23 Mar 3 Conversations You and Your Certified Public Accountant Should Have About Financial Failure
What were your thoughts when you heard about the failures of Silicon Valley Bank? As this situation develops, many businesses will experience how other companies’ financial strategies and economic fluctuations can affect businesses.
As you listen to thought leaders, you may conclude that business planning, development, growth, and resiliency require your attention. Turn the below tips into business tactics:
- Know the ins and outs of your business’s finances. A business’s accounting system should provide complete, accurate financial reports. Ask yourself, will my financial reporting assist me with making good, better, or the best business decisions?
- Implement processes that help your business recover quickly during challenges. Be able to lead your team during economic upheavals. Forethought and planning are two keys to business success. Consider conducting drills on how your company will pivot during challenges.
- Talk about the benefits and risks associated with niche and diversification strategies. What’s in your business’s toolkit to lessen the impact of disruptions to operations and change management? The buying power and decisions of your customers affect your business. Understand this.
Aim to mitigate disruptions to your business. Have a plan for scenarios that are out of your control. This list includes natural disasters and civil unrest.
Consider developing micro strategies with your team of advisors like Certified Public Accountants and Bookkeepers.