MKS&H Articles

Performance Review Anxiety? Maybe the Process Needs an Overhaul.

[fa icon="calendar'] Sep 27, 2016 5:54:48 PM / by admin posted in Advisory

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Performance reviews (also called performance appraisals) are an essential part of career advancement and pay increases for most organizations. They’re normally conducted once a year, and occasionally they include a mid-year touch base. At the end of the review cycle, employees and their managers assess how well the employee has met the goals they set the year before. Managers then use this information to determine how much of a raise the employee will receive. It’s often also used to determine whether they should be promoted.

It’s a good premise, but rarely do these programs perform as intended.

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Attracting Millennials to Meet the Needs of Maryland’s Manufacturing Sector

[fa icon="calendar'] Sep 21, 2016 11:26:30 AM / by Kathy Davis posted in Manufacturing and Distribution, Manufacturing

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Manufacturing Day was established six years ago, in part to help manufacturers showcase their organizations as economic drivers of the future to a new generation of workers – millennials!

 

This year, Manufacturing Day will be celebrated across the country on or around October 7th. It was initially founded by four organizations – Fabricators and Manufacturers Association International, National Association of Manufacturers, Manufacturing Extension Partnership and Manufacturing Institute –and has grown to 1,047 events across the country.

 

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What Red Flags Keep you from Getting a Surety Bond?

[fa icon="calendar'] Sep 14, 2016 2:50:09 PM / by Jeff Rubin posted in Construction Industry

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A surety bond is a guarantee of a contractor’s performance. If a contractor fails to perform under a construction contract, the surety pays the owner for the damages (or provides some other remedy). In turn, the contractor is obligated to reimburse the surety company for these payments. It is because of this relationship that a surety bond functions like a credit guarantee.

Since the surety assumes significant financial responsibility if the contractor fails to perform, it scrutinizes the financial statements, along with the experience and the character, of the contractor. The surety, in most cases, will not provide bonding for a contractor that that they believe will not have the ability to repay.

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Is Next-Shoring your best move for Manufacturing Location?

[fa icon="calendar'] Sep 7, 2016 4:07:06 PM / by Stephanie Soares posted in Manufacturing

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Is Next-Shoring Your Next Move?

The one constant in life is change, and the manufacturing industry is changing like never before. One of the most important decisions a manufacturer has to make is where to produce their product. Cost is usually the driving factor when determining which location is best for a company. However, with the ongoing changes in the industry, there are other factors to consider when deciding the best place to manufacture, including:

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How well-trained are your Middle Managers?

[fa icon="calendar'] Aug 31, 2016 12:00:00 PM / by admin posted in Advisory

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When it comes to leadership development, many middle managers get left behind. Companies invest in training their new employees to be good employees and they train their executives to be better leaders, but they don’t spend much effort or dollars developing the group that needs it the most.

Often, middle management training is like getting the keys to a stick shift car after driving an automatic for 10 years; they’re left to figure it out on their own. "Here’s the group (or here’s the program) we want you to manage. Now go manage.

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Do you have a true picture of your construction company’s financial position?

[fa icon="calendar'] Aug 24, 2016 12:00:00 PM / by Brian Finley posted in Construction Industry

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As the owner of a construction company, it can sometimes be difficult for you to get an accurate understanding of the financial position of your company; at the same time, it is so important because it is the key to operating a successful business.

One issue accountants see with construction companies is that the actual net income the company derives for each project does not always comply with accounting standards. We provide the assurance that the financials are in line with the standards, bringing the revenue amount to where it should be. But, the solution is not always what the company wants to hear, because often the income is decreased as a result, and the company is less profitable than expected.

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Are your customers the RIGHT customers for your business?

[fa icon="calendar'] Aug 17, 2016 3:59:07 PM / by admin posted in Advisory

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One thing you know after your years in business is that not all customers are the right customers. You also know that not having the right customers can lead to lots of lost time, energy, and money. Are your customers difficult to satisfy? Are they returning products? Working with you once and not returning? You could offer the best products or services in your industry, but if the wrong people are buying them, there’s a disconnect that could be costing you.

Here, we’ve compiled a quick guide for bringing in more “perfect fit” customers while minimizing your exposure to the not-so-perfect ones.

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Why should you pay attention to Perpetual Care Trusts?

[fa icon="calendar'] Aug 10, 2016 1:02:18 PM / by Jennifer Milas posted in Death Care Industry

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Proper management of the cash flow of your perpetual care trust can maximize the ultimate benefit of the trust to your cemetery company or non-profit cemetery association, and your customers. In many cases, however, not enough attention is paid to ensure proper tax planning, which is sufficient to eliminate the tax burden of the trust earnings and maximize cemetery reimbursement for maintenance expenses. Here, we’ve summarized the key points related to perpetual care rules and taxes that you should be aware of.

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5 things great leaders do during mergers & acquisitions

[fa icon="calendar'] Aug 2, 2016 1:21:39 PM / by admin posted in Advisory

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According to a 2016 Merger & Acquisitions (M&A) survey by KPMG, 91% of companies planned to initiate at least one acquisition in 2016. That’s a significant jump from 63% in 2014. These transactions can be highly stressful and a lot of work and sweat for all involved.

Executives would love it if they could just snap their fingers and all M&A activities transpired successfully and quickly. The two companies would merge seamlessly, with a shared vision, merged cultures and technologies and happy customers.

Unfortunately, that rarely happens.

 

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Programs, Exemptions and Credits to boost Maryland Manufacturing

[fa icon="calendar'] Jul 27, 2016 3:19:13 PM / by Lee McIntyre posted in Manufacturing

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Maryland has a strategic location in the mid-Atlantic, in one of the nation's busiest corridors. Approximately one-third of the US population lives within a day's drive, and the state offers many advantages for businesses. It has a deep port, rail lines, major highways, and a highly educated workforce. Maryland ranks first in the nation for having the highest percentage of professional and technical workers.

However, Maryland generates less than 10 percent of its GDP in its manufacturing sector, and employs less than 10 percent of its workers in manufacturing. Manufacturing provides an engine of economic growth, good quality jobs, and opportunity for investment, and state and local governments have developed a myriad of ways to encourage new and expanded manufacturing operations in the state.

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