5 strategies to improve your bottom line
Abstract: To grow, manufacturers often focus on the top line of their income statement (revenue). But boosting profits is the key to long-term sustainable growth. This article covers five ways to help manufacturers become more profitable, including 1) cutting overhead costs, 2) renegotiating contracts with suppliers, lenders, lessors and insurance companies, 3) upgrading equipment, 4) “upgrading” employees, and 5) revising overly simple (or complex) business structures. A sidebar explains tax-saving opportunities under the Tax Cuts and Jobs Act.