In December 2020, our annual Manufacturing & Distribution Symposium went virtual, enabling a much broader reach and a larger audience. The COVID-19 pandemic and resulting economic disruption continues to spark innovation, reveal opportunities, and expose weaknesses for all businesses. With our Symposium, our goal was to help attendees continue to refine their “new normal” and further their success. Thus, the Symposium included a variety of strategic, operational, financial, and technology topics designed to help manufacturers and distributors tackle the challenges the new, or current, normal has presented.

2020 marked 100 years of service for Elliott Davis. And while we are proud of our past, we are extremely excited about our future and yours. Peter Drucker, the famed management guru, once said “the greatest danger in times of turbulence is not the turbulence – it is to act with yesterday’s logic”. With that theme in mind, our Symposium was designed to help you move forward with more confidence, with new perspectives, and additional insight. Below is a brief summary of the Symposium, along with the session video replays organized by chapter topics to help you easily find the most pertinent sections for you. If you would like to talk with any of our manufacturing and distribution professionals, please contact us.

Navigating Forward with 2020 Vision, Part 1 included:

In the replay below, hover your cursor over the blue dots within the video progress bar to view topic chapters and then click to play that chapter.

      • Insights on Tax Policy Shifts, presented by Richard Battle
      • The Booming Industry of Cyber Crime
      • The Environment for Manufacturing & Distribution/Economy & Market Forecast for 2021, presented by our friends at Bank of America

    Part 1 takeaways:

        • An effective and efficient tax structure is always a strategic issue and with the Biden administration in place, your company’s tax structure should be analyzed in 2021 to make sure you are organized and operating in the best possible way from a tax structure perspective. With most manufacturing and distribution companies spanning states domestically and countries internationally, the opportunities, complexities, and risks can have huge financial impacts – good and bad. It is complicated and needs attention.

        • If you haven’t yet benchmarked your cybersecurity platform, you should. The COVID-19 impact has greatly accelerated digital technology trends and changed the cyber risk landscape globally. Your new normal will not rewind that trend. To better safeguard your company’s assets, we recommend utilizing an industry-recognized cybersecurity framework to evaluate your IT controls and help you qualify your risk exposure and prioritize any risk mitigation opportunities.

  • Navigating Forward with 2020 Vision, Part 2 included:

    In the replay below, hover your cursor over the blue dots within the video progress bar to view topic chapters and then click to play that chapter.

          • Financial Reporting Considerations, presented by Jennifer Goodman
          • Trends in Manufacturing & Distribution, a panel discussion
          • Manufacturing Technology within the New Normal, presented by IndustryWeek Technology Editor, Peter Fretty

    Part 2 takeaways:

            • The financial reporting session covered several topics ranging from liquidity positions to implications of new accounting standards guidance. Given the impact of COVID-19, accurate and timely financial reporting and cash flow management are critically important to navigating these challenging times.

            • Our Management Consulting Services Team panel discussed trends within mergers and acquisitions, cost reduction, supply chain disruptions, and optimizing human capital. The pace of change is accelerating. Technology utilization has leaped forward several years, and while there may be some post-pandemic retraction, the leap will be sustained. Managing and leading well through these trends will position your company for further success.

            • We were honored to have Peter Fretty, IndustryWeek’s Technology Editor present a dynamic session on Industry 4.0 and manufacturing technology within the new normal. Peter talked about leaps in technology, including 3D printing, 5G, and robotics, and artificial intelligence.

We Can Help

Managing and leading your manufacturing and distribution business is challenging. Challenges persist with your markets, whether domestic or global, your supply chain, labor, regulation, taxes, productivity, digital transformation, and overall strategy. Our professionals understand these challenges and can help you find opportunities to maximize growth and minimize risk.

The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.

Meet the Author

William (Bill) H. Woodward

CPA | Shareholder

Bill focuses on serving clients across a wide range of industries with an emphasis on manufacturing and distribution, real estate, professional services, and employee benefit plans. With more than 28 years of public accounting experience, he specializes in complex audit and consulting engagements for both closely held businesses and SEC-reporting entities, including assisting clients in their successful registration efforts with the Securities and Exchange Commission. Bill also provides business advisory consulting services. In addition, he is the Managing Shareholder of the firm’s Augusta MSA office and also the firm’s Audit Strategy Leader.