Continuing our holiday-themed series of valuable audit, tax, and consulting insights, the following post offers a list of business, financial, and IT priorities to address and embrace for business success in the year ahead. Happy holidays from SC&H Group!
The end of the year can often be a hectic time for business owners and executives. Outside of the normal rush of the holiday season, the end of the calendar year often serves as a time of reflection on past business performance, or a time of growth planning for the year ahead.
And today, growth planning is not such an easy task. Every organization is challenged with creating new ways to boost their financial and operational performance for business success.
Growth plans must be thoughtful, strategic, and realistic to manage – and sustain – this success. But, in the midst of the frantic nature of the holiday season, and multiple moving parts to growth planning, how is this possible?
In the true spirit of the holidays, we are calling all executives to channel their “inner Santa.” Santa is extremely thoughtful and strategic as he “makes his list, and checks it twice” during his preparations to come to town.
SC&H Group offers a suggested priority list below to help maximize business performance in 2016 and beyond.
- Use Technology to Go Global: By using the right technology and consulting solutions, you can help your company effectively grow on a global scale.
- Embrace the Future of Business Analytics: By taking advantage of today’s real-time financial data solutions, which provide an even higher level of predictive analytics, you will drive future growth in ways never imagined.
- Address Rapid Growth Challenges: Fast-growth companies are creating new innovations and solutions, generating new jobs, and gaining high valuations – all at an astounding pace. With rapid expansion comes major growth and operational challenges, which should be managed properly.
- Identify and Mitigate Risk: Today’s business climate is evolving at a rapid pace, and every organization needs the proper internal controls to effectively address business risks. Identifying and adapting to potential business threats should always be priority
- Prioritize Cybersecurity: Every organization – including your own – is a prime target for a cyber attack. Before it’s too late, address a wide-range of vulnerabilities that could negatively impact your business.
- Make Contract Compliance Part of Your Corporate DNA: By embracing contract compliance, you can boost your profit margins and enhance vendor relationships.
- Manage Your Employee Benefit Plans: It’s always important to fully understand the roles of fiduciary responsibility – and potential risk of liability exposure – in managing your Employee Benefit Plans.
- Think About Your Corporation’s Exit Strategy: After years of building and growing your company, the right exit strategy can earn you a premium valuation and also meet your other long-term goals.
- Strive for Personal Financial Freedom: The right personal finance strategies and tactics can ultimately help you gain financial freedom.
- Understand the Value of Giving Back: Giving back to the community should be a priority for your business, which provides tremendous long-term benefits that cannot be measured.
By making a list and checking it twice – much like Santa’s operational approach – you can stay on-task this holiday season, and implement the right strategies that will set you up for true competitive differentiation and long-term growth.
If you are in the process of developing your strategic plans and priorities for 2016 – and would like some help from “Santa’s helpers” at SC&H Group – please contact us here.