Why Retain Business Advisors Year-Round
Well, since we’re in full deja vu mode right now with the presidential election bid and this year’s Super Bowl outcome… let’s talk about the Employee Retention Credit… again.
Because this week is the deadline for withdrawing ineligible claims — March 22. That’s FRIDAY.
If you claimed and received the ERC, but were ineligible and need to repay it, you can go to the Voluntary Disclosure Program page and see if you can do that… and how to do it.
Believe me, this is serious. The fines and penalties are much worse if you don’t fix it in this window.
As an advisor in your corner, keeping your business functioning well financially and keeping it out of trouble is a priority for my team and me. Which is why I like to get real about things.
For example: It’s mid-March and January’s zeal for fixing all the broken things in your business has probably faded by now.
Maybe you started the year with a bang, but the grind has set in and it feels more like, well, a grind.
That new spreadsheet you created to track your goals isn’t enough to actually achieve those goals. And you’re still scrambling, just like last year.
That may feel bleak, but it’s real for many of my clients. So let’s do something about it.
What are some real tools business advisors like me can offer to help you keep moving forward in your business? I’ve got five for you today…
Why Retain Business Advisors Year-Round
“If you don’t know where you are going, you’ll end up someplace else.” – Yogi Berra
A once-a-year approach to business planning just doesn’t cut it in today’s business economic climate. You have a budget and an annual plan, you got last year’s taxes filed, and you’re caught up on your books.
What’s next?
A lot, actually, that business advisors can help you with to actually make forward progress.
Business accounting is a year-round process.
Now, it’s not realistic to start all of these in one year, so think through last year’s pain points as you read this list and prioritize what’s most important. These are all services qualified business advisors can help you with.
1. Scenario Planning
“What if my biggest competitor drops prices?”
“What if a key supplier goes out of business?”
“What if our primary revenue driver suddenly starts declining?
By brainstorming how you’d respond, you gain agility – a serious superpower these days. And trust me, a business advisor can help you come up with a lot more questions than these AND help you formulate a way through.
Imagine if you had some of these plans in place in March of 2020.
2. Cash Flow Forecasting
Profit is great, but cash is king. A cash flow forecast is way more than just a fancy budget. It helps you predict when money might be tight or when you have extra to invest. This kind of visibility lets you avoid those heart-stopping moments when a big bill comes due.
3. Real-Time Accounting
Have you implemented this yet? Cloud-based accounting gives you up-to-the-minute info on your income, expenses, you name it. This relies on two business technologies, cloud computing and AI, to rapidly produce such documents such as your income statement, balance sheet, sales reports and so on.
The speed and the access combine to help you make clearer and more far-sighted decisions faster. Instead of reacting to old news, you make decisions based on what’s happening right now.
4. Quarterly Reviews
Don’t wait until December to see how your big plan is going. Schedule quarterly check-ins to compare progress against those goals you set back in January. Did the market shift unexpectedly? Can you adjust a goal that’s not realistic anymore? These small course corrections keep you from sailing wildly off-target.
5. Leveraging Opportunities
In a competitive market, seizing opportunities quickly is key. Regular advising keeps you informed about new opportunities and ways to stay ahead.
By weaving these strategies throughout your year, you shift from a reactive to a proactive approach. And yeah, this takes some extra effort upfront. If figuring out all the how-to sounds daunting, consider bringing in an experienced Coastal Southeastern NC business advisor to guide you: