Strategic Planning Cited as #1 Key to Business Growth
Business owners and managing executives of growth-driven companies are focusing on four key areas to become more profitable. Accoridng to a recent survey conducted by Clayton & McKervey, P.C., the top concerns cited by executives who responded to the survey are:
- Strategic Planning
- Optimizing Business Value
- Negotiating
- Pricing
The Southfield-based tax and accounting firm invited 1,100 clients and owners of privately held companies to take part in a detailed survey designed to gauge business needs and attitudes. Seven percent of those clients, of 87 individuals, completed the survey - a higher rate than the industry average.
"Most business owners are so involved with the day-to-day details of their business, it's not surprising that they can't find the time to do long-range planning. Yet, it's vital to their company's growth," said Tim Hilligoss, a shareholder and facilitator of the firm's CFO/Controller Roundtables. "When employees and resources are directed toward a new market segment, sales and profits can pick up steam quickly."
Clayton & McKervey excels at working collaboratively with clients to capitalize on emerging markets - local, national, and global - and assist in building or restructuing a financial system that enables them to meet these new challenges.
Other areas of interest cited by business owners who responded to the survey include:
- Foreign exchange rates
- Consolidation of U.S. and foreign entities
- Taxation for inter-state and web orders
- Utility cost reduction
- Retirement plan design
- Employee benefit plans, options, and common practices
Survey results provide insigh into clients' needs and will be used to develop customized programs, including the Clayton & McKervey quarterly Roundtables for business owners, CFOs, and their executive teams.
Clayton & McKervey is dedicated to providing tax and acconting services, financial planning, and business solutions for privately held companies and business owners. It is the only CPA firm of its size in southeast Michigan that provides a full range of resources to companies doing business globally.
