In times of great uncertainty or disruption, some business owners will panic and bury their heads in the sand. Some will sit tight and wait for things to settle down. But others will try to create opportunity and future growth. Which will you be? We’re here to help you be the latter.
In your annual tax review with your internal and external teams, try taking a new perspective on tax planning. Ask for help in investigating:
Your peers and competitors are making difficult decisions right now about where to cut expenses or streamline operations. Sometimes it takes a big event to help business owners see their business models in a new light. You’ve no doubt already made some changes, and your future business value may benefit from making more of these tough decisions now, such as:
Be cautious to not let these decisions affect the remaining employees’ morale. Whatever decisions you make, be sure to keep communication open and frequent to eliminate any fears and concerns within the company.
Now may be the time to acquire smaller, less adaptable companies who are struggling to continue. You may have strategic business plans that are more achievable with the help of another company’s assets. Keep in mind that you may not need to acquire an entire business if that approach does not work for you. Consider these options:
Be sure to revisit your personal planning in light of any recent changes in your business value, investments outside of your business, or other areas of personal financial stability. Think through issues such as:
We strive to help business owners identify and prioritize their objectives with respect to their business, their employees, and their family. If you are ready to talk about your goals for the future and get insights into how you might achieve those goals, we’d be happy to sit down and talk with you. Please feel free to contact us at your convenience.