How Can Manufacturers Deal With Competition?

Kyle Stemple | December 20th, 2013

Contrary to popular belief, the manufacturing industry is alive and well. For years, we’ve heard that it’s a “dying” industry. But that’s just not so. In fact, many manufacturers are enjoying higher profitability than 2008 pre-recession levels. However, if your manufacturing business is still young or you’ve hit a rough patch and are starting to see a downward shift in your sales and employment, there’s assistance that you may qualify for to help you get out the rut you’re in.

The Solution To Your Competition Issues?

There’s a multi-state program available specifically designed to assist manufacturers that have struggled with competitiveness because of importing issues. This program comes alongside of manufacturers and helps them identify areas for improvement, and then assists them with the plan of action for improvement.

Qualifing companies can receive up to $75,000 matching funds for projects that help you stay competitive. These projects can include website development, market research, skills training, process planning, management training and a variety of other projects.

Manufacturing Program Qualifications

You should ask yourself four questions before thinking about applying for assistance:

  1. Has your manufacturing business been in existence for at least two years?
  2. Is your manufacturing business directly impacted by imports?
  3. Are your business’s sales down by 5 percent or more?
  4. How about your average employment? Is it down by 5 percent or more as well?

Did you answer “yes” to all of the questions above? If you did, then you meet the criteria for applying for assistance. If you are unsure or answered yes to some of the questions, you may still qualify.

Interested?

If you feel your manufacturing business could use a boost, then this program may be for you. Contact Rea & Associates. Our team of Ohio manufacturing business consultants knows this program very well and can work with you to apply for this assistance.

Authors:
Kyle Stemple, CPA (New Philadelphia office)
Kevin Bill, CPA (Lima office)

 

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