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Features » Business Veteran Advice

Business Veteran Advice

- Bultynck & Co. was founded on the principle of providing the highest level of personalized customer service, and our accounting firm still operates under that premise today. Business, as a whole, is ever-changing. The accounting industry is no exception. As in any field, it’s crucial for our employees to remain on the cutting edge of business and technological advancements.

- The business environment today is likely worse than many business executives have ever encountered. Despite recent improvements in the equity markets, some loans are difficult to get for new business investment and consumers are not yet opening their wallets. As a result, it is expected that tough challenges are here to stay for some time.

- Herb Stein, Nixon White House chairman of the Council of Economic Advisers once said, “If your horse dies, I suggest you dismount.” Many Michigan suppliers to the automotive industry have been or are now faced with a challenging dilemma – Is it time to dismount the automotive horse and find an alternative customer base?

- If you make, import, buy or sell children’s products, the recently enacted Consumer Product Safety Improvement Act of 2008 is going to drastically change the way you do business. The new law is the widest-sweeping, most aggressive product safety enactment since the 1972 creation of the U.S. Consumer Product Safety Commission, or CPSC.

- The economy is showing signs of gradual recovery, but manufacturers are still waiting for a rebound in customer demand to revive their fortunes. However, the winners and losers are already becoming evident, with many firms forced to close their doors while others emerge leaner but still healthy.

- When business is already hurting, a mandatory price reduction from a major customer can close a struggling company. Management’s natural instinct is to panic and look for instant cost savings. This type of “firefighting” often leads to poorly thought out decisions that cause more harm than good. The difference between strategic (long-term) and a tactical (short-term) approaches toward material and supplier management will change everything.