Sign up for our free newsletter.
It’s been four years since the start of the great recession (or “lesser depression”) and business owners are acknowledging that recovery is going to be a long, slow process. With no springboard in sight, some economists are calling for another dip. Regardless, good business leaders have wisely right-sized and restructured their operations and, by so doing, improved results. Yet uncertainty and apprehension abound.
What can you do to jump-start things in your firm in view of a still uncertain economic environment? Plenty.
The old self-help adage goes something like this: Forget about changing others and start with yourself. There are most certainly still some nooks and crannies of your operation that could benefit from close scrutiny. Here are some ideas.
Even a cautious CPA would be tempted to say that prospects for economic recovery are much improved over conditions a year ago. Many business owners I talk with are experiencing increased demand for their products and services. When I ask what’s fueling the increase, they explain that their competitors have gone under, which results in a larger potential market.
But I believe something else is at work, and that’s people taking a proactive approach to staging their own recovery. Businesses that have used this period productively will be the first to recover when brighter days arrive.
Michael Baker is Managing Partner at Dent, Baker & Company, LLP, an accounting consultancy based in Birmingham, Alabama. A CPA and Certified Financial Planner, Michael’s practice is concentrated in the area of taxation and general business consulting. He is a member of the American Institute of Certified Public Accountants and the Financial Planning Association. He is also Chairman of the University of Alabama Birmingham Accounting and Finance Advisory Board and the Brock School of Business Dean’s Advisory Board at Samford University.
Checklist | What do you need for a more efficient, tech-competent law firm in 2019? “8 Essential Technologies to Increase Your Firm’s Productivity.”
January 26, 2019 0 1 0