To strengthen and to make sure you stay competitive during this chaotic time? The Cook County Bureau of Economic Development and IMEC wondered the same thing, therefore we reached out to manufacturers seeking answers. Using a 10-questions survey aligning with the US Commerce NIST Baldridge Performance Excellence Framework, over 1000 manufacturers responded with their priorities. In which, over half responded with ‘Creating Growth Opportunities’ as the number one priority.
If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business. - Gary Cohn, American Business Leader IBM
2020 taught us two distinct things: organizations are capable of adapting to monumental change, and identifying and eliminating risks must be a central focus for survival. A risk management plan does not need to be extensive and complex. It does, however, need to be approached with a proactive mindset rather than a reactive one.
Part 8 of "The New Supply Chain" blog series by Mike Loquercio, Vice President of Supply Chain at Greenleaf Foods.
Like many of you, we see hope on the horizon with vaccines, schools moving back to in-person learning, restaurants beginning to see a path to success, and all the other “return to normal” practices! We can all envision getting back to the “blueprint” for 2021 – or should we?
Now that you’ve taken time to investigate the idea on implementing stay interviews to help retain your workforce, to the next step is to explore the types of skills you will need as an interviewer. Being a successful leader includes holding meaningful conversations - a skill that requires effort and practice. Instead, there are a handful of proven skills that transform the ordinary into extraordinary.
I think dashboard is an overused, ill-defined word in many enterprises. As I was trying to create visibility into the success and challenges in our operations, I decided that I needed a dashboard (see blog on data). It sounds very simple. Everybody uses dashboards in business these days. Then I started to think about the origin of the dashboard and how that might help me create my own.
