If you feel like a little fish in a big pond, you’re not alone. It’s easy to feel lost in a field with so much complexity to navigate amid globalization and advancing technology. Gleaning from insights we gathered about the future of manufacturing in central Texas, experts advise tapping into associations to keep up with evolving needs and conditions of the manufacturing ecosystem.
Joining a trade association can help you boost your business, enhance your reputation, and find solutions with a community of like-minded professionals and industry experts. Moving forward, committing yourself to continued education and resources is one of the best ways to stay on top of ever-changing news, trends, and legislation.
Earlier this year, McKinsey published a manufacturing study describing the future of American manufacturing. They predicted increased opportunities due to an uptick in demand, new technology, and value chain optimization. Though many news headlines forecast the ongoing decline of U.S. manufacturing due to globalization and technology, the years ahead may hold potential for manufacturing revitalization.
With shorter product life-cycles and more demand for choice and customization, there’s greater complexity for manufacturers to navigate than there was in the past. To address what this means for manufacturing in Central Texas, we looked at the first two main points of the study for deeper examination.
Choosing the right bank to support your growing business can be a challenge. From small community banks with one location all the way up to large national banks with an ATM on every corner, there’s no shortage of options available. It can be difficult to know which bank will offer the convenience and access to credit you need without sacrificing the level of service you want.
Let’s take a look at how community banks and national banks stack up on a few criteria: ease of credit, technological convenience, and customer service.
As a business owner, you have a lot of control over your financial health. Committing to best business practices can ensure positive growth and prosperity. But unexpected circumstances can occur and derail day-to-day operations. Crises such as natural disasters, injuries or death, sudden windfall of cash, cyber-attacks, equipment failure and fraud can unhinge the stability of the company. That’s why it’s important to have a comprehensive contingency plan in place to limit the risk of financial loss.
Learn how others do it. Download our guide to growth.
As a business owner, there are many close working relationships you have to maintain. Some of these people you likely talk to on a daily or weekly basis. These are the people who help you get your job done, such as your employees, suppliers, manufacturers, etc.
But there are also some important business relationships you have with people who you only talk to monthly, quarterly, or annually. These are the specialists and experts you rely on to advise you about making your business run smoothly, such as your accountant, legal counsel, and other consultants. You may not interact with these people often, but it’s important to know that they’re available with trustworthy guidance when you need it.
According to a recent survey, 14% of small to medium-sized businesses switched banks last year, and another 18% are actively considering making a switch this year. The reasons cited vary depending on each business' complex needs, but three concerns were frequently named: fees, customer service, and access to capital.
From its start in 2011, we have worked to make the Business Resource Center a valuable place for business owners to get useful insights from experts in various fields. Our goal is to help our readers make informed decisions that drive real results in their businesses.
In 2017, we were proud to offer content on a wide array of important topics for all phases of business ownership— from funding a new venture all the way through to successfully exiting and retiring. In case you haven’t gotten to catch up, here are a few of our best articles that you don’t want to miss:
In past articles, I’ve shared why a line of credit can be a great growth tool for any business, and compared the benefits of using a line of credit instead of a credit card. Business Bank of Texas offers several different types of lines of credit to business owners, including accounts receivable, inventory, and guidance lines of credit. Today, we’ll be examining what a guidance line of credit is, and why they’re useful for manufacturing companies.
A guidance line of credit serves as a perpetual approval for a predetermined period of time, which is usually a year or less. It’s a commitment from the bank to finance assets for you (the customer) as you need it. When your manufacturing business secures a guidance line, the bank has approved credit for you, and you can use it —as needed — at any point throughout the year.
Whether you’re looking to get a line of credit, plan for tax payments, or simply identify strengths and weaknesses within your business, keeping clear and accurate records is vital for business owners to succeed.
But managing your company’s finances can be daunting, and there are many ways your financial reporting can get on the wrong track (just check out Dwayne Kolly’s recent post to see what not to do). To make sure your finances run as smoothly and accurately as possible, it helps to simplify.
There are three primary financial statements business owners need to focus on to ensure their companies operate effectively.