Did you know that something as simple as a misclassified import duty or an inconsistent cost-of-goods calculation could invite unwanted attention from the IRS? For food manufacturers and distributors operating domestically and internationally, the stakes are even higher. A misstep on your tax return can raise red flags across multiple agencies, including the Food & Drug Administration, U.S. Customs and Border Protection and foreign tax authorities. When it comes to… Read More
Compliance
The Smart Case for Outsourcing in Food Manufacturing and Distribution
Lack of specialized knowledge, technology and resources can make it challenging for any organization to handle every essential function in-house. That’s especially true in an industry where regulatory complexity, supply chain demands and cross-border operations add layers that most internal teams aren’t built to manage alone. For food manufacturers and distributors, third-party experts can lend their knowledge to a specific project, oversee ongoing needs such as managing import/export documentation, or… Read More
How Food Manufacturers and Distributors Can Stay Ahead of Business Uncertainty
External factors can have a profound effect on international food manufacturing and distribution operations. Supply chain disruptions, shifting trade policies, currency volatility and regulatory changes can alter your business environment overnight, directly impacting your employees, your customers and your financial outlook. When unforeseeable events occur, what can you do to keep your business afloat financially and practically? Risk vs. uncertainty — and how to prepare Business risk is when the… Read More
6 Secrets to Building a Food Business That Lasts
We’ve all heard the stats — nearly 50% of new businesses fail within the first five years. But when you have a clear vision and effective strategies to build customer relationships, you can set your food manufacturing or distribution business up for long-term success. Here are six traits of businesses that are built to stand the test of time: 1. Having a pulse on your industry. How well do you… Read More
Why Food Businesses Need Specialized Tax Expertise
Running a food manufacturing or distribution business means juggling production schedules, supply chain logistics, compliance certifications and customer relationships. But should you add tax expert to your already long list of responsibilities? While there’s no shortage of tax software options that promise to simplify the process of preparing your own returns, consider these three compelling reasons to leave your taxes to professionals who understand the food industry: The margin for… Read More
When Overhead Costs Start Eating Your Margins
Refrigeration costs increase. Equipment breaks down more often. Spoilage ticks upward. Sound familiar? When overhead in your food manufacturing/distribution business starts creeping up, it doesn’t take long before you’re barely profitable. If you’re not regularly reviewing where your money goes, you might be spending more than you need to. The key is knowing where to look and what changes will actually make a difference. Where does your money go? Use… Read More