In an earlier blog, I presented a general approach for manufacturing companies to reduce costs. I would like now to apply this approach to specific areas of corporate expenditure, starting with legal costs. This is a good place to start because making changes to save money on legal costs tend to be less disruptive than other kinds of cost reduction. Most middle market companies use a national law firm or at the very least one of some size. This usually makes sense. If the company gets involved in litigation, patent work, IPO or corporate organization it is helpful to be represented by a firm that has specialists who can address a wide range of issues. Big firms have high overhead and their billing tends to look as follows:
One objective of middle market companies that never changes is to constantly reduce their costs and thereby improve their bottom line and cash retention. Manufacturing companies need to take a different approach to service provider costs. Here’s how.
Newport Board Group Managing Director for the Pacific Northwest, Colleen Brown, has been named Chairwoman of the Board of American Apparel, Inc., the company announced on December 22, 2014.
Newport Board Group partner and retail industry expert Helen Bulwik was recently the subject of a profile in Bizwomen, a publication that highlights women’s achievements in business and the challenges they face. You can read the entire piece here.
In today’s extraordinarily dynamic business climate, companies face many fast emerging challenges from an ever more complex and interdependent marketplace. The shelf life of successful strategies, brands and products is constantly diminishing, requiring faster, iterative product development cycles. The destabilizing forces of technology and globalization mean that every disruptive business model is a starting point for someone else to develop the next one. All this challenges a business owner’s ability to plot out a course and stick to it.
With Control of the Legislative Branch, Will Republicans Drive Business Growth?
Just a few hours after the mid-term election results were in and the Republican Party took control of both the House of Representatives and the Senate for the first time since 2006, the stock market, which some predicted to skyrocket after a Republican victory, was up less than a half of a percent.
When we ask ourselves who within an organization has authority in a certain area of the company’s operations, we tend to automatically want to check the organization chart. That’s not a bad thing. Organizations all rely to some extent on the concepts of hierarchy, authority, accountability and decision rights. Organization charts help to communicate responsibilities and accountabilities for business activities and functions.
Doug Tatum, Chairman of Newport Board Group, will be a featured speaker at an important event for entrepreneurs from 12:30-5pm EST on November 12th at Blair Conference Center at 9079 S. Leroy Road in Westfield Center, OH. The event is co-sponsored by Westfield Bank and Dorman Legacy Advisors.
Newport Board Group Southern California Managing Director Richard Munro recently appeared on Exit Coach Radio.com, a show hosted by Bill Black that targets baby boomer business owners who are interested in exiting their business in the next 3-10 years.
Newport Board Group partner Jennifer Knight and the company she is President/COO of, American Woolen Company, are featured in a recently released video piece produced by Starbucks Coffee.
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