Vol . 9 | Issue 3 | Summer 2023

Dear Readers ,

It ’ s hard to believe that we are through the summer months and school is about to start . We are heading into the fall and hopefully , the start to your year has been positive and things continue to go well . Businesses have faced massive challenges and have undergone an incredible amount of change over the past few years . That will continue in 2023 and beyond but companies are in a stronger position to handle changes and adapt quickly . I found a quote that I felt was relevant to what is happening in today ’ s business landscape . “ The great differentiator in business is when an organization steps out and creates value from something never tried before .” — Kerry Baskins

I want to highlight some key business trends for 2023 that you should be considering for your business model :

1 . Increased Output Amidst a Decline in Labor Force – Focus for manufacturing companies will have to keep up with increasing demand while retaining their skilled workers . Employee retention is critical for keeping up with the demand for output .

2 . Continued Efforts to Solve and Manage Supply Chain Issues – As you have experienced the global shortage of materials and high energy costs , bottlenecks and delays are expected to last throughout 2023 . Consumer expectations remain high as ever , therefore , manufacturers have to stay ahead of the curve . They will need to develop streamlined business processes to satisfy consumer demand .

3 . Automation and Robotics are Redefining Worker Roles in Manufacturing – Automation in the manufacturing industry isn ’ t a new concept , however , manufacturing companies are investing more money than ever into automated solutions for their operations . The global agricultural robotics market will be worth $ 6.7 billion by the year 2032 . This focus on automation and robotics is shifting the structure and distribution of labor in manufacturing . As a result , companies will need to re-evaluate how to make the best use of their workforce .

Other key business trends will be highlighted in this issue of Plain & Simple , such as labor challenges , how technology poses threats to your business , and understanding the clean energy tax breaks in the Inflation Reduction Act , as well as the impact of inflation on area business .

Though we are a few months away , I also wanted to call your attention to our annual National Manufacturing Day event on the first Friday in October so you can mark it on your calendars – October 6 , 2023 . We are excited and already making plans for presentations and the fellowship that will take place .

I would like to wish you well throughout the remainder of the year and remind you that the team at Rea is available at any time to assist in whatever you may need . Please reach out to me or anyone on the Rea team and we would be happy to help .

Ryan Brickwood , CMA

Principal , Director of Manufacturing Services

Rea & Associates 230 North Market St . Wooster , OH 44691 ryan . brickwood @ reacpa . com ( 330 ) 264 – 0791