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Executive Forum – KPI’s Role in Recession-Proofing Your Business
November 2, 2022 @ 8:30 am - 10:00 am
Want to learn KPI’s role can play a part in recession-proofing your business?
Join IMA President & CEO Mark Denzler at this small and exclusive forum of CEO’s and executive leadership for the IMA Executive Forum – connecting leading manufacturing executives and moderated by our fantastic partners at Sikich. We will open with a short presentation and then have time for discussion with your peers about this topic or other top of mind issues.
With the threat of recession looming, is your business prepared to manage the challenges associated in this uncertain economic state? An analysis from Goldman Sachs published in August concluded that the U.S. is at an elevated risk of recession over the next two years. In mid-October, Jamie Dimon, CEO of JPMorgan, said he sees a recession coming in 9 months or less. Improving the efficiency of your production process could be one of the solutions, and Key Performance Indicators (KPI) are an important tool for management to monitor and measure the production process.
Well-designed KPIs could assist management in evaluating the success of ongoing process, and could potentially be one way to recession-proof your business. It’s important to periodically monitor and measure performance so that necessary adjustments and corrective measures can be made in a timely manner. KPIs could assist management in focusing on critical factors or elements, which may be vital for the success of a process or an activity.
You’ll walk away with:
- An understanding of the various types of KPIs
- Benefits of KPIs in performance management
- Factors to consider in building effective KPIs
- An understanding of critical KPIs for the manufacturing and distribution industry
- Identifying the KPIs which may be important for your business
- Other potential opportunities to recession-proof your business
Then we’ll turn it over to you and ask the following
- What KPIs do you currently monitor; and how often do you monitor them?
- Could you share with us about changes you made to your operations/activities, based on an analysis of your KPIs?
- Have you taken any specific steps to be prepared for a potential recession?
- What steps do you think you could take to recession-proof your business?
- Have you analyzed the carrying cost of inventories on hand? How does the increase in interest rate impact your carrying cost of inventories?
- What actions could you take to reduce the on-hand quantities of inventories, and maintain lean inventories?
- Do you have an action plan pertaining to your labor force, in case of a recession
- How often do you monitor the financial health of your critical suppliers and customers?
- Is divesting non-core business assets a potential recession-proofing opportunity?
PRESENTERS
Sylesh Babu, CPA, CFE, ACA, DipIFR is a partner in the company’s audit and assurance practice. Sylesh has nearly 30 years of experience providing accounting and audit solutions, with extensive knowledge in addressing challenges facing clients in manufacturing & distribution, business and professional services industries such as engineering, law, staffing and IT consulting services. In his role, he offers financial statement audit, review and compilation services as well as agreed upon procedures, due diligence, forensic and consulting service to businesses.
Chad O’Kane, CPA Is an audit manager at Sikich, where he provides assurance and advisory services to a variety of clients, including those in the manufacturing and distribution industry and not -for profit organizations and private foundations. Acting as the liaison between the client and the engagement team, Chad conducts audit engagements, prepares and reviews financial statements, and assesses clients’ business processes and internal control structures.
PRESENTED IN PARTNERSHIP
Contact Name: Camryn Tunney