How to become Poised for Exit in 2022: Advice from a CPA
We welcomed back Kyla Hansen today as our featured guest to talk about planning for 2022! So much to consider in that loaded topic, but we focused on budgets, projections and what to do with excess cash from PPP funds.
Kyla recommended investing in your business in several ways:
* Technology: how can you become more efficient and productive?
* Workforce: what are the ways you can attract the best and brightest?
* Culture development: consider asking your staff what they'd like to see in the future
* Consider automation through Artificial Intelligence when examining new technology options
If you are getting ready to sell or transition from your business, Kyla recommends making sure your financial house is in order. In other words, have an outside firm like John A. Knutson & Co. conduct a financial Compilation, Review or Audit. Doing this lends credibility to your numbers and is worth the expense. Many times you uncover things that you weren't aware of or hadn't considered in this process that could improve the way your numbers shake out.
Kyla's advice for our business owner audience was to create a budget for 2022 and a forecast over the next 3-5 years. Many owners are leery of compiling the latter, but when it aligns with the company goals, it's a foundational tool to achieving the ends you've outlined.
Listen to the full episode here for more advice from Kyla Hansen at John A. Knutson & Co.
Find Kyla here and find Julie here.
Thank you to this month's sponsors! John A. Knutson & Co. and Sunbelt Business Advisors
Are you ready for your best exit? There is no time like the present to prepare.
Check out these resources offered by KeyeStrategies:
- Business Readiness Transition online course
- Free Ebook download here
- Purchase Poised for Exit book here
