The Markens Group (TMG) will hold its Machine Hour Rates and Profit Planning Fundamentals Workshop on February 16-17, 2017 in Springfield, MA. The two-day seminar is designed to help folding carton and corrugated box converters, commercial printers, labelers, and contract packaging companies create an overall financial plan for the year, and construct budgets and measurement tools to gauge progress and stay on track along the way. The event is ideal for financial executives, sales managers and cost accountants, said the company. Key to the workshop is the concept of profit planning. A profit plan is a set of goals for revenue, spending and earnings that enables packaging companies to set targets, benchmark progress against those targets, and ultimately stay on a path to success and increased profits.
After learning how to map out a profit plan, workshop attendees will receive an in-depth understanding of machine hour rates, which are a per-hour translation of the goals set down in the profit plan. Machine hour rates give insight into the true out-of-pocket hourly cost for production centres in a manufacturing facility, whether an order is truly profitable, and which customers contribute most to a firm’s bottom line. Using the concepts of profit planning and machine hour rates, attendees will tackle a variety of complex problems and calculations – such as determining the true cost of labour, constructing variable and fixed overhead budgets, establishing production centres and estimating their hours, downtime, and efficiency, and monitoring profitability by order. “Careful, strategic planning is key to financial success throughout the year,” said Ben Markens, President of TMG and seminar instructor. “At TMG’s Machine Hour Rates and Profit Planning Fundamentals Workshop, packaging professionals will learn to create their own profit plans and drive success throughout 2017 and beyond.” Workshop tuition includes all course materials and meals, as well as free and unlimited technical support after the event. For more information or to register, please visit markensamc.com/profit-planning.