Most important to this recovery will be the success of small-to-medium sized businesses (SMBs), where entrepreneurs and business owners create meaningful jobs that foster local economies, keeping money close to home and supporting neighborhoods and communities. Having the right business advisor to help navigate PPP loans, new tax policy and other business management issues is a critical driver on any SMB’s road to recovery.
As an owner or finance executive of an SMB, partnering with multiple companies to support your business needs can be expensive and eat away at the time you could spend focusing on growing your business. When you have multiple service providers, every advisor requires a separate meeting, phone call or video chat. Partnering with a business enterprise advisor can give you a single point of contact for all your business advisory needs. This relationship will save you time and money, allowing you to focus on other essential aspects of your business. When looking for a professional who can support your SMB, look for a firm that offers a business enterprise advisor as a holistic solution to your business needs. This partnership should be able to provide tax advice, consult on business management issues and even recommend and implement new technology and cybersecurity tools to ensure your company stays ahead of the curve in today’s fast-paced environment.
Business Enterprise Advisors (BEAs) provide tax, assurance and advisory services to privately held small- to medium-sized businesses who desire one point of contact for their needs. BEAs understand your operations are unique – your size, local community ties, business models – and that you look to partner with companies that share similar values. You require a trusted business advisor who will give the same level of commitment to your company’s success as you. No matter your industry, BEAs consult with SMBs in various industry verticals and can identify the opportunities and issues impacting your business by understanding your company from the ground up.
The types of small- to medium-sized businesses where BEA services are most applicable include auto dealerships, construction companies, physician and dental practices, manufacturers, and professional services practices such as law firms and architecture and engineering firms. Typically, SMBs in these industries benefit from having a sole business advisor who is familiar with every aspect of the business – areas such as tax position, accounting processes, growth goals, information security vulnerabilities, succession planning. BEAs consult and provide valuable solutions and strategic insights to the issues SMBs struggle with the most. Having a trusted business advisor who knows your business’s ins and outs is an easy and efficient way to get the support and advice you need to move your company forward without collaborating with multiple service providers.
Knowledge of new tax policy rules and regulations is invaluable to SMBs. As an SMB, you should rely on accounting and tax professionals with specialized tax knowledge to help them navigate their financial position. PPP loans create an added layer of tax challenges, and businesses must ensure they are accounting for dollars appropriately and filing correctly. Understanding accounting principles and best practices can also help SMBs operate more efficiently and mitigate financial risk.
As a result of the pandemic, many SMBs are finding themselves able to think about acquiring and expanding their businesses while competition struggles, or conversely, they are exiting their businesses through a merger or sale. Having a business enterprise advisor familiar with these scenarios gives SMBs the confidence and guidance they need to make the best decisions for their business.
Additionally, the virtually accelerated world requires SMBs to embrace digital tools and technology to remain competitive as clients and customers are always connected and expect a personalized, seamless, accessible and responsive digital experience. SMBs should evaluate their digital platforms for marketing and communicating, managing internal processes and logistics, and executing sales and payments (e.g., email, websites, social media, cloud-based software). Partnering with a business enterprise advisor will guarantee your company has the resources to support these needs.
As the world continues to move forward and businesses find new ways to engage with buyers, there’s no question that sound financial advice and innovative business strategies are essential to survival and keeping local economies thriving.