Manufacturing

The COVID-19 pandemic has had a dramatic impact on the way people interact and do business. And it’s likely that a number of the changes made to adapt to a social-distancing environment will become permanent.

Business owners, year end is officially here. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one year and the beginning of another is always an optimal time to look back on the preceding 12 calendar months and ask a deceptively simple question: How’d we do?

We all learned a lesson in supply chain when we couldn’t find toilet paper 18 months ago. You may have seen higher pricing, a run on products that left shelves empty, or you were limited on the number of packages you could buy. You may have decided to purchase a different brand, go to another store, or shop on the internet where you usually wouldn’t have shopped for toilet paper. Who would have thought something as historically abundant and necessary as toilet paper would be out of stock?

Have you ever received your tax return, only to be surprised by the end result? Have you ever said to yourself: “I wish I would have known that before the end of the year!” ? Here’s a guide on how plan ahead so your tax returns don’t catch you by surprise.

Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges.

Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building.