With 2023 now here, manufacturers across the region are looking at ways to plan for, and mitigate, potential obstacles in the road ahead. Whether it’s ongoing labor challenges, borrowing rate hikes, supply-chain delays, or the possibility of a recession, the initial reaction by many managers and owners may be to cancel any plans for expansion or internal investments, and instead, sit on the sidelines to see what happens in the months ahead.
In an article for the Baltimore Business Journal, Bryan and Kevin share why 2023 is the ideal time for Maryland manufacturers to develop and implement an investment plan for their business. They identify and dissect the specific financial, operational, and tax advantages that can be gained by adding new technology and initiatives, more staff, or advanced equipment— sooner rather than later.
In addition to the specific advantages to staff, technology, and equipment investments, they also discuss the importance of developing a business plan, cash flow templates, and why a solid plan can prevent overdoing those investments and impulsivity.
And lastly, Bryan and Kevin dive into why it’s vital to think beyond 2023, and make the process of long term, steady, and strategic investments a part of the company’s culture. This will allow owners to stay ahead of competitors, provide the flexibility to quickly overcome challenges, and help lay the foundation for a successful future into 2024 and beyond.
Read the full article at the Baltimore Business Journal.