Adopting new technology can be daunting, but innovation is critical to business survival in the age of digital disruption. A recent survey by Ernst & Young revealed insights to help boards of directors improve their companies’ approaches to adopting emerging technologies. Here, we’ve broken down the key takeaways for boards looking to expand and improve their company’s focus on innovation.
In a world that is changing more quickly than ever, businesses need a plan when things go sideways. Companies like Cisco have taken the principle of “planning ahead” seriously, ensuring that they don’t have to be worried about the effects of the Coronavirus outbreak, they can calmly implement their Pandemic Response Plan. According to the document published to their website, Cisco has “well-established processes to coordinate our efforts during outbreaks like COVID-19, including our Global Business Resiliency (GBR) and Supply Chain Incident Management (SCIM) Processes.”
Business Resiliency programs centered on surviving unprecedented crises, like the coronavirus outbreak are the exception, not the rule, especially in smaller companies. Annual reviews and “fire drills” ensure that operations do not become so reliant on existing supply chains and processes that they cannot pivot in case of a crisis. For critical business operations, larger companies conduct audits and annual exercises to make sure their resiliency plan works to mitigate disruptions.
You’re thinking of selling your business…now what? It can be an overwhelming process to know where to start and what buyers are going to be focusing on. Here are some pointers on where to start as you target a future exit; which revolves around planning ahead and running a financially conservative business.
Quality of Earnings Report
Historically, companies planning for an exit strategy would focus on three years of audited financial statements as the standard reporting expected by a buyer. Today, a Quality of Earnings Report is much more desirable. For either of these to be effective (or even possible) however, you need to have accurate books. With those in place your CPA can come in and give you a Quality of Earnings Report to prove beyond a doubt to a potential buyer that the financial information you are providing is correct.
We are beginning a 4-part series, focused on safeguarding your business to withstand economic changes; both positive and negative. We will give you tactics to consider depending on how the overall economy is directly impacting you and the performance of your business. We’ll begin our series with five opportunities to contemplate during times of growth.
In March 2019, the NFIB Small Business Optimism Index increased to a historically strong level. Of the small business owners surveyed, 23% said the next 3 months was a good time to expand their businesses. If you are one of these business owners and the current market has been good for you, then here are 5 tips to help you capitalize on your success.