244: How To Identify Major Gaps in Manufacturing Cost Structures

Continuing to manage your organization's costs can be difficult to keep top-of-mind — especially with everything else going on. COVID-19, a troubled economy, figuring out how to bring employees back to work... you have enough on your mind, and it can be tempting to take the "set it and forget it" approach with your costs.

But understanding your true costs is just one of the ways you can reveal major gaps in your business and, as you already know, it's never been more important to trim the fat than it is today. Sure, breaking down your product and labor costs can be a daunting task. But, with the right tools and expertise, it can actually result in some pretty significant savings. 

In this episode, Andrew Geiser, a manager at Rea & Associates, explains how you can go about identifying potential leaks in your cost structures. This is a pretty wide-spread problem, so pay attention.

Listen to this episode of unsuitable to learn:

• What are your true costs? Learn how to understand and identify them in regards to materials, overhead, and labor
• Why you need to know how your accounting system works (even if you’re not in charge of accounting)
• Best practices to manage assets so that you both meet customer demand and help cut manufacturing costs

Learn more about this topic:

• Webinar: Shifting The Business Infrastructure: HR Resources & Hot Topics To Keep Your Organization Compliant (8/11/2020)
• Listen: “Episode 241: Going Up? COVID-19’s Impact on Healthcare Costs”
• Rea’s COVID-19 Resource Center

If you like this episode of unsuitable on Rea Radio, hit the like button or share it on social media. You can also use #ReaRadio to join the conversation. You can also watch the podcast in action on the Rea & Associates YouTube channel and access additional resources at www.reacpa.com/podcast.