31 Jan Is Your Business Off or On?
Is something off (performance worse than usual) in your business? Review the below list of challenges to assess your business:
- The Organization’s ability to continue (e.g., pay creditors, rent, payroll, etc.) as a going concern is doubtful.
- Flaws in your business’s operation like bottlenecks in the sourcing of inventory. Lack of collaboration within your team or team of advisors. Gaps in meeting compliance obligations with regulators, etc.
- Financial and other economic disruptions within your business’s external environment.
The above challenges are experienced by many businesses – preceding and during the pandemic. Unfortunately, there may be obstacles to business success after the pandemic.
How can you mitigate the effects of the above challenges? Notice two of many steps to being an initiative-taking business owner below:
- Ongoing consideration of conditions/events that raise substantial doubt about your company’s ability to continue.
- Nurture your business profits.
Internal reports like Profit & Loss, Balance Sheet and Cash Flow provide insights on the performance of a business. Implement systems like accounting that provide timely and relevant information. Chief Financial Officers, Controllers and business strategy partners are professionals who can assist you with interpreting the information and making decisions.
Contact Pierce, CPA & Advisors at (205) 370-4508 or welisten@AuthenticCPA.com today! The business strategy partner special (starting at $600 US) is valid for the first 5 clients or until 9/30/2022. Best wishes!
Pierce, CPA & Advisors’ website, social media posts and blogs are meant to be used as informational guides and should not be construed as providing any health, legal, business or accounting advice. A best practice is to consult with professionals like government officials, healthcare experts, Certified Public Accountants, attorneys, etc., about your situation.