By their nature, pandemics, natural disasters, and sudden economic meltdowns give little to no notice that they are on their way. When they hit, even well-run businesses can quickly find themselves financially damaged.
Focused on the daily running of their companies, few business owners engage in contingency planning even through it is the kind of planning that may make the difference between survival and going our of business when disaster does hit.
Discover our 6 tips to contingency planning to prepare your business for disaster. Download our quick guide below and start prepping!
For business owners who have experienced a remote workforce for the first time, or who have had to operate virtually for several months with a reduced workforce, the COVID-19 crisis has changed office culture for the foreseeable future – and perhaps permanently.
Most notably, it has forced an embrace of remote work and the technologies that support it, such as videoconferencing and cloud-based financial management. Looking to the future, the COVID-19 experience may trigger broad changes in the American business environment and office culture.
A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing out to see whether day-to-day life can return to some semblance of normality without a dangerous uptick in infections.
Many business owners are now engaged in the dance. “Reopening” a company, even if it was never completely closed, involves grappling with a variety of concepts. This is a new kind of strategic planning that will test your patience and savvy but may also lead to a safer, leaner, and better-informed business.
The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology and quickly develop an IT strategy. Some companies fared better than others.
Many businesses that had been taking an informal approach to IT strategy discovered their systems weren’t as robust and scalable as they’d hoped. Some may have lost ground competitively as fires were put out and employees got back up to speed in an altered working environment.
Join this two part series as we chat with Floyd Trouten, director of our transactional services and Steve Piatak, a director in our Business Valuation services group as they discuss a variety of topics related to buying or selling your business during the COVID-19 Era. They will discuss the following:
As Ohio businesses re-emerge from the COVID-19 crisis and get back to work, some companies will be in a stronger position to grow and gain market share. Others will struggle to regain their footing. But one thing is certain – all will be changed. In some industries, more widespread adoption of technology and remote work arrangements will drive the marketplace. Barnes Wendling Director and President Jeff Neuman discusses the mix of fear and optimism business owners have as they face the post-COVID-19 future, and the potential for long-term change.
Ohio non-profits have experienced significant impacts as a result of the COVID-19 pandemic, with many citing loss of donor revenue and uncertain state funding – along with increased demand for their services – as factors, according to a recent survey.
The impact that COVID-19 has had on Ohio manufacturing is significant but more pronounced in some manufacturing segments than others. Now that the state and the nation are emerging from the COVID-19 crisis the pace of the economic recovery is hard to predict, so business owners need to continue being cautious and focus on the fundamentals.
Are you in need of taxation and/or accounting services? Our team of financial experts will assist your business in developing your financial health to ensure business success. We will contact you within 24 hours to get any necessary information needed to complete a proposal and provide the effective team and services to meet and exceed your expectations. Thank you for your interest in Barnes Wendling CPAs.
Barnes Wendling (especially Lena) did a great job with our financials. Everything. It is extremely refreshing and comforting to know that all of our numbers are not only correct, but they are in the right place(s). Your diligence and reporting truly does make me (personally) feel better.
Thomas F. Adomaitis Bialosky
Floyd Trouten at Barnes Wendling CPAs is an “expert’s expert” when it comes to M & A accounting. Not only does he understand the evolving details of the Tax Code but he also sees the fine points of their application for owners, managers, investors, and financiers.
Mark A. Filippell Western Reserve Partners