Manufacturing Today - Summer 2010 - (Page 20)

FEATURE BY PATRICK F. MCNALLY B USINESS VALUE Forget Your Pay! Create Value in Your Business ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Learn From Your Employees’ 401k Accounts Think of your business as an investment account. Every dollar you take out of the account is a dollar that will no longer grow for the future. Every dollar you leave in can grow and generate more growth. This compounding effect results in even more wealth in the future. It is amazing to see how much wealth an employee who is making a relatively modest income can accumulate if they contribute regularly to an investment account, such as a 401k. Someone who begins investing when they are young and continues to invest regularly can accumulate a large sum. Those who don’t invest regularly or Do you think of your business only as the source of your paycheck and a piggy bank for personal expenses? If so, you are short-changing yourself. In order to retire as wealthy as possible, change your thinking. Your business is not just a source of cash; it is a storehouse of value. Instead of focusing on how much cash you can take out, focus on improving the value of your business. Not only will you increase the value of what is probably your most valuable asset, you might also find that your paychecks get bigger in the process. M F G TOMORRO N EWS A CCOUNTING C ONTENTS D IALOGUE K EY VARIABLES P RICING F U N D E M E N TA LS B USINESS VALU 20 SUMMER 2010

Table of Contents for the Digital Edition of Manufacturing Today - Summer 2010

Manufacturing Today - Summer 2010
Global Strategies
Continuous Improvement
Smart Pricing
Supply Chain
Business Value
Moving Forward
Westmark Products
Byrne Dairy
Ultrafryer Systems Inc.
Wil-Rich LLC & Wishek MFG LLC
American Precision Fabricators
Aqua Products Inc.
Black Diamond Equipment
Columbian Home Products
Control Devices LLC
Endustra Filter Manufacturers Inc
Heil Trailer International
Assembled Products
Order-Matic Corp.
Professional Building Systems Inc.
Smart Start Inc
Bosal International
Ausco Products Inc.
Brodart Company
Cambrex Corp.
Chapin International Inc.
Cleveland Gear Co.
Consolidated Precision Products
Control Flow Inc.
Douglas Autotech Corp.
Fetzer Architectural Products
The FNA Group
Fourslide Spring and Stamping Inc.
G.A. West & Company
Great Lakes Power Group
Grimm Brothers Plastics
Legends Furniture Inc.
National Tube Supply Co.
Optex Systems Inc.
Sunburst Electronics
V.E. Enterprises Inc
W. Soule & Company
Manufacturing Tomorrow

Manufacturing Today - Summer 2010