Analyzing overhead is a critical process that businesses undertake to optimize cost efficiency and ensure effective resource allocation. Overhead costs consist of a wide range of non-direct expenses incurred during the production or operation of goods and services.
A recently issued report by Enterprise Minnesota, State of Manufacturing, offers this important information. The study surveyed over 400 Minnesota manufacturers to uncover key challenges and issues.
As the pandemic comes to an end, manufacturing businesses have faced many issues. On top of inflation, finding employees and continued supply chain issues, another year of preparing for the potential tax burden is upon each business.
Creating and operating a business usually starts with a great idea, capital investment by one or multiple owners, and hard work. While the main focus of an owner should be on day-to-day operations, there are always items that should be in the back of their mind for events down the road.
The manufacturing industry continues to grow, even with labor and supply chain challenges. According to the May 2022 Manufacturing ISM Report, the US manufacturing sector’s economic activity grew for the 24th consecutive month
Due to the disruption in the global markets and forced shutdowns, the COVID-19 pandemic has led to conditions that negatively affected most manufacturers. Noticeable effects of the pandemic include weak commodity prices, trade tensions, and restrictions, such as with Canada.