SPRINGFIELD, MA - From February 28 – March 1, 2013, The Markens Group, Inc. hosted its annual Machine Hour Rate and Profit Planning Fundamentals workshop at its headquarters in Springfield, MA, for 19 financial and sales management specialists. 

The seminar is designed for estimators, financial executives, sales managers, and cost accountants from folding carton, corrugated, commercial printing, flexible, label, and contract packaging companies. Attendees are taught how to create budgets and construct a complete set of machine hour rates for costing and pricing as a way to implement profit planning at their own plants.

The workshop provided profit planning management tools for increasing profits, including instruction of basic profit planning formulas, and easy steps for how to determine the true cost of labor. It also provided attendees with information on how to create direct and indirect labor budgets as well as a machine variable budget. Best practices for increasing profits were also discussed.

"Constructing machine hour rates for costing and pricing—and drafting sample profit plans—are not easy," said Ben Markens, President of The Markens Group, Inc. "But I’m confident that participants returned home with a greater understanding of the complexities of estimating and how to streamline budgets for greater profit."