The stakes are high in the consumer products industry. Manufacturers are facing unprecedented challenges in the fast-paced and increasingly competitive environment. Succeeding in this market requires an intense focus on understanding and anticipating consumer needs and providing products at the right price points.
According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in. The first is the Institute for Supply Management’s Purchasing Manager’s Index and the second is the Federal Reserve’s Capacity Utilization Index for motor vehicles and parts.
On April 26, 2017, the White House distributed a memo describing President Trump’s goals for tax reform. The memo lists the following four points under business reform: reduced business tax rate, territorial tax system, one-time tax on repatriation of trillions of dollars held overseas, and elimination of tax breaks for special interests.
The word disruption historically has negative connotations associated with it. The specific definition stated by the Cambridge English Dictionary is to prevent something, especially a system, process or event, from continuing as usual or as expected. People are creatures of habit and would really prefer for things to stay the same. Disruption makes us uncomfortable. In layman’s terms, a disruption is a break from the status quo.
Adapting to change today is inevitable as economic stasis is not an option. The concept of resilience, the capability to nimbly adapt to and or drive change, and recover from difficulty, has emerged as a critical characteristic of complex systems in business enterprises. Change not only creates threats to business continuity it also creates opportunities for business value creation. When change occurs so too must business process innovations.
Manufacturing companies that have equipment subject to the Michigan Essential Services Assessment (ESA) are required to certify through the Michigan Treasury Online website that the essential services tax liability is correct before the ESA can be paid.