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Articles From Lumsden McCormick

Why Manufacturers are Looking Forward to Growth

As more Americans get vaccinations and an economic recovery is within sight, manufacturers can bring lessons learned during the pandemic to accelerate growth. However, a recent poll found that manufacturers are split; some are in growth mode and are focusing on product or service innovation and tech investments, while others are looking to weather the rest of the economic downturn and restructure.

Manufacturers Are Split Between Survivors and Thrivers

About half of manufacturers said their companies are surviving, meaning they’re stable and breaking even, while a little less than half say they’re thriving and experiencing profits and growth.

How Manufacturers say their business is doing right now:

Business Priorities: Managing Economic Downturn, Investing in Tech

In 2021, some manufacturers are focused on continuing to manage through the economic downturn, but many are optimistic for the innovation the post-pandemic future will bring. Their number 2 business priority is investing in technology or infrastructure.

Manufacturing’s biggest business priority this year:

 

Strategies for 2021: Innovation Takes the Top Spot

Manufacturers are looking to advance innovation this year, with their top business strategy being product or service expansion, followed by digital transformation and M&A. However, some are still struggling to stay the course, as 14% say they plan to pursue restructuring.

Top strategies manufacturers are planning to pursue this year:

Why Manufacturers are Looking Forward to Growth

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Jon is an active member of the auditing and accounting group managing audits, reviews, compilations, and consulting services for manufacturers, contractors, and other commercial business entities, while he is also knowledgable in tax services. He manages the Firm’s pre-qualification to perform third-party reviews of tax credit applications for the Film Industry according to agreed-upon procedures established and published by Empire State Development (ESD) and serves as the audit practice leader for the Firm's manufacturing niche. In addition, Jon serves a variety of exempt organizations.

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