One thing we know for certain after the past year and a half is that the manufacturing industry is resilient. Thank you to all who participated in the survey, click here to view the results. Allow this information to serve as an industry benchmark to evaluate how your business responded, address major vulnerabilities and start preparing for future disruption to emerge from the pandemic stronger than ever.
Here are some takeaways:
Top risks in the near term remain with labor and commodities. But don’t be fooled - tax compliance and the lack of clarity over tax rates will make it difficult to plan ahead.
Almost half of respondents were not aware of the employee retention credit – recently extended until Dec. 31 2021 – it’s the unsung hero of COVID-19 financial relief and could provide much needed additional tax savings for eligible companies.
The need to identify new or alternative suppliers is strong, forcing leaders to prioritize strategy development.
Lease accounting standards for private companies are unlikely to be delayed again, and yet half of respondents feel unprepared.
80% of respondents are planning for growth in the next year. The industry is being responsive, adoptive, and can only bring us a better sector in 2021 and beyond.
UHY LLP Manufacturing Survey 2021, results published July 2021